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As Airline Giants Beg for Taxpayer Bailout, Progressives Demand Stock Buyback Ban and Strong Worker Protections

Originally published at http://www.commondreams.org/news/2020/03/18/airline-giants-beg-taxpayer-bailout-progressives-demand-stock-buyback-ban-and-strong

Airline giants have beeen suckling at the taxpayer teat ever since the Wright Brothers retired. We build their damn airports for them—and then pay them for parking! Surcharges for checked luggage, surcharges for carry-on, surcharges for reservations and more surcharges for cancellations, $4/bag of stale peanuts and $8/can of warm, flat cola, etc., etc. ad nauseam…

If they can’t turn a profit after all that, maybe they ought to be nationalized?

“Free market,” my weary white ass. I mean, where’s the risk??

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Weak tea from Sanders/Warren/AO-C.

An airline bail out should be contingent on the US Taxpayers becoming major shareholders in their companies along with Boeing.

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What??!! No more socialism for the rich?? Oh, the morality!! :woozy_face:

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Some quick math reveals that for the US Taxpayer’s “investment” of $50 billion in the airlines, we could own every single share of stock in United, Delta, Southwest, and American (market cap down well over half in one month to just $7 billion!) – with plenty left over to buy lots of stock in Boeing (market cap now down to $70 billion and dropping like a rock!).

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You read my mind… otherwise I was prepared to post a comment suggesting the very same solution. Furthermore, the equity shares should be ‘common’… allowing the public, through some form of plebiscite, to participate in running the company, and thereby providing oversight of ‘our’ investment, yet ‘preferred’… so that taxpayers would be better protected from corporate malfeasance or dissolution.

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If we’re giving corporations enough “bailout” cash to buy back stocks – then we’re giving them too much money.

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I’m curious to see the numbers related to Greenhouse Gas emissions with fewer planes in the air - a silver lining to this virus is the benefit to the climate of far less human activity (emissions from flights being such a big contributor), as has already been shown in Italy.

Ultimately, what we need to see is a vast reduction in flying. So does a bailout really make sense, unless it all goes to protect workers? Same with the cruise industry.

I know this is not a popular message with the airlines. And I have a niece-in-law who is a flight attendant.

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And current airline execs – the ones who prioritized stock buy backs over establishing cash reserves so they could be rewarded with handsome stock option profits – need to be thrown out of c-suites on their asses.

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Well here you go, socialism for the shale oil industry!

" Kudlow Says US “May Take Equity Position” As Part Of Coming Bailouts

SRSrocco’s blog

At this point, the White House has reportedly discussed bailouts for the shale industry, the airlines, cruise lines, Boeing and a non-specific bailout allotment worth hundreds of billions in the second economic relief package."

ttps://www.zerohedge.com/markets/kudlow-says-us-may-take-equity-position-part-coming-bailouts

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I think we know how this is going to turn out. We’ll just add them to our portfolio alongside the automakers and banks.

My wallet feels lighter already.

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Fuck the Airlines, Cruise, Hotel, and Energy Industries!!!
They can all go “Eat Shit and Die”! I don’t wish this on all their
employees, but they have been ass raping us for ages, sucking
up Billions of $$$ and doing buy backs, and NOW, they LOVE
Socialism, and want US to bail them out of a “Hard Time”…

Well, Go talk to the “Invisible Hand”! We don’t pick winners and looser!
If you were the smart Uber-Business people you should be, you would
have been ready for something like this! Right??? If we “Peons” Fuk-up
It’s because we are ignorant, have done bad planning, etc… SO, what’s
your current excuse?

I think we should take all that great fiat $$$ and give it to your employees.
And, you should go out of business for being BAD managers!
Maybe THEY can buy your bones and start a Co. that works!

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The Fed is just going to pull more cash out of thin air tomorrow anyway. Why not put it where it can do some people some good?

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No bailouts! If Boing wants $60B in public money or guarantees they must sell the public $60B in shares. Buyout the corporations not bail them out!

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The WIC program costs less than a tenth of $60 billion. Yet, republicans try to shave every last dollar from WIC that they can- to save taxpayer dollars. This disgusts me.

American Airlines’ market cap is now below $5 billion. A real bargain for US Taxpayers to buy outright.

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Nikki Hailey would tear that Social Security check right out of your hand, and pocket it, if she could.