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The Trump administration is reportedly
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considering invoking the Defense
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Production Act to bail out Spirit
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Airlines. There's talk of a plan that
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would loan Spirit, which has filed for
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bankruptcy twice, about $500 million. In
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exchange, the government would own as
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much as 90% of the airline. You've said
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many times that some companies deserve
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to fail. Is Spirit one of them?
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>> This is [ __ ] insane. Let me get this.
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We're capitalists on the way up and then
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on the way down we bail out companies.
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That's not even socialism. It's
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cronyism. Bankruptcy is a feature, not a
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bug. the market changes and the company
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no longer can support the assets and
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obligations it has given changes in the
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market. It declares bankruptcy. They get
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an umbrella, basically coverage to get
00:00:36
out of leases to get out of capital or
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expenses or debt to Boeing or sell their
00:00:42
gates. They get out of union contracts.
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They get to repackage and they reemerge
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to fight another day. When you start
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bailing out companies that aren't
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sustainable, all you do is invite
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taxpayers to bail out more.
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>> That's right. The government is not
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supposed to pick winners and losers
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here. We've decided that airlines are
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somewhat uniquely American and that we
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need to bail out spirit. [ __ ] that.
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Burn, baby, burn. This [ __ ] should
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absolutely go out of business. And guess
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what? In 3 years, it's more likely to
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survive under the protection from its
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creditors of a Chapter 11 bankruptcy.
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This is stupid.
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>> The companies deserve to fail.
