Some corporations or industries are so intertwined in our national economy that if their going out of business would cause catastrophic dislocations in our economy. The automobile industry is one; banks are another; airlines are a third.
Without governmental intervention, it is likely that most, if not all, U.S.-based airlines will be forced into bankruptcy. Their cash reserves are dwindling; new revenues are shrinking, and they have huge fixed costs. Unless these firms can arrange new...