US Airlines Need an M&A Shake-Up, Not a Bailout: Thomas Black (1)

Nobody should want the government to operate or even invest in an airline. But that doesn’t mean the Transportation Department can’t provide a guiding hand to keep the industry’s competition robust and maybe help undo some of the harm from past deals blocked by regulators.

The federal government has rescued airlines several times because the industry is highly susceptible to economic and political shocks that suddenly curtail travel. Congress provided money to airlines after the fallout from the Sept. 11 terrorist attacks in 2001, which also drastically changed security procedures. The pandemic was a sudden and prolonged shock for airlines ...