So the airlines spent most of their profits buying back stock . Thats fine. Now they want a bailout, that's needed. Why not make them give the stock to the US Treasury ?
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Replying to @secparam
izzy meckler Retweeted
This is a pretty popular idea on the left, where
@MattBruenig has done a lot to popularize it. It's also part of Bernie's platform https://twitter.com/MattBruenig/status/1240272744178159616 …izzy meckler added,
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Replying to @izmeckler @MattBruenig
That looks like a different point on nationalizing. companies Which is, as you know, pretty left wing for US and deader than Bernie's campaign.
@ewarren's point was the companies weren't responsibly building up an emergency buffer, instead spending record profits on stock.2 replies 0 retweets 0 likes -
Replying to @secparam @izmeckler and
One quarter of revenue is a giant buffer!
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Replying to @secparam @izmeckler and
An airline has a precipitous drop in revenue that will last a quarter. That's am enormous amount of cash to keep on hand for a once in a century event.
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Replying to @WatsonLadd @secparam and
it's too bad there's not a whole subsector of finance focused on how to trade predictable cashflow for the promise of large payouts in the event of sudden, unexpected losses. seems like that would have been really handy for this kind of problem!
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Replying to @hdevalence @secparam and
No insurer would write that amount.
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Replying to @WatsonLadd @hdevalence and
They'd be crazy to do so. "Pandemic insurance" would be an insane business to be in, you need to pay all your customers out at once.
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Or maybe a great business to be in, collect checks, do nothing, declare bankruptcy if a pandemic actually happens.
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