Airlines, automakers at the forefront. And it has only just begun. EU waives rules banning state aid. Ryanair, which doesn’t need a bailout, is furious.
Airlines don’t expect a quick recovery back to “normal” either. Based on their decisions about aircraft in their fleets, they expect this to drag out for years.
Here come the “bankruptcy-remote special-purpose subsidiaries” and $14.5 billion in rental-vehicle-backed securities. The stock market – other than Carl Icahn – smelled a rat for years.
Wayfair, Zillow, Uber, Lyft, WeWork, Carvana, Tesla, Airbnb, Casper Sleep, Zume, and many others – they all have accomplished an amazing feat: losing tons money year after year during the Good Times in mundane profitable industries.
