Biden Antitrust Cops Push Spirit Airlines Over the Cliff into Bankruptcy

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Unleash Prosperity Hotline
Issue #1148
11/19/2024
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1) Biden Antitrust Cops Push Spirit Airlines Over the Cliff Into Bankruptcy

In the annals of idiotic government policy, this one has to be somewhere near the top.

Over the last several years, financially-ailing Spirit Airlines has tried to merge with other airlines - most recently with JetBlue. But the legal geniuses in the Biden administration (led by DOJ antitrust chief Jonathan Kanter) sued to block the deal.

On these pages, we highlighted the lamebrained policy several times over the years, and we predicted that the alternative to a merger was almost certain bankruptcy.

So we were not the least bit surprised, but instead infuriated by the headline yesterday morning:

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Among the reasons for the Chapter 11 bankruptcy, Spirit management mentioned: "mounting losses, unaffordable debt, increased competition for bargain-seeking airline passengers and the INABILITY TO MERGE WITH OTHER AIRLINES."

The value of the stock held mostly by American shareholders crashed by more than 60% and is close to worthless now. Thanks, Jonathan.

Taxpayers will get shafted too. The feds handed out more than $20 billion in Biden admin. federal loans to Spirit in 2020 and 2021. Oh, and about 13,000 U.S. airline workers could be losing their jobs in the months to come.

Good thing the DOJ blocked the mergers. Maybe Elon and Vivek will put the hapless antitrust division into liquidation.
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2) Chart of the Day – Party of the People

How's this for an amazing political transformation?

Democrats crushed the Trump Republicans with Americans in the top third of the income scale, but among the poorest third of Americans, they received their lowest percentage of the vote in more than SIX DECADES. Trump captured the middle third by a small margin. These results only further reinforce our continuing theme that the Democrats have become the party of the wealthy and culturally left-wing elites.

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3) Manchin Claims He Opposed $1.9 Trillion Inflation Bomb That He Voted For

Joe Manchin has given a remarkable new account of the infamous "American Rescue Plan" to the WSJ, casting himself in the role of hero:

Sen. Joe Manchin, the most conservative Democrat in the chamber, was stunned when colleagues told him the $1.9 trillion price tag and warned them it was a massive overreach, he said in a recent interview.

Lawmakers were seeking to extend temporary unemployment benefits of an extra $400 a week. "A lot of hardworking people aren't making that kind of money in my state," Manchin told his colleagues.

Within hours of speaking up, he found himself face-to-face in the Oval Office with Biden. Manchin begged the president to pump the brakes. The country hadn't even digested the stimulus approved weeks earlier. It didn't make sense to throw another $2 trillion on top.

Biden was unmoved. "I've got to do it, Joe," he said.

Manchin ultimately swallowed his reservations and gave his support. The package passed in March 2021...

White House advisers kept telling Manchin not to worry. One pointed to how 17 Nobel laureates said inflation would be transitory. Manchin shot back: "You've got 17 educated idiots telling you what you want to hear."

We appreciate the "17 educated idiots" turn of phrase for the disgraced group of Nobel winners. But If Manchin knew better then why in the world did he vote for monstrosity???

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4) The Health Care Industrial Complex Hates RFK Jr.

We don't share many of RFK Jr's views and he does have a penchant for exaggeration, but we do like that he has a lot of the right enemies. In particular, the gang of misinformers who lied about Covid are gaining up on him.

In contrast, RFK Jr. has been proven right to oppose lockdowns and vaccine mandates.

What is especially rich is that the critics of RFK Jr. are the same health "experts" who advanced the scary claim that 3% of Americans might die from COVID-19. The actual death rate was about one-tenth that amount. And as our Covid Lessons Learned study ([link removed]) proved, at least ten times more people died from lockdowns than were saved.

Here is a short video compilation of how the left lied about the mortality rate of the coronavirus. So far as we know, no apologies have been made.

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5) Quote of the Day – “Fascism” Charge Boomeranged on the Left

Michael Smerconish of CNN:

"If [Trump’s] a fascist dictator, and somebody working-class is supportive of him, is voting for him, what are you telling them? Then when President Biden said they’re garbage, it just brought it all home...I think that electorate was so disrespected that there was no way they were going to be told for whom they were gonna vote, and they probably came out more so than they might have."

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6) It's a Real Puzzler!

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