U.S. President Donald Trump has expressed his support for $50 bln of helicopter money for airlines.
While the POTUS says that this mammoth-sized bailout 'is not good,' he thinks that it is necessary for saving the beleaguered industry.
A $50 bln bailout for the airline industry
An article shared by Fox News political analyst Gregg Jarrett states that the 'Big Four' domestic airlines are asking for $50 bln to deal with the fallout caused by the COVID-19 pandemic.
Due to a sharp plunge in passenger traffic, the stocks of these companies took an enormously big hit. Delta Airlines (NYSE:DAL) is down more than 70 percent from its 2020 peak. United Airlines (UAL) is missing out on $100 mln worth of revenue every single day.
A bailout program proposed by Trump for airlines is expected to be revealed this week.
Should billionaires get 'wiped out'?
The problem is that major U.S.-based carriers spent most of their profits on stock buybacks. Hence, vitriolic 'let them fail calls' are growing louder and louder.
Venture capitalist Chamath Palihapitiya recently made waves on CNBC by urging the Federal Reserve to let billionaires get 'wiped out' and bail out ordinary Americans that are struggling to make ends meet during the pandemic.
As reported by U.Today, the Trump administration is going to hand out $1,200 stimulus checks to most U.S. adults.
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