While progressives claim the Spirit Airlines collapse was good for consumers, Glenn Beck and Carol Roth argue the exact opposite happened: Regulators strangled a struggling company’s lifeline and handed even more market power to the major airlines.
“Spirit Airlines is out, and Elizabeth Warren, when she announced this with Joe Biden — that they weren’t going to merge with JetBlue — she said that’s a ‘win’ for the Republic and win for Biden.”
“It’s not a win for anybody who had, you know, tickets on a cheap airline to go someplace — to go see Grandma, or go back to school, or whatever it was. That’s not a win for you today. All these people have lost their jobs. The airline is closed, and the only ones that will win are the bigger airlines,” Glenn tells financial expert Carol Roth.
“They are always wrong and never in doubt,” Roth agrees.
“And this is a very dangerous combination, because, you know, you can have this moral preening, but it doesn’t replace economic reality. And they are so decoupled from the economic reality, either because they don’t understand or because they don’t care,” she says.
And Roth knows this from experience.
“I’m a recovering investment banker. We see this all the time. You have a company that needs a lifeline, and another company steps in and it’s letting the market sort it out,” she explains.
“What they did is they took a struggling company and they said, ‘No, you cannot have that lifeline. Look, we did a good thing,’ and like you said, now we have less choice. Now we have people who are out of a job. Now we have, you know, less of an opportunity for this to work its way out in the markets and in the system,” she continues.
“They’re not helping. And they’re making it harder for Americans to thrive, to be successful, and in some cases just to afford the cost of living,” she says. “And unfortunately, that’s where we’re at today.”
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