John Tamny of RealClearMarkets
When seasoned investors contemplate the airline industry, it’s often said that more money has been lost on investments than has ever been made. It could realistically be said that airlines are the restaurants of the travel industry.
In many ways this shouldn’t surprise us, given the origins of our best-known and oldest air carriers. T.A. Heppenheimer wrote in his 1994 book Turbulent Skies, “Government actions brought forth the first air carriers in both Europe and the United States.” Rather than creations of the private sector, in many ways, politicians formed notable firms such as American Airlines (and TWA, which it acquired not long ago) as a way of moving mail around the country.
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