Larry Summers was President Obama’s chief economic advisor, Bill Clinton’s treasury secretary, and President of Harvard University. He’s one of the smartest people on the planet his arguments, both when you agree or disagree, are force to be reckoned with.
Summers explains that by trying to keep all of the airlines alive, you assure that they all have excess capacity and that they’re all unprofitable. That has long-term consequences for the whole economy, “the failure to allow the appropriate economic adjustment is kind of the mistake that Japan made in the 1990s. We need as we realize how long this is going to play to be aware of those risks.”