EDITOR NOTE: The airline industry is one that will eventually have to recover if we were to get our economy moving again. Hence, President Trump is bailing out the industry again, adding more to the $25 billion it already received in March. It’ll be interesting to see in the coming months how many other industries will be needing bailouts, and how the government may (or may not) respond to those.
As the major U.S. airlines, still dealing with the fallout of the coronavirus, prepare to furlough thousands of workers, President Trump is ready to throw the industry a lifeline.
“We’ll be helping the airlines, you have to help the airlines, it’s a tough business always is. Airlines are a tough business in good times and we are about ready to get back to good times” said Trump on his way to Kenosha, Wisconsin without elaborating on specifics.
His comments follow similar remarks from White House Chief of Staff Mark Meadows last week who hinted that an Executive Order could be becoming.
Already the industry received $25 billion from the federal government in March to prevent coronavirus-related layoffs or furloughs through September.
Last week, American Airlines and Delta Airlines announced plans to furlough thousands of workers by October.
Work From Home polices continue to be extended at many companies through 2021, with some such as Twitter and Zillow, floating the idea that WFH could be forever.
Jim Bianco, of Bianco Research, points out the sharp rise in Zoom stock which hit an all-time high today and is close to surpassing IBM in market value, following a blowout quarter, against airline stocks which have been pummeled.
Originally posted on Yahoo! Finance