Airline liquidation isn't systemic

Liquidating a low‑cost carrier like Spirit mainly redistributes tangible, fungible assets — planes, slots, gates — rather than destroying unique, irreplaceable value, so other carriers can absorb capacity and rehiring can occur once demand and fuel conditions normalize. That means a bankruptcy doesn't automatically justify a bailout and should be evaluated against asset fungibility and sectoral shock drivers (e.g., jet‑fuel spikes). — This reframes bailout and antitrust debates: policymakers should weigh asset fungibility and exogenous shocks before rescuing firms, rather than reflexively treating any liquidation as a systemic failure.