Earth to Bernie:  Where are you? All is forgiven, Come back. We need you NOW.

When the world gets in trouble people inevitably turn to their government to bail them out: They don’t turn to AT&T or Apple or even Warren Buffett. Those folks have all gone underground in well stocked shelters. We look to Congress for extended unemployment benefits and bailouts.

But profit-driven corporate types and the Corrupt investment community are unlikely saviors in times of strife when there is no obvious enemy to villainize or (dare I say it) to sue.

When times are normal (good) conservative models work well – mostly; but Corona crisis spares no one; rich, poor, old, young, white, colored. Moderated regulation may be in order. If only we had a competent U.S. Congress to fairly set the terms.

Maybe Elizabeth (Wacky) Warren and (Crazy) Bernie Sanders are right. Remember when Jack Nicholson, in A Few Good Men, said, “You can’t handle the truth.”

Right now, airlines, hotels, and travel-related companies have lined up at Washington’s door for hand-outs – it is 1928 and 2008 redux. Mortgage lenders, insurance companies and big pharma are right behind them.

Remember when banks, airlines and power generating companies were government regulated (regulated – not owned)? I would argue that all three of those industries worked well and served their customers better when regulated than do today’s unregulated managements. (Please don’t tell me that is the role of a Board of Directors.) I’ve served on three boards and know better.

Today banks are gamblers – not lenders and/or depositories serving the common good. Glass Steagall, under Jimmy Carter in 1978, converted every bank into an international gambler investing in sovereign wealth funds and betting on Mogadishu finding rare earth minerals underground. Now small companies struggle to get loans while Joe Average earns 0.75% interest on his savings account. The banks love it:  Joe, not so much! Re-instituting Glass Steagall’s initial premise might bring them back to their roots. (Good luck)

Old buggers, like me, remember when flying was a pleasure and routes were regulated by the FAA. Today business flying is a nightmare to be avoided, if possible. That’s why private business aircraft are proliferating. They carry, on average, eight people per flight and need as much infrastructure (landing slots, gates, ground personnel, etc.) as a commercial aircraft carrying 250 souls (industry lingo for you and me).

Before de-regulation, airlines were managed by industry pioneers (Eddie Rickenbacker –Eastern, Juan Trippe –PanAm, Collett Woolman –Delta, Bob Six – Continental, and C.R. Smith – American). Today, lawyers and accountants call the shots at every airline company. And they are terrible marksmen. Prior to the CononaVirus, there were twelve airlines operating thirty daily flights between New York and London. All of which competed on price alone. What a joke! We, the flying public, grumble at poor service, but chortle at flying round-trip from JFK to LHR for $250. These fares cannot (will not) survive Corona without government intervention.  If Uncle Sam bails out the ego-driven knuckle-heads currently in charge, the public should benefit through service improvement – not warrants and preferred shares issued to the Washington swamp.

Ask any Californian what they think of Pacific Gas & Electric – a “for profit” regulatory company that teeters on bankruptcy while homes go dark and residents burn in their homes while bond holders and lenders quibble over who gets paid in bankruptcy-and who does not. Apparently, underground power lines never occurred to PGE. They already own the “rights-of-way”, the most costly expense they face.  At least the lawyers will get paid. Bank on it.

We need: Bernie light.

You are welcome. Excuse me while I go and wash my hands.

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