There were a few airline bankruptcies this week that got me pulling up tickers. All turds.

We are one disaster away from another massive airline bailout ‘crisis’ and other than the airline industry itself, the market could care less. All media eyes are focused on the Bear Stearn’s hearings, but forgets the bazillions the government pissed away after 9/11 saving unsavable businesses and useless executives. NO PAYBACK on those crappy loans.

I am always amazed that our piece of shit Airlines can keep planes in the sky. The same crew of cowboy (they call themselves that)/criminal executives has no incentive to make money.

They have everyone to point fingers at to deflect childlike operating prowess. Unions, Wages, Fuel, Maintenance, Terrorism….

If you are a common shareholder you are being raped.

I am first to be thankful that we are free to fly. It is one of our greatest freedoms, but we need a real plan. Obviously, nationalizing won’t work.

The prices of flying are completely ridiculous. Because it is one of our greatest freedoms, not priviledges, the price should truly reflect the freedom. If anywhere close to true competition existed, ticket prices would be much higher and we would have cheap/workable video conferencing. We would lose Vegas, but let’s face it…Vegas is lame.

Alaska Airlines (ALK) has been around since 1983 and the best I can say about them is they have not needed bailouts. Well….congrats and suck my ass. Next to Southwest, they are the cream of the crop. Isn’t that special.

Part of the problem is that Southwest Airlines (LUV) does not get rewarded for having $4 billion in the bank. That’s right…$4 freaking billion.

If Capitalism was even closely at work in the airline industry, Southwest executives would not only be running the countries airlines, but also the government. Southwest hedged oil years ago. The reward is that only 20 percent of their market cap has eroded since hedging.

Southwest’s further reward…their arch enemy in Phoenix – America West – gets bailout after bailout, the latest a few years ago and a ‘shit squared’ merger with US Air (also a multiple bailout company) .

If the executives from Southwest were running Google, or any other business in the free world, it would be the greatest company of all time.

The airlines are a short even now, but I will continue to just watch in constant fear of a bailout short squeeze. It’s coming.