We taxpayers have bailed out just about everybody….banks, insurance, Wall Street and auto makers and let us not forgot those darn pesky mortgage crooks.  But what is then left that could be in dire straights and need our help….by our I mean the taxpayer, since apparently we have unending funds?

A recent commentary in the Houston Chronicle written by Loren Steffy sates:

The second quarter is supposed to be the highlight of the airlines’ year, the period when planes are stuffed with leisure travelers and travel demand is at its peak. This year, though, the recession, the swine flu scare and rising fuel prices have hammered results.

Houston-based Continental Airlines, for example, posted a $213 million loss last week as revenue plunged 23 percent. The airline also said it planned to shed 1,700 jobs.

Where will the additional capital come from? Bond investors are showing little interest in pouring more money into the carriers. Rates for credit-default swaps — which shield investors from losses if the airlines are unable to repay their debt — have been rising steadily for the parent companies of American and United, Bloomberg News reported. Rising swap rates are a sign that bond investors are increasingly wary the two carriers will default.

Last week, Moody’s Investors Service cut the debt ratings for industry stalwart Southwest Airlines to the lowest grade above junk. Meanwhile, Standard & Poor’s placed the ratings for American and United, which already are below the junk threshold, on its watch list with negative implications, citing concerns about liquidity and declining revenue.

So if the courts can’t help, might we actually see one or two of these perpetually troubled airlines go out of business?

Don’t count on it. It’s unlikely that lawmakers and the administration, facing stubborn unemployment numbers, are going to allow tens of thousands of airline workers — many of whom are unionized — to lose their jobs. Expect, at the least, government-backed loan guarantees to help carriers shore up their balance sheets with fresh capital.

If Washington really wanted to help, it would do nothing. It would turn a deaf ear to the pleas of the beleaguered carriers, allowing the chance that maybe, just maybe, one or two of them will actually stop flying and enable the surviving airlines a shot at sustained profitability when the recession’s over.

So, will the taxpayer be tapped again?  Probably not……there is a bailout fatigue setting in on Main Street….that could have been a different story if only Main Street could have been the main concern and not the creeps on Wall Street……but as they say “hindsight is 20/20”.  It is a shame that the government cannot or will not see the errors of their ways.