BAILOUT NATION: US MOVIE THEATERS JOIN AIRLINES, HOTELS AND RESTAURANTS IN DEMANDING A TAXPAYER BAILOUT | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

BAILOUT NATION: US MOVIE THEATERS JOIN AIRLINES, HOTELS AND RESTAURANTS IN DEMANDING A TAXPAYER BAILOUT

SOURCE: ZERO HEDGE
Back in 2008, when the US government bailed out the US banking sector, it became clear that virtually any industry in America's $18 trillion economy could pass off for "too big to fail." So fast forward to today when the longest expansion in history has mutated in under a month into the biggest market crash since the Great Depression, and sure enough, virtually any industry is trying to get bailed out.

Consider this - until today, the US government and by implication US taxpayers, had received bailout requests both direct or indirect from:

The Airline Industry
The Public transportation industry
The Hotel and lodging industry
The Restaurant Industry
And, of course, Boeing.
And now, demonstrating just how fucked up everything has become once the government has opened the Pandora's Box of government bailouts, US movie theaters are also demanding a bailout.

That's right: movie theaters are now somehow a systemically important industry, one which deserves billions in taxpayer funds. And even if it doesn't, well everyone else is getting bailed out so why not them too.

According to AP, the National Association of Theater Owners (also known as NATO, but definitely not to be confused with that other NATO), the trade group that represents most of the industry’s cinemas, said Wednesday that it’s asking for immediate federal help for its chains and its 150,000 employees. The theaters are requesting loan guarantees for exhibitors, tax benefits for employees and funds to compensate for lost ticket sales and concessions.

Just because that's how things are done in the US where moral hazard is the name of the game. Every game.

The organization said the movie theater industry is "uniquely vulnerable" to the crisis, and needs assistance to weather a near total shutdown of two to three months. It wasn't clear how society would collapse if there were no movie theaters after three months, especially with most Americans now having a streaming service pumping non-stop crap into their TV 24/7, but we are confident McKinsey will be hired soon to come up with a pretty slideshow explaining it all.

"This is an unprecedented challenge to the business," said John Fithian, president and chief executive of NATO. "We’re looking to Congress and White House to understand this is a cultural institution where people gather."

Ah... so any "cultural institution where people gather" is now eligible for a bailout. At least back in 2008 one could make a case that banks actually are important. After all they hold your money. But now, well, the collapse of theaters threatens to tear society apart.

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