Bailing out Spirit Airlines sets a dangerous precedent — Frontier and Avelo are already lining up asking for $2.5 billion, proving moral hazard is already spreading. Spirit lost 19 cents per dollar of revenue, and Washington's track record running Amtrak and the Post Office shows government ownership destroys rather than saves. The real winners are hedge funds that bought Spirit's debt at 45 cents on the dollar and now cash out at par on taxpayers' dime.