The government bailed out banks to the tune of $234 billion so far ($205 billion for Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) plus $29 billion for the Bear Stearns deal). Now General Motors (NYSE: GM) wants a $50 billion bailout (in the form of loan guarantees). So why not give the airline industry a bailout too?

After all, Wired reports that they're poised to lose $5.2 billion this year. Why? Well it doesn't help that "fuel bills have jumped $50 billion this year to an estimated $186 billion. Jet fuel now accounts for 36 percent of the industry's costs, up from 13 percent just six years ago," according to Wired. So why not bail out the industry -- after all it's hard to have a global economy if the airlines can't operate flights. To its credit, airlines seem to have had some success in pushing Congress to crack down on oil speculators -- oil's price has fallen from $147 to $101 in the last few months.

But since the administration seems to be in such a giving mood -- after all, our VP notes that his hero, Ronald Reagan, "proved deficits don't matter." And after bailing out banking, automobiles, and airlines, maybe they can get around to bailing out the three million homeowners in foreclosure and the 39% of mortgage holders whose properties are "underwater." Finally, why not use more taxpayer money to compensate investors whose stocks have lost 13% in the last year? Anybody else want a bailout?

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.