Yes, this is the 2nd totally unprecedented economic "black swan" in the past 12 years. But I agree with you. The cause may always be different, but the problem lies in the principle. We are bailing out airlines because we cannot "afford" to let airlines fail. We bailed out banks in 08 because we could not "afford" to let big banks fail. There are actually airlines that don't need bailout money just as there were big banks that didn't need TARP money after 08. Some would call these companies "better managed". If we don't rescue the failing companies, they would then have to accept terrible terms from value investors like Munger and their equity would be worth a lot less than the equity at the "better managed" companies. This is proper incentive alignment. Having the government step in and protect the equity of failing companies will always result in misaligned incentives. By the way, employees at the failing companies fare pretty much the same whether the government or Munger steps in.
Great points all around. Also consider that those 'better managed' companies are effectively penalized for NOT rewarding their investors in the past, when they could have instead paid out dividends or buybacks and hope for a government savior if things get bad fingers crossed