Everyone's writing Spirit's obituary after the (https://www.marketwatch.com/story/spirits-days-of-offering-no-frills-flights-may-be-numbered-as-shutdown-looms-de1ef648?mod=mw_rss_topstories), but here's what Wall Street's missing: this collapse is pure validation for legacy carriers. While Spirit hemorrhages cash with its race-to-the-bottom model, Delta and United are fortresses — rock-solid balance sheets that the market somehow keeps ignoring.

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