Would anyone buy the stock if they knew that when the next Black Swan or recession happens there would be no possibility of a bail out? Or are bailouts just wel

Would anyone buy the stock if they knew that when the next Black Swan or recession happens there would be no possibility of a bail out? Or are bailouts just welfare for investors (with a happy coincidence of keeping voters employed in bad companies)? The last time Air New Zealand was bailed out the government in fact bought them out (over 50%). I think governments should have buy outs not bail out. This way any future dividends or buybacks will benefit the tax payer at the expense of existing investors.