Sure, airlines was just an example to drive home the more fundamental point. There are a bajillion different variables that go into how we price corporations /

Sure, airlines was just an example to drive home the more fundamental point. There are a bajillion different variables that go into how we price corporations / assets in a decentralized way. This includes basic stuff like revenue, margins, balance sheets, growth, but can also include macro risk, which political party is in power, the current weather, etc. Apple isn't worth $1T because some schmuck decided it was worth that much, it's worth that much because we all play some part in the price discovery. When you remove some of the variables from this equation, the price becomes less reliable (mis-priced assets). You might argue that it doesn't matter for most assets like airlines, and you'd probably be right about that, but there are certain types of assets like junk bonds where this has more negative consequences in the long run. We've been mis-pricing junk bonds to the degree that, at a macro level, there is way more capital being allocated to bad companies with poor fundamentals than there should be. We want more Amazons, Stripes, and Shopify's, and fewer WeWorks and SoftBanks. States are similar, you have some States that are incredibly well run (Massachusetts, Washington) and some that are very poorly run (eg Illinois). We need some mechanism to nudge poorly run states in the right direction, and encourage well run States to keep doing what they're doing, and more.