When word got around thatSpirit Airlines, Inc.(NYSE:SAVE) was considering a bankruptcy filing, critics quickly took to social media to blame the Biden administration.

Why? Recall how, in January, U.S. antitrust regulators successfully blockedJetBlueAirways Corporation(NASDAQ:JBLU) from buying Spirit for $3.8 billion. Indeed, over the past four years, regulators often hold up M&A activity they consider anti-competitive, such as the $25 billion merger betweenKroger Co.(NYSE:KR) andAlberstons Companies, Inc.(NYSE:ACI).

The JetBlue/Spirit scenario was no different. Fast-forward to this week: The Wall Street Journal reported Spirit is in...