The government crackdown on airlines over alleged safety lapses fits a familiar storyline: Conscientious regulators saving the public from heartless corporations that put lives at risk to fatten profits. It's a tale that would be perfect for a movie — since movies are famous for taking liberties with the truth.

In real life, this story may not have a happy ending. By forcing the cancellation of thousands of flights, the Federal Aviation Administration most likely did not prevent ...

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