WeAAsles
Veteran
- Oct 20, 2007
- 23,540
- 5,263
La Li Lu Le Lo said:
La Li you do realize how many thousands of jobs we lost after the Sept 11 attacks right? I personally had 650 Full Timers below me on Sept 11 and still got laid off in October. I was recalled only to be layed off again in 2003. I think if I remember correctly just prior to 9/11 AA employed 120,000 people. They went down to just before the merger to around 80,000. That's 40,000 people in 10 years.
So I'm not sure how you're saying that we gave up pay and benefits for jobs when we lost thousands of jobs? Just before 9/11 Fleet had about 14,000 members. Just before the merger we were at just under 8,000. How many more jobs do you think we should have given up in 2003 or during the Bankruptcy?
http://www.pearsonhighered.com/assets/hip/us/hip_us_pearsonhighered/samplechapter/0205231527.pdf
Airlines and aviation
Flights were grounded in various places across the United States and Canada that did not necessarily have the operational support in place, such as dedicated ground crews. A large number of transatlantic flights landed in Gander in Newfoundland and in Halifax, Nova Scotia, with the logistics handled by Transport Canada in Operation Yellow Ribbon. To help with immediate needs for victims' families, United Airlines and American Airlines both provided initial payments of $25,000.[12] The airlines were also required to refund ticket purchases for anyone unable to fly.[12]
The 9/11 attacks compounded financial troubles that the airline industry already was experiencing before the attacks. Share prices of airlines and airplane manufacturers plummeted after the attacks. Midway Airlines, already on the brink of bankruptcy, shut down operations almost immediately afterwards. Other airlines were threatened with bankruptcy, and tens of thousands of layoffs were announced in the week following the attacks. To help the industry, the federal government provided an aid package to the industry, including $10 billion in loan guarantees, along with $5 billion for short-term assistance.[1]
https://en.wikipedia.org/wiki/Economic_effects_arising_from_the_September_11_attacks
The financial crisis of 2007–08, also known as the global financial crisis and 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.[1][2][3][4]
It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis.[5][6] The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".[7]
The bursting of the U.S. (United States) housing bubble, which peaked in 2004,[8] caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.[9][10] The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for subprime borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.[11][12][13][14] Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[15] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts.[16] In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009.
https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%9308
The runway to the final four
A series of bankruptcies and mergers over the last 12 years has taken what had been 10 major U.S. airlines down to four mega-carriers which dominate the market.
http://money.cnn.com/infographic/news/companies/airline-merger/
