Wow you know some of you guys remind me of that old movie with John Travolta, "The boy in the plastic bubble" it's like you've never left your house and while everyone else is breathing toxic air, you're having your's pumped in and purified for you. Ever since deregulation in 1978 the airline industry has been one hell of a crappy business.
Warren Buffett 1995
"And despite putting in billions and billions and billions of dollars, the net return to owners from being in the entire airline industry, if you owned it all, and if you put up all this money, is less than zero."
"If there had been a capitalist down there [at Kitty Hawk the day the Wright brothers made their first flight] the guy should have shot down Wilbur! I mean …. You know… one small step for mankind, and one huge step backwards for capitalism!"
What did you guys breath a huge dose of Knute Rockne or something?
"We're gonna go inside, we're gonna go outside, inside and outside. We're gonna get 'em on the run boys and once we get 'em on the run we're gonna keep 'em on the run. And then we're gonna go go go go go and we're not gonna stop till we get across that goal line. This is a team they say is... is good, well I think we're better than them. They can't lick us, so what do you say men?"
Maybe it's time for someone to open your bubble and kick you outside so you can breath the smog!
A number of major airlines have declared
bankruptcy and have either ceased operations, or reorganized under
bankruptcy protection. Airlines, like any business, are susceptible to market fluctuations and economic difficulties. The economic structure of the airline industry may contribute to airline bankruptcies as well. One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs. Terms of an employee contract negotiated over years can be eliminated in months through Chapter 11. Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy.
Airline bankruptcies in the United States:
http://en.wikipedia.org/wiki/Airline_bankruptcies_in_the_United_States