What I am trying to say is that airline management has not gotten smarter. The playing field simply became more level. Had Delta been hedged we would have done the same thing. In fact we attempted to put USAIR out of business. We kept fares low in their markets and used up the huge pile of cash we were sitting on thinking we would drive them out of Business. Like SW we also failed at that strategy. To make matters worse it was basically Leo's only strategy which left us near liquidation with chapter 11 as the only option. Even then they delayed entry into Chapter 11 way to long trying to protect their precious stock options. USAIR fired back and fired back hard at Delta in intensive care and except for the arrogance and stupidity of Parker we would all be using a Cactus call sign today if the giant mess that would have created even survived to this point.