1. Not really. You've got to understand where that pay rate came from. Essentially, UAL bribed its pilots to acquiesce to the proposed UAL-AAA merger that never happened. Then DAL pilots asked for UAL +1%. The managers were happy to give that rate to get a contract. They could have raised ticket prices $5 to $10 a segment and paid for it.

2. Same as #1. Raise ticket prices and neither of these are factors.

4/5. Gas/TSA charges after 911. Gas? Oh well, hedged airlines did well. TSA? Typical Republican mandate of a gov't program with no funding to go with it.

6. CRJ? Don't make me laugh. Read Mike Boyd's commentary on the CRJ at www.aviationplanning.com if you really want to understand the economics of the RJ.