I hope you're right. I've just been reading books and articles by the people who got all of the bubble stuff we're going through right years (sometimes decades) before it happened, including calling the timing fairly spot on as well. A lot of tedious reading, especially for a public school gradjiate like me, but it makes sense and adds up, unlike the alternative "math".

The market cycle theorists are high on printed money right now which the stock market loves. Their playbook is as old and dysfunctional as the ones many airline managers read from. When its the only book on the shelf though, its hard to believe in anything else.

In either case, we need to be able to win. HVC's, leisure travelers, belly cargo, mail, whatever. Good or bad economy, this industry will have winners and losers. I hope we can win rather than capacity dump when things get tough and give our futures to the domestic and international upstarts.