Continued capacity reductions could be more concisely summed up as "liquidation." Delta's costs are increasing as a result of capacity reduction.

Liquidation, increasing costs and spill over to competitors are all concerns addressed by the question.

An example of Delta's capacity reductions in a microcosm is Comair. Shrunk to inefficiency, outsourced, now on death watch. Same management.

The answer to the question "where is the bottom of these capacity reductions" is relevant to investors. Sure as hell acts as a "stay out of the swamp" sign to me, as an investor.

Particularly so in Europe, where once again Glenn Howenhespellsitstein said we were surprised by how well we were performing.