This chart probably shows better and more easily the running argument Sailingfun and I have, which has turned ugly as of late.

Nothing I've seen suggests anything other than jobs and travel demand track hand in glove. While it is true that reducing capacity has driven up revenue ( just as it did a Northwest ), there is a back side of the power curve where capacity reductions both drive up costs and reduce demand ( just as it did at Northwest ). The same managers are following the same play book.

My question has been, and continues to be, where is the bottom?

Not that there are not signs of life. Bringing flying back to mainline is a great sign, as is the investment in our mainline fleet. I argue in favor of doing more. It appears to me our yields are slipping compared to competitors who do more of their own flying. The back side of the power curve is dangerous because the resulting yield disadvantage makes it even harder to sustain, or grow.

Revenues / Expenses / Profit / Yield (all measured by ASM - cents)

Alaska / 15.78 /15.09 / 0.68 / 12.89
- Domestic 16.36 / 15.52 / 0.84 / 13.05
- Latin 10.51 / 11.23 / (0.72) / 11.43
American / 15.91 / 16.17 / (0.27) / 15.21
- Domestic 15.54 16.24 (0.70) 14.91
- Atlantic 13.86 15.57 (1.70) 13.55
- Latin 18.63 16.29 2.34 17.71
- Pacific 13.58 16.30 (2.72) 12.04
Delta 17.95 17.13 0.82 14.70
- Domestic 22.08 19.81 2.27 15.34
- Atlantic 12.23 13.83 (1.59) 13.17
- Latin 12.80 14.19 (1.39) 13.89
- Pacific 14.85 14.27 0.57 14.93
Hawaiian 13.87 13.42 0.45 14.88
- Domestic 14.29 13.98 0.31 14.89
- Pacific 12.88 12.10 0.78 14.86
United 16.40 16.94 (0.54) 14.49
- Domestic 19.15 21.16 (2.01) 13.71
- Atlantic 12.44 12.72 (0.29) 14.69
- Latin 16.08 13.20 2.89 17.27
- Pacific 13.76 12.51 1.26 14.95
US Airways 18.82 18.51 0.32 14.60
- Domestic 19.64 19.10 0.54 14.95
- Atlantic 14.65 15.69 (1.05) 11.87
- Latin 19.06 18.30 0.76 15.35