Especially in this business. The cost of capital is a lot higher than the historic return on that money.

Sailing minimized the Alaska disruption and he's probably right. More, I see this as a reaction to issues in Japan. Are we looking for a strategic fall back from Narita? I hope not.

Alaska runs a very good airline. As a client, their management reminded me of Delta before Ron Allen. There's something about that kind of hospitality that is hard to put a finger on, but behind the scenes it is a rigidly enforced "customer first" sort of strategy. Senior management at Delta is making a great effort to emphasize just this concept. Every pilot I run into is fully on board with the work to make Delta a preferred carrier instead of a simple travel commodity. Further, Delta is executing very well and our passengers, especially our Elites are noticing.

Bankruptcy was a corporate V1 cut and ours had some close in obstacles, some of which were not charted. The commodity price run up followed by a severe recession were not on the map. We've now cleared those hazards and have the terrain clearance to clean up and establish second segment climb. Now the Company's course is more of management's choosing and their choices will be interesting.