I originally thought it would come to a head in '14 but its possible the fake stock bubble/easy money rally could last that long I suppose.

If we're really staying lean for imminent times then great, I would actually agree with that to a point. When the dollar/debt/international soverign debt and currency/secondary housing/student loan bubbles all pop, probably at abou the same time, 2008 will look like a picnic.

Amidst the turbulence however will be embedded opportunities for a properly prepared airline to really shine. DL could pounce back on BOS and retake with avengance, decimate JB, further beat back SWA in ATL and take it hard to the fantasy order book airlines in the Middle East when we stop propping them up with purchase subsidies and no charge mercenary defense.