What kind of downturn? Our customers(people who fly) are pretty insulated against downturns. The people who get hosed don't really fly anyway. We saw the airlines get creamed during the housing bubble, it wasn't till after that bubble popped, that the airlines really took off. Stagflation is the killer of airlines, deflation is the savior.

Airline debt prevents corporate raiders from coming in, as Delta is becoming a juicy target for a hedge fund to gut the place. Wilson and Checci did this to NWA. I would rather Delta spend billions on product investment, than share buybacks. I think it's hilarious when management says that the JV airlines are a better product, apparently $6 billion wasn't enough to bring Delta up to par.