This earnings report could not have been better. Delta Air Lines is firing on all cylinders and the future looks even more fantastic.

Management and the shareholders are accumulating fabulous wealth.

The non-contract employees have been fully restored to their pre-bankruptcy levels of compensation and been given significant raises even beyond that. The funding level of their pensions is very healthy due to the recent increase in the Fed discount rate.

Every group of "stakeholders" involved with this enterprise should be celebrating.

Except one.