Everyone affiliated.

Obviously over the next decade these companies can change their business models but for now they depend on each other.

Without regionals, ULCC/LCC/SWA would have many many airplanes on order. Even before LCCs fully turn their eyes trans-ocean, Legacies are seeing their best profit growth in the domestic market...using cheap labor.

Record profits will continue as long as the business model of cheap contracted labor continues. The common point in the last few pages is - “why would this continue?”
Won’t the worker bees move on to “major partners” competitor?