Phase One: Stagnation, displacements, widespread voluntary reduced lines, and low credit lines for rest. Probably some parked airplanes. Lots of used Teslas and boats for sale.

If Phase one is not enough, then...

Phase Two: All the above plus furloughs if it looks like it's gonna be a long term downturn. Luckily UAL has lots of retirements so the "furlough math" favors letting attrition do the work. Even more parked airplanes. Vacation properties on the block.

And if it really gets bad...

Phase Three: Bankruptcy or threats of bankruptcy. All bets are off and the specifics all depend upon the circumstances, both internal and external. Lots of furloughs and potential pay cuts. Spike in divorces and suicides.