But would high inflation rates cause a depression either from normal economic forces or due to Fed over-reaction? That would effect Delta's earnings and push down the stock price. It seems like we are headed into unprecedented economic times. Never has inflation been this high with this much debt in the system. I don't see how this doesn't turn out bad for the whole economy. In my opinion the Fed starts easing again later this year, 8% inflation is something we are just going to have to live with. I read somewhere this week that government would be unable to pay 4% on its debt.