Not to fire up the SWA masses but your fuel hedges will run out in 2010 and your competive advantage will be out next year. (I have previously posted SWA fuel hedge position so you can look under that thread.)

Without doubt, SWA has the highest paid pilots/flight attendants (Have you seen what your senior f/as are making (I have, my neighbor is one) if not ask them and you will find that there are a good portion that are making 70-80K a year plus!

Ok, so what does SWA do? If you keep fares lower via your hedge advantage as in the past some airlines may go out of business but that makes the other airlines stronger or do you raise fares and build up your cash position? (If raising fares is possible without massive decline in load factor) but either way there will come a point where SWA will be at a competive disadvantage not to mention that SWA is 100% exposed to an ever growing weakening US economy.

I will SWA credit. It is the only airline out there that has not, as of to date, asked it employees for cash to help subsidize the business model. It is the only airline that has been consistently profitable. However, aren't you SWA guys a wee bit concerned at all?