Originally Posted by rickair7777

In general.

But in this century only the DL/NW merger was initiated in a recession, and both had recently completed Ch.11. I'm talking about major airlines only.

Airlines are more susceptible to economic fluctuations than some other sectors, and while downturns *always* create potential opportunity you need cash and some sense of security/stability in your own position to go out on that kind of a limb.