My sentiment is the airlines will cut the smallest amount they can and still try to outlast the opposition. They are no smarter than that. Oil is just forcing the hand a bit. To the original post, I'm sure there would be furloughs regardless due to competition.

On a side note, if the gubment really cared about speculators, they'd have done something already. All it is doing right now is crushing the economy, and they know that. I heard on the radio Ford is down 28 percent in sales from last year (can't remember if it was just for June or the entire year, like it makes a difference). I wonder if this won't end up as a depression if this gets any worse.