More interesting, CAL was up as well. You expect AirTran and JetBlue to capture market share* when times are lean, but when you also see a legacy doing it, it tells you that yield discipline is potentially breaking down across the industry, and we're once again headed towards a free-for-all.

The flip-side for you and I: more flying. I would guess we'll see low profit margins next year, but a fair amount of traffic. I'm starting to believe that DAL is indeed planning for a "robust" schedule next year, as ACL said.

...

* I also wonder what "market share" means in our industry, since few passengers are ever loyal. It doesn't seem to me that we ever "capture" any market share for any length of time. If this industry was smart, we'd go for yields.