They had no choice. If they didn't agree to it, a bankruptcy judge would impose it. It's in management's best interest - and the pilots - to have everyone agree to the cuts so they don't have morale problems.

There's a strong business case to be made for consolidation — though that's not to say it will actually happen.

American will have a tough time in 2006, it all depends where the price of oil goes.

Not even Jack Welch, the greatest CEO of all time, could earn a normal profit in the airline industry, given today's condition.

You have an entirely different industry with oil below $50 a barrel and with oil above $60.

You watch. The first thing these airlines will do when they get on the other side of bankruptcy will be to announce exciting new growth opportunities. We'll be off to the races again and headed for another restructuring.

Every other carrier that competed with them picked up the pace. They profoundly misunderstood the competitive response. They were doomed from day one.