These days you can't crack open a newspaper or click to a Web site without stumbling across one or more front-page stories about the airlines. Bankruptcies, safety scandals, fuel woes, you name it. And if there's a common thread in this media barrage, it's that none of the stories are positive. For carriers the future looks uncertain at best, nightmarish at worst.
Everybody knows the airline business is cyclical. The boom-bust cycle has been playing out since before deregulation. What's different, this time, is how potentially devastating this latest scorching might be, and how quickly it followed on the heels of the post-Sept. 11 industry wipeout. The recovery period was brief, to say the least.
...

