It seems to me that a number of FF programs (you know who you are) are on a slippery slope and are playing a dangerous game of selling points/miles cheaply to generate cash flow.

As I posted over in the Lifemiles forum, by selling miles cheaply, you can get a lot of cash quickly and more cheaply than you could borrow it. Yes you do get a contingent liability on the balance sheet but however unlike other debts/liabilities, the program owner has the right to devalue (reduce) the liability overnight by increasing the amount of miles required to get an award. sounds like a no brainer except ......

you run the risk of upsetting those customers who are truly frequent flyers...........thoughts?