The weak dollar/weak fuel price environment really didn't 'save' AC in the 1990s. Selling the J cabins to Nortel and other tech sector employees travelling on the company dime did though. But I think we saw what happened to AC once that dried up.

So why would it be any different this time? Especially when there isn't a prominent big-spending company out there, and a decidedly negative consumer environment?

Every source I can conjure up indicates that bookings are weaker than they've been in a long time, both domestically and international. The oilsands construction traffic is falling off a cliff. Fare wars are on the verge of unfolding, and this time around, AC enters the game in weakness, not strength, relative to their domestic competitor.

Agree on the charges showing up sooner or later. CN reported a hit on their recent earnings on account of a change to the pension discount rate they were allowed to use on the DB plans. AC probably will be hit with the same.