1) Isn't an important assumption of this discussion that the present cartel is the only new normal scenario? I can't believe that there isn't a new Herb Kelleher or Freddie Laker or the guy who left JetBlue or even a crazy Sir Richard out there who's willing to break from the pack, with the margin afforded by the price of fuel, even on a fool's errand. Of course some such crazy person would need to assume that the lower fuel prices are the new normal. Anyway, this is to say that it's happened before.

2) Would the likeliest market (and safe harbor) for the spinoff scenario be scavenger credit card companies themselves? Most of the worries cited in this discussion appear to accrue to their advantage. "Mileage Plus, brought to you by Chase!" Perhaps even appearing to be virtually seamless to the interested marketplace: "...I thought it was already the case."

Sorry, and let me know, if this is off-piste, or does it suggest that the above discussion is more about the furniture on the Titanic?