Venk wrote: "As a first step, we have instituted changes to reduce the elite qualifying miles for lower fares as this "currency" has the biggest impact on our costs for providing future benefits."

This comment alone is utterly ridiculous and without support. As I've mentioned many times, at worst elite benefits (in the sense of those now targeted for modification) are revenue neutral and, at best, allow for potential profit.

Priority checkin? Revenue neutral (and more folks are checking in online or at kiosks.)

Priority boarding? Revenue neutral.

Upgrades? As I have mentioned many times, the F seat that went unsold was reallocated to a frequent flyer. Again, essentially revenue neutral EXCEPT that this freed up the seat previously held by that passenger for resale at the last minute to an airline's most profitable passenger: the walk-up.