On the one hand, CO is the victim of its own success. The carrier is choking on the legions of elite flyers, many of whom find there is not nearly enough inventory for upgrade or award travel.

On the other hand, CO is also suffering from the consequences of the grindingly unimaginative leadership of Larry Kellner. In business you can make money by cutting cost or adding value, or a combination of the two. Larry only understands cutting cost. The man does not have an imaginative or visionary bone in his body. He only knows how to count the bean.

Right now the airline is doing fine, but Larry Kellner is slowing sowing the seeds of CO's slow but inexorable decline as it continues to nickel and dime while all around it the industry continues developing and transforming.

At the current rate, CO will be the most out-of-date product in American skies within five years.