Ford is still in business because it pledged nearly all U.S. assets (including the Blue Oval Ford logo) for $18 Billion in 2006. Much the same way as NW pledged its Asia route authorities in late 2001. That's EVERYTHING, Mr. Goldman. How much can we get for it?

You're quite wrong about the direct and indirect airline jobs. The Detroit News has repeatedly cited a headcount of 8,000 people for NW in Michigan.

http://www.detnews.com/apps/pbcs.dll.../BIZ/802200461

That's against a total state payroll of 4.248 million people. I don't wish NW employees ill fortune, but as a fraction, that's nothing - and they wouldn't all be lost. Most would simply see a new logo on the paycheck.

As of early 2005, the Bureau of Transportation Statistics put total employment by the (at the time) seven network carriers at 310,721. It may be not much different today. Total U.S. payroll in January '08 was 138 million.

LOTS of U.S. industries are bigger than the airlines in terms of employment and GDP. And again, a merger desn't make all the jobs go away. If DL thinks they can redeploy the people and other assets in a productive way (and the NW shareholders agree, by taking DL's money or shares), then market capitalism will let them try.