I might argure that supply does not meet demand. That's an easy stement to make in a weak economy. But correct me if I'm wrong, was it not just four years ago that most of us were all flying elbow to elbow as the indistry set new records for passenger loads with some airlines flying their route system at almost 80%. If you look at Southwest or even newcomer JetBlue, you'll find that their load factor is not that much higher if at all. Over capacity? Great idea if comparing ordering too many artichokes for Safeway, but i personally can't but the over capacity story. Nor can I but the stroy that the entire strategy of the bigger airlines is broken. Again, correct me if i'm wrong but did this same system not produce record profits of billions of dollars as recently as four years ago? And while I appreciate all of those that call Southwest the greatest threat and perfect model (i am a fan), I think i need to remind many that Southwest recently celebrated their 30th anniversary. That's right, it's taken 30 years to get where they are and all of a sudden many think they are going to rule the world overnight? Really don't see that in the next 3 years they will accomplish more than they did in all their past 30 years combined? Here's a reality. To a person, every airline analyst now that was doing the same job back in 1990 was wrong. In 1991 - check the public comments - every analyst was quoted as saying that there was too much capacity and the system couldn't support all these airlines and that in 3-5 years there would only be 2-3 airlines left. Well, it's been 12 years since analysts precited the future of the industry with Fortune and other magazines right there with them and guess what - there aren't 2-3 airlines left, there's really the same number with JetBlue or Frontier or AirTran replacing TWA. So while I love to use analysts remarks for what they are.... the record of these types of comments don't seem to be all that great.

These same 'experts' also said that US Airways was toast last August 11 when they entered Chapter 11 and wouldn't last the winter. Well, Spring is here and despite all odds - including the 'experts' predictions - US Airways seems to be surviving. Like stock picking from experts - even the dart board or the monkey can sometimes beat the street.

As a foot note: Not trying to belittle the airline and other analysts profession, just pointing out what seems to be missed sometimes.