They have have good years and bad years. The smart ones survived the less than smart are no longer around. The industry sorts itself out.
People are still flying......now why does it work for this industry?

Deregulation has only become ominous in our recent years of say anything, do anything, permissive pacifist society....then forgive them or bail them out.

I subscribe to the survival of the fittest. If you can't make it....you don't deserve to.......too many today with their hand out....and too many with their heart on their sleeve willing to give the store away to help them.

It does not mean the winner is on their own and the loser gets help because they couldn't hack it.

An industry that purges itself is a much stronger one than trying to keep the losers alive....like we do today!

BTK