[notatoad]

i think the major airlines all exist under the "too big to fail" umbrella, and will be bailed out by the goverment in some fashion before they actually collapse.

however, as long as they can cut expenses by laying off staff with no consequences, they're probably safe. previous tough times for airlines haven't been in quite the same situation where they can just cut expenses by cutting flights. i'd be more worried about the airports than the airlines - at some point, they're going to have a big backlog of fixed non-staff expenses that are no longer being covered by ramp fees.