I agree 110% and it scares the hell out of me... Not only for the airline industry, but for every industry.
I agree about a depression too, in the near future... I'd guess recession in 2008 and 2009 - and depression by 2010. I'm just hoping that we've learned from our mistakes as a country, and our economic wizards will have what it takes to prevent this, but I don't have much hope for the near future. The fact is, the housing crisis is not enough to cause this downfall in itself, but combine this with rising oil prices, and the fact that we dont have the ability to control the increase in energy prices, I feel that doom is iminent...
The only corporations that will weather this storm are those with strong balance sheets and good labor relations... In my opinion