Joe makes some very good points. Calling the executives "Fools" is a bit harsh and sounds like his grapes are a little sour, but his assessment of the market is right on.
The whole financial morass that legacy carriers find themselves in is a result of losing market share and thus pricing power. Now why did they lose market share? Somebody built a better mousetrap that caught the same number of mice at a lower cost per mouse, i.e SWA and others.
The Legacy Carriers REFUSE to get off the crack cocaine of yield management based pricing and offer an inherently fairer and more customer friendly way to fly, whether it be business or pleasure.
The Legacy Carriers are reaping the seeds they have sown both with their core customers and front line employees.
President Bush took all kinds of flak when he was asked about "Helping" the Big Three Automakers and he replied, "The Big Three need to make cars the American public want to buy". Harsh but accurate words and I think they apply here. Provide a product that people want to buy.