My Prediction

ATA's pilots were just authorized to go on strike (although they havn't officially yet).

So what happens if all the airlines go bankrupt? We can't just cancel all the debts and start afresh (although that would be some revolution!), but the airline industry certainly can't progress if everyone operates under red-ink status...

That's one of the big things about it. If you have airlines flying and they don't have to pay off their debts to anyone, they cut their prices and the other airlines, like American who are already wobbling down the financial road, cn't compete with that.

It's a bad state of affairs for everyone. I'm really curious to see what is going to happen over the next few days. The air carrier industry could end up taking a huge blow when Delta declares.

my uncle said that southwest is the only that will survive

They just said on the news Northwest and Delta just minutes ago filed for bankruptcy.

Bravo on the prediction then =). Well, the only good thing about more companies filing for bankrupcy is that something will have to happen. Plane travel is not one of those things that you can just get rid of, or even let the service of decline. I just wish it hadn't escaped economists eyes for the future for so long...