"This industry is always in the grip of its dumbest competitors"

The first decade of this new century is one that airlines will be eager to forget.

It has been marked by the 9/11 terrorist attacks, the SARS outbreak, skyrocketing fuel costs, the bankruptcy of five major North American airlines and the outright disappearance of the likes of Swissair, Canada 3000 and Jetsgo. Yet it seems those setbacks weren't punishment enough for an industry hard-pressed to turn consistent profits even in the best of times.

Which these obviously aren't.

Last week, the International Air Transport Association (IATA), trade group for the world's major carriers, reversed an earlier prediction that the latest plunge in demand had bottomed out.

Get the full story at: eTurboNews