Compared to what it used to be...
...it has vanished.
Perhaps I was too simplistic in that reference...because the overall situation is a parallel...with the management being inadequate...the blame game prevalent...and the labor side being slow to realize that give-backs were necessary and job losses inevitable. Theres a point made later in the article about government funding "closure assistance" for affected workers instead of the protection at the borders...not a bad idea in either case...don't give them money...pay their severance costs and retraining expenses when work rules are re-established at a more realistic level.
At least in the airline industry the carriers realized that fleet age was costing them money and moved to renew fleets (thanks to CO using it to advertise)...but the renewal of assets may have come too late in the game for the majors.
And also like the steel industry...the large players are being hamstrung by smaller, lower cost players picking off pieces of the overall market...
The only difference is (until this year)...the airlines hadn't been heavily protected or subsidized. There's a few billion in loans available now that will change that.
