George Soros has been quoted as saying that it is a bubble that will be next to burst, the only question is when and how much damage it will do in the meantime.
Yes, and the longer it takes, the better for us, Europeans.
Why? if 1 or 2 major US airlines flying Atlantic go bust, there'll be that much less competition for European airlines over the Atlantic when oil gets back to normal. The aircraft that are sold for bankruptcy land in Asia or Africa, creating more opportunities for European pilots, once again.
Sure, it will be a pittyful sight to see that happening for the American counter-parts. But the people they have elected have put them in this situation. They are learning their lessons the hard way.
Will such a situation result in pilot overcapacity in the US?
Yes, but the effect will be temporary as the most experienced will find a job in Asia very easily. There is also a market with huge potential that many people tend to forget: South America.
South America is to North America what Africa is to Europe: A set of immense unused opportunities available at hand and not easily reachable from other continents. I can see it becoming a very popular touristic destination for North Americans with some new start-up airlines exclusively serving these destinations in the very near future.
I also think this is THE opportunity for Americans to discover the bicycle and dump their SUV's... it's a huge gain for our ecology.
As you see, this crisis is not only about negative stuff!
