It will be interesting to see which folds first, US Airways or United (both of which, by sheer coincidence, have enjoyed the managerial attentions of Mr Wolf).
Any airline that doesn't cut its overheads to a point where costs are lower than income is going to go under as surely as the Titanic. At the moment, the majority of the US Majors are still running with costs at unfeasibly high levels - thanks in very large part to pay awards over the last few years - and their cash reserves are becoming seriously depleted.
Put bluntly, those carriers that can eke out their reserves until others go out of business - and therefore reduce overall capacity - will survive. Those that can't, won't.
The current downturn looks set to continue for at least another two years - and probably a lot longer than that - especially if operating costs start to rise with the OPEC cut in production of crude. I regret to say that we ain't seen nothin' yet.