Again, you misunderstand me. I completely agree that this is a time for wannabees to be extremely cautious, particularly with borrowed money. I am merely observing that the data from the Low Costs, from as recently as October, flies in the face of your arguements and predictions.
Yes, I agree there is a fall in profits but a fall in profits, even to break even, is not 'losing money hand over fist', in fact it's not 'losing money' at all. Having observed MOL over some years I wouldn't be surprised if he is making the most of the economic situation to do a bit of trimming that would not be acceptable to shareholders or employees in the good times but he thinks he can get away with now. It's an old tactic.