Really good post ATY, I couldn't agree more with your comments. This whole raw deal is not even 3 days old, and guys you fly with are already justifying it and endorsing it. What an easily convinced and gutless bunch we are.
My point is that technically we are still growing. With arrivals of 777s and 747ERFs, the aircraft we have parked are not enough to shrink the fleet yet. The reason that they can't announce furloughs is that they don't have enough crew to do so. Even with the capacity reductions they have announced, the airline will still run understaffed.
Cathay is just using this opportunity to take a bigger share of the pie by convincing others that they are not as hungry as they are. It takes a real 6 year-old mentality to be convinced by such tactics.
The real question is how many of us will tighten our belts and straighten up, and how many of us will roll over and spread them cheeks.