Waterside is a much quieter place these days, even with more departments moving in as properies are sold or returned to lessors. Perhaps in the good old days you could run an airline based on cargo and WT pax alone, but the anyone whose seen the fares on offer at the moment will recognise that even the WT revenue stream has taken a massive hit. We're flying aircraft around half empty that would have been full 18 months ago, and those who are flying are doing it on discounted fares. It'll be interesting to see how much of a hit cargo revenue has taken in the downturn when the results are published on Friday. A mass cull may be needed, but you can't blame management numbers for this crisis and expect to be taken seriously. Lufthansa, Air France-KLM, Iberia, Virgin, Cathay, Singapore Airlines are all reporting bad results. Are they all overmanaged too? Or is something more fundamental at work?