Why its different this time...
'nuff said,
WWW
Actually, it isn't. What this shows is that people are as poor as they ever were. Owning a newish BMW, a home and a Villa in Spain really is just for the wealthiest 3 or 4%. The only way such lifestyle extravagance was extended to around a third of the population was by extending credit. People were willing to spend on servicing debt and thereby fund massive consumption.
Part of that massive consumption binge was Air Travel. Which, with Ryanair and easyJet alone growing from 0 to 390 aircraft in 11 years, must come to an end and contract.
Pilots will be the Miners of this recession but without the violence or sympathy.