I think the greatest impediment to long term stability and therefor viability and profitability of airlines is beancounters and their ABSOLUTE MANIC HATRED OF UNENCUMBERED ASSETS.
In the past people like Reg Ansett, Dennis Buchanan, Kendal, Max Hazelton etc etc actually paid things off...when times were tough, as they invariable become in this cyclic industry, they parked aircraft in a quiet spot in a semi mothballed state until things picked up again...as they invariable do.
Buildings, office machinery etc etc was likewise owned and therefor was not a drain on cashflow permanently.
Nowadays these clever beancounters lease absolutely EVERYTHING so have little ability to weather slow times because the overheads cannot be reduced to match.
Yes I know leases are tax deductable etc but until beancounters stop just looking at assets as dead money and to be avoided at all costs we will not see an end to the 'short term gain then fark off quick' mentality that so pervades management at the highest levels.
Nieve? probably
Chuck.