Well, let's get Sabena and Swissair in perspective. Sabena had made a profit (I think) about 1 year in all the years (lots) it operated. Swissair thought that it could go from a small loss making airline to a large profit making airline by buying other small loss making airlines. Instead it became a large loss making airline.
The dinosaurs in Europe may be the flag carriers who refuse to modernise and adapt (apparently, Air France has just received another billion euros in state aid - is this true? - which has already been declared illegal). In the US, it may be those who are unable to adapt by virtue of union pressure. Er, that would be the big five, then. However, there are an awful lot of people flying in Europe, and paying reasonable money, both on LoCos and with non-LoCo airlines. It ought to work out for the next few years - unless Bush Junior is really intent on trashing the world economy.