Colgan, Republic Airways et al of that ilk aren't owned by the majors. In Qantas' case if Sunstate/Eastern start loosing money, the parent wears it too (including the risk because they are wholly owned subsidiaries).
What Krusty was doing was drawing parallels with Virigin and Skywest and the then Continental and Colgan. Virgin asks Skywest to do the flying, with not as much financial risk compared to the Qantas/Sunnies/Eastern situation. Then Virgin buys Skywest and the old school two airline arrangement appears like Groundhog Day.
I guess the only thing that comes close to the way the US is now is the arrangement between QF and Cobham. Only difference is Cobham fly QF owned metal compared to the regional carriers over there who fly their own aircraft for the majors they are contracted to.
Fuel-Off
