And, they look at capacity utilization, which is how much excess capacity there is in the economy. So, they're beginning to be nervous, but I think in the fall, probably after elections, all these numbers will be in the danger zone or the red zone, and unless the Fed's changed its thinking dramatically in the last two or three years, they'll tighten policy. We got the details today of the big American Airlines-British Airways alliance. Although it's not a merger, the two carriers will be doing a lot of sharing of flight numbers, of passengers, of marketing. But anti-trust regulators on both sides of the Atlantic will review the deal, and British authorities will have to grant greater access to all airlines to the key hub of Heathrow Airport in London if the alliance is go through.
Analysts can guess about the strategy here.
Or one can go straight to the horse's mouth. Robert Crandall is President and CEO of AMR Corporation, parent of American Airlines. So now what we're doing is synthesizing those two networks to create a combined alliance, which we think will compete very effectively with the other alliances that are out there. I think you once called it a deceptive practice perhaps that ought to be outlawed. Clearly something has changed.