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I did a report on Boeing during my senior year at CU for an Engineering Management class. Talked to a lady in investor relations that basically insinuated that Boeing is content to let Airbus lose their collective arse to sell more planes and to get the A380 in the air. They sounded rather content, as well, with drawing down their commercial aircraft division, as it is simply too crazy. They still wanted to be a part of it, but were content to venture out a bit. Probably why they've bought McDonnell Douglas and Jeppesen, along with a few others. I know they're part of the Sea Launch project.
Nonetheless, Airbus has government subsidy and can afford to run at a loss. I think Boeing is not going to get caught in a spending war with the governments of Spain and France. I think they'd be just as happy building F-22s and Delta rockets. Great company, in my opinion...