Sacha, I read the WSJ quite a bit but don't have a subscription so I haven't seen today's page 1. I glanced at WSJ online and I assume you're referring to the article with the headline: Troika Says Greek Debt Not Sustainable.
That's not news. And the problem isn't isolated to Europe; we have as large or larger issues here in the US. Over the last 50 years - I use LBJ's Great Society as the start - the US and much of the rest of the world have financed prosperity by going on a debt orgy. While the can may be able to be kicked down the road a little bit further, we are reaching a point of full debt saturation at the federal, state, municipal, corporate, and personal levels. There simply will not be any entity that can 'spend us back to prosperity'.
The entire world is staring at an economic depression unmatched in magnitude since the global financial collapse of 1345 which originated in Venice. The Great Depression was mild in comparison to many economic downturns in history; there were greater economic depressions just going back to the 1800s than what was experienced in the 1930s.
But to the point of my rant - Putting a Pox on the Legacies for their international exposure is extremely naive. The economic malaise will negatively impact all airlines; Southwest will feel the pain just as much as Delta, United, American, etc. In some ways, Southwest will feel greater pain because you are trying to absorb AirTran, an airline with a much different operating structure than Southwest.
That's not news. And the problem isn't isolated to Europe; we have as large or larger issues here in the US. Over the last 50 years - I use LBJ's Great Society as the start - the US and much of the rest of the world have financed prosperity by going on a debt orgy. While the can may be able to be kicked down the road a little bit further, we are reaching a point of full debt saturation at the federal, state, municipal, corporate, and personal levels. There simply will not be any entity that can 'spend us back to prosperity'.
The entire world is staring at an economic depression unmatched in magnitude since the global financial collapse of 1345 which originated in Venice. The Great Depression was mild in comparison to many economic downturns in history; there were greater economic depressions just going back to the 1800s than what was experienced in the 1930s.
But to the point of my rant - Putting a Pox on the Legacies for their international exposure is extremely naive. The economic malaise will negatively impact all airlines; Southwest will feel the pain just as much as Delta, United, American, etc. In some ways, Southwest will feel greater pain because you are trying to absorb AirTran, an airline with a much different operating structure than Southwest.
