Feed should be looked at in totality or in the macro, not the micro. Feed flows both ways--largest to smallest and smallest to largest.
However, all parts are the sum of the whole. Extensive market access is key to accommodate a successful Global marketing strategy, that provides a superior competitive advantage. As they use to say--Anywhere to Everywhere, whether it be from Fayetteville, Arkansas to Shanghai, or Moscow to DC.
There are too many 50 seat RJs! Who made that decision? It was a good idea when the economy was at full steam. There may be too many of other aircraft sizes also--for now. Downsizing or streamlining is part of any downturn in the economy. AA eliminated DC-10's in a downturn and Delta eliminated their L-1011's. The trick is not being so aggressive so as to not to be able capture opportunity in the recovery, or more importantly, well positioned to seize opportunity when competitors fail. It seems that the latter is the reason, for now, that there will be no furloughs.
With over $5 billion in liquidity, there is staying power. Without divine intervention or government bailout, there is at least one airline, maybe 2, that will not be around for Ground Hog Day. Right now, it's all about cash flow and liquidity! Cash is King.
If the assumptions are correct, there will be plenty of opportunity on the West Coast. LAX base growth is right around the corner.