Spectre,
I agree with what you say. We are at a crossroads none of us have been before. Historically when major airlines (legacies) have done poorly in the past the LCCs (or whatever they used to be called) did rather well.
While slightly over used the words "perfect storm" come to mind.
LCCs in the past have never been as well financed, and they never have grown as much as they have now.
While Legacies in the past have taken paycuts, and furloughed to lower costs, never in the history of the business have they done it so dramatically, to the point in some cases of actually meeting the LCCs at certain costs.
There were commuters, however not full ACMI jet operaters like Republic, Comair, Skywest.
We did not have code-shares with Int'l carriers to enhance revenue, and the thought 20 years ago of NWA,CAL,DAL all selling seats on their respective airlines would get you laughed out of a room.
I don't think you can compare JB to the likes of Peoples Express, however it is anyones guess what can and will happen.
Good Luck to All of Us, we are all pawns, and all one terror strike from falling out of the sky.
Regards,
AA