Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (15183)	11/9/2004 8:26:18 AM
From: mishedlo	Read Replies (1) of 116555

airlines A nice summary of how bad it really is...in philly, the big news was that baggage handlers had staged a work slowdown. Of the needed 21 baggage handlers, UAL only had 5 show up for work one shift this weekend. People waited for hours for their bags. Just wait until the legacy carriers ditch their pension obligations in bankruptcy court. Eleven of the 12 majors have junk-bond corporate ratings. The airlines have amassed more debt than some Third World countries: $100 billion. They can't pay it all back. Attempting to stay airborne, carriers have whacked $13 billion in costs by slashing pay, benefits, firing employees, dumping planes and cutting routes. All without much luck. msnbc.msn.com

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