[proxy_user]

The answer is simple. There is overcapacity, but no one is going out of business.

So everyone is losing money.

The free market answer is for the losers be liquidated, sending all the business to those remaining, who will them raise their fares.

[Turbopilot]

I agree with that assessment as well. The problem is government interference. The courts allow some airlines to languish in bankruptcy for years, while airlines like Delta that are legitimately trying to operate honestly and avoid bankruptcy are at a large disadvantage when the government says their competitors don't have to pay their bills.

Unfortunately, the idea of a free market doesn't seem to be politically palatable these days. At least reasonable fuel prices would have popular support.