It varies. Some airlines are printing money like it’s their job and have very savvy purchasing teams. Large piles of cash spent on second hand aircraft can real

It varies. Some airlines are printing money like it’s their job and have very savvy purchasing teams. Large piles of cash spent on second hand aircraft can really help soften the blow when times get tough. Although in the current market some are even spending cash on NEW airframes which is really kind of crazy. But speaking globally, I would say you’re likely right. The majority of airlines are very heavily leveraged and as soon as the economy softens we’ll see at least a few casualties again.