They are profitable regardless in the face of 9/11 and COVID because we will bail them out. What they don't seem to be able to weather is significant changes i

They are profitable regardless in the face of 9/11 and COVID because we will bail them out. What they don't seem to be able to weather is significant changes in the structure of pension obligations, and dramatic fatal crashes. There is also an impending shift into electric short-haul flights that is going to cause some changes to the business model, with whoever can't adapt exiting those markets.