by Mike ‘Mish’ Shedlock
The airline industry is howling about circumstances beyond its control.
Airline Industry Turmoil Deepens
Reuters reports Airline Industry Turmoil Deepens as Coronavirus Pain Spreads
Passenger operations have collapsed at an unprecedented rate as the virus spreads around the world, with Delta Air Lines Inc parking more than 600 jets, cutting corporate pay by as much as 50%, and scaling back its flying by more than 70% until demand begins to recover.
Shares in U.S. airlines fell sharply on Wednesday after Washington proposed a rescue package of $50 billion in loans, but no grants as the industry had requested, to help address the financial impact from the deepening coronavirus crisis.