The current crisis cannot be blamed solely on the events of Sept. 11, 2001. Even before the world witnessed the disastrous hijacking of four commercial airliners, the airline industry was close to financial ruin. The terrorist attack, elimination of flights and the need for major investments in airport security have pushed the airlines into nothing short of a fight for survival. The economic aftershocks of the Sept. 11 attack is widespread; in addition to the airline industry, tourism, insurance and shipping are also sure to suffer substantial losses.

Passenger volumes have dropped drastically among concerns about security. Airlines have already undertaken aggressive action to reduce capacity and

Delta has, however, sought to form a giant codeshare alliance with Northwest and Continental. The Justice Department antitrust division signed off on it but the Transportation Department opposes it unless the three airlines agree to numerous restrictions.

· Authorize the issuance of federal credit instruments up to an aggregate of $ 10 billion and thereby assist airlines in gaining access to capital markets;

Today, the airlines are already at war. Advance bookings are down, both internationally and domestically. The impact of the war on commercial air travel will be severe—as many as 100,000 airline employees will be fired, dozens of small and medium American cities will lose air service, and the overall damage to the economy will be severe.

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