Word: parkers
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...Doug Parker, 42, became CEO of Arizona-based America West Airlines, the nation's eighth largest carrier, on Sept. 1, 2001, and has turned around what critics used to call "America Worst." He spoke to TIME's SALLY B. DONNELLY on the state of the airline industry...
...DOUG PARKER: Deregulation [begun in 1978] is finally sorting things out. There are far too many carriers flying far too many seats, based in part on labor contracts that are out of line with what customers are willing to pay. And the combination of aggressive low-fare airlines and some of the highest fuel prices in history is crippling...
...PARKER: Maybe. The government loan guarantees were necessary immediately after 9/11, when the capital markets were closed to airlines. But the government kept that process open too long and didn't look critically enough at some airlines' business plans...
...PARKER: In most industries, when your rival runs out of money and declares bankruptcy, the game is over and you win. But in the airline business, financial backers are willing to let failing carriers hang on. The government loan guarantees played a role too, in part by distracting some airlines from fixing their own problems first...
...PARKER: It's not so simple. It's true that tensions between labor and management have been a problem for decades. There was--and still is at some airlines--a great deal of mistrust. At America West, for example, we have spent an extraordinary amount of time over the past several years just talking to our employees...