What's the Problem With Deregulation?

When deregulation came along, it did not immediately change the picture. The capacity of low cost carriers was so small that the high cost lines could in large part maintain their existing fair structures. But slowly metastasizing the costs that were not sustainable became further embedded. So I think that's a, and then like then, it's got this famous reputation now as an industry of being such a terrible business and everything. It took a very, very long time.