Domestic airlines in the United States are failing financially. Fine. Sure. We knew that. But here's the kicker: They've been financially failing for 40 years, almost the entire time they've been popular. And that? Is fascinating. Back at the turn of the 20th century, a lot of the first electric utilities and long-distance railroad companies went bankrupt, because people couldn't figure out how to make a profit in an industry with huge, fixed overhead costs. This is some evidence that the kinks haven't totally been worked out on that, even today. (Via Matt Yglesias)
Airlines have never been a great business
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