Scott McCartney’s column in the Wall St. Journal today(reg req’d) takes a look at US Airways’ assets and decides there is very little of value for other airlines to purchase. With Southwest’s entrance into Philadelphia, no other airline would want to deal with US Airways’ hub; with new competition on the East Coast shuttle routes, few would pay much for their Shuttle; and nearly everything else of value was completely leveraged in the first bankruptcy. He suggests that the airline will keep flying through the election because the Bush Administration wouldn’t allow such a huge amount of jobs to be lost before then, but it’s an open question what happens after November. He adds that there’s a strong possibility that passengers’ frequent flyer miles will be completely wiped out. It’s a dire prediction for a miserable situation.