In case you haven’t seen all of the earning reports of the past couple of days, I’ll just let you know that they were miserable. In short, Delta lost $1.08 billion last quarter ($684 million excluding 1-time charges), while Northwest lost $458 million. Delta’s $1 billion loss was on $3.65 billion in revenue for Delta, which is amazing when you think that it costs Delta something like $1.30 to bring in $1 of revenue. Yikes. I especially liked that virtually each airline noted that excess capacity in the industry depressed revenue, as if they had nothing to do with that.