After posting an expected loss for the quarter, JetBlue announced that it will defer delivery of 12 airplanes and sell between 2 and 5 of their current aircraft. This is a huge change for the once-high-flying company that took the bold step of ordering a large number of planes just a couple of years ago. I do have to admire them for making changes quickly. Larger carriers have tended to spiral downward for quite a while before bothering to make drastic changes. In addition to these capacity reductions, JetBlue is raising fares and cutting costs to stem the tide of red ink. The fare increases have been siginficant — something you’ve probably noticed if you’ve tried to book a flight with them from the east coast to Florida or California. Those $59 fares to Fort Lauderdale are gone, as are the $99 fares to LA. Good for them, bad for us.