"Anytime before the last few years, this would have been a restructuring moment across most of the industry," Scott Kirby, soon-to-be CEO of United Airlines, told a JPMorgan investor conference March 10, a day before Trump announced the European travel ban. "For something that we're planning to be materially worse than the demand destruction that happened after 9/11, and we're not talking restructuring, is a remarkable testament to where we and the whole industry are today." United, Delta and American are much better off than they were before the last major downturn, the 2008 recession.