Wings for Sale: How America’s Airlines Became Banks, Built a Sky-High Caste System, and Bet Your Seat on Wall Street
An investigative deep dive by Tony Baker | TouringTony.com | April 2026 Let me tell you something that is going to make you put down your coffee. In 2024, every major airline in the United States operated at a financial loss when you strip out loyalty program revenue. Every. Single. One. -2.5%Delta operating margin WITHOUT…
