mr. glenn f. tilton, of united airlines. and mr. jeffery smizek, the chairman and ceo of continental airlines. we appreciate your coming before the subcommittee today to offer testimony. as you know, your entire statement will appear in the record. we would ask you to summarize your statements in approximately five minutes. and then it will get the opportunity for myself and other members of the subcommittee to ask questions and to follow up. with that, the chair now recognizes mr. tilton. >> good morning, chairman costello, ranking member petri, and members of the committee. let me start by simply saying that the status quo for our industry is clearly unacceptable. it is extraordinary and insightful that this industry has lost some $60 billion and 150,000 jobs in the united states in the last 10 years. delivering the worst financial performance of any major industry, along with 186 bankruptcy's over the last 30 years. both before and after deregulation, this industry has been systemically incapable of earning even a modest profit,