Southwest, the largest of the low-fare carriers, did much better than expected in the third quarter.

Here, low-fare carriers would be most competitive because of their low overhead costs.

United's proposed low-fare carrier would be run by union workers paid less than other United employees.

That is how fundamentally the low-fare carriers have changed the price map.

Instead, he said, "the low-fare carriers just opened their arms up for all these fleeing business travelers."

Just as they were intended to do, the programs delayed the march of low-fare carriers.

The applicants at the low-fare carriers tend not to be current or former airline workers.

The situation has driven customers "into the open arms of the low-fare carriers," he said.

And, more importantly, how the low-fare carriers handle the increased business.

The low-fare carriers expect to pick up business in the year ahead.