5. Airport financing in today's United States economy

Thank you. It is a pleasure to be here with you today.

It is particularly appropriate that this conference is being held as spring is blossoming after a long, hard winter. For I believe that the United States air transport industry also is beginning to emerge from a similar protracted and difficult period. The malaise that has affected our industry for the past three years is nearly over. And, the airline industry is on the verge of a dramatic turnaround.

We are all aware of the recent turmoil in the

U.S. airline industry —

o The continued effects of deregulation that have created overcapacity in many markets.