First of all, "YOU KNOW" is forgetting that the markets were already over inflated from technology bubbles which were going to collapse-some instantly and some gradually.
Now, the gradual trend has been a decline. But, it is EXPECTED as the markets adjust and return to their normal operating indices.
The very same airline stocks which are now plummeting, will eventually result in mergers and acquisitions later, when solvent players act. Also, while BOEING is declining, it will later enjoy a repsectable increase when wartime production begins and defense spending increases tenfold.