By November 2008, it was obvious that despite the best efforts of the drivers and most ardent wishes of the passengers, the economic bus was headed over the cliff.
And as weeks passed, it became apparent that with the bus still falling and no bottom in sight, the business aviation industry was facing a recession–one that quickly spread across the Atlantic to Europe, then to Russia, India and China and most recently into the Middle East.
On-demand charter hours had begun to drop, even as early as the summer of 2008, and that drop continued into 2009, as did interest in fractional ownership.
A decision by the big three automobile manufacturer CEOs to fly to Washington, D.C., on their company jets in November to ask for bailout money from the federal government resulted in a public black eye as Congress and the media piled on. The fallout was predictable and flight departments began closing, companies canceled orders for new aircraft, and flight hours fell further.
