Personally I think it's a big Catch-22 - many people are still afraid to fly, but no more than over the last couple of years. Because business is so bad year round for the airlines after 9-11 however, they have had to cut back planes, flights, and even whole routes - meaning far fewer total seats available. Some smaller airlines have even gone out of business completely.
Now, when you use the single biggest travel day in the US as the benchmark, many people who aren't afraid to fly couldn't get a seat. They had to travel somehow, so train, bus or driving their own vehicles are the only alternatives. I'd be willing to bet bus business went WAY up during the US Thanksgiving holiday as well.
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