If you look back 5 or 6 years ago on posts on this board, the very same things were said. However, CCL made money through the recession and even after 9-11. They discounted and filled the ships and made money. Maybe a little less than before, but they made a profit. They generate enough cash to pay for a few ships a year with cash. The cruse industry is not in a bubble, IMO, and as the "boomers" start to retire they will cruise.