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Listened to the American Airlines CEO talk about the hub and spoke a couple months ago and they seem pretty committed to it. He was saying that if there was an obvious market for a direct flight, they would break the hub and spoke, but otherwise, it was there to say.

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It's probably more accurate to say that airlines have tended to move toward more and often smaller hubs augmented by some point to point flights than that they're abandoning hub and spoke entirely.

Hub and spoke allows the airlines to keep costs down by using smaller airplanes for the spoke routes which can be contracted out to smaller regional airlines that pay their pilots peanuts.

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