For a while, there was some debate as to whether the crisis now facing travel businesses is worse than what they went through after the terrorist attacks of Sept. 11, 2001. Not anymore.

"We believe the collapse in air travel demand has the potential to materially reshape global aviation, meaningfully more than the events of 9/11," according to a Monday research note from J.P. Morgan. "U.S. airline stocks responded enthusiastically on Friday in response to midday chatter regarding potential government aid. … We do believe that governments throughout the world will need to, and in . . .

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