Now, he says, the industry has entered the era of the hand-held entertainment and communication device.

"The industry is entering a period of slower growth, but we're saying that will be more than 20 percent a year," he said in an interview.

But the industry entered a deep crisis in the 1980s, due to a decline in domestic and foreign demand.

And airlines continued to reduce costs during 2006, so the industry enters this year leaner as a whole.

Now, as the industry enters its new phase, he is wearing his dealmaker hat again.

The industry enters the 1990's with eight airline companies controlling more than 90 percent of the market.

So why wouldn't the good times keep rolling, at least until the cyclical industry entered another down cycle?

Many market shares were lost, the industry entered into a crisis that lasted six years and cost roughly 60,000 jobs.

The industry, he said, is entering its most fertile period since the 1920's, when radio and talking pictures exploded onto the scene.

The implications of that improvement are important, especially as the industry enters the holiday shopping season, he said.