Rick Newman

Had enough airline upheaval? Well, get ready for more. The merger agreement between Delta Air Lines and Northwest Airlines could kick off a wave of consolidation that will directly change the flying experience for millions of travelers.

If regulators approve, the Delta-Northwest deal would combine the second- and fourth-largest U.S. airlines into one megacarrier—with the Delta name—that controls nearly 18 percent of the domestic market. Some analysts think that United and Continental may soon consummate another merger, forming an even bigger carrier with nearly a 20 percent market share. Here are the biggest changes travelers will notice if such deals go through:

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If you've got plans to fly anytime soon, pack extra cash, bring a long book, and wear elbow pads.

Just about every air-travel trend is getting worse, driven largely by soaring jet-fuel prices. To save money, strapped carriers are adding every surcharge they can get away with, raising fares, eliminating perks, and cutting back flights.

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The party's over, the hangover hurts, and woozy consumers are finally asking, "What the heck just happened?"

With 2 million home foreclosures possible over the next two years and the economy stumbling toward recession, it's clear that Washington will enact new reforms meant to curtail reckless lending, attach big-print disclaimers to risky securities, and prevent any more self-triggered implosions in the financial markets. The Federal Reserve has already engineered one Wall Street bailout, something it may have to do again. Congress, the Treasury Department, and other regulators are proposing dozens of new rules. Some of them might work.

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