Airlines are dropping like flies right now due to the troubled economies of the world along with high oil prices. Silverjet is the latest victim to fall.

Silverjet was a business class only airline that sought to lower the cost of transatlantic air travel, while still providing the comforts of business class. It was popular at first and had good growth prospects.

Last week, Silverjet called in the receivers and ceased operations. It said that a high debt coupled with rising oil prices and a decline in business travel due to tough economic times, forced a the airline to fold, leaving nearly 10,000 travelers stranded.

The idea of a transatlantic only airline is not a flawed idea. Where they failed was catering to only business class. I think it's time for a discount transatlantic airline a la Southwest that's focused on the lowest possible prices.

The last time I flew British Airways to London, I noticed all the ways they could be saving money and thus providing a cheaper ticket. Most of their 'luxuries' aren't really luxuries and certainly aren't worth the money.

They provide free booze and drink, a free dinner, socks, headphone, eye cover, blanket, pillow and on demand entertainment. All this is included in the price of your ticket. They could easily charge for all these things. I don't drink booze, the food is always inedible and I can bring my own headphones. It's a total waste of resources.

Silverjet should have gone the discount route and offered basically what would amount to a bus in the sky. That would have been a success. And I hope someone steps up soon to give the transatlantic airlines a run for their money. With the recent US-EU open skies agreement, it will be easier for a new transatlantic airline to pop up and give the big players a run for their money.

Can you imagine if Easyjet had a $10 fare to Chicago from London. It would change everything.