though I'm there with you in spirit, clearly there need be some kind of national oversight. airlines are too "big a deal" to fail in the way you describe.
The effort spent on security is wildly disproportionate to the risk-- based, it seems, on the supposition that terrorists care fabulously more about damaging faith in American air travel than actually killing Americans.
I'm not saying I know anything one way or another, but that seems crazy.