Paris Air Show: Lots of cutbacks, and where is Boeing's 787?

The watchwords for the 2009 Paris Air Show? A pair of 'Bs' – belt-tightening and Boeing.

Airline manufacturers are belt-tightening amid airline cutbacks and order cancellations and deferments, and with good reason, MarketWatch reported Monday: the International Air Traffic Association expects the industry to lose $9 billion in 2009, due to a projected eight percent drop in passenger traffic and a staggering 17 percent plunge in cargo.

And the scaled-down 2009 Paris Air Show (PAS) reflects the cautious era: fewer, new aircraft will be exhibited at this year's event which runs through June 21, Bloomberg News reported Monday.