I don't know if the pilot can decompress the plane voluntarily. Suppose someone died and sued the airline? No one wants them to carry guns, so I doubt a rapid decompression lever would be allowed without a precident, either.
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Second, compare the ticketing information with the database of known terrorists. When the FBI saw the names of the people on the 9/11 flights, they recognized their names. These guys used their real names and were able to book flights.
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Why didn't the FBI have mechanisms in place to do this? This is kind of "big brotherish" especially to a Californian who's cops can't even ask if an alien is illegal.
Edit: BTW, what happened to the economy was Alan Greenspan was raising inerest rates to slow an "over exuberant economy". He felt a lot of the economy was built on BS, and started a tigher monetary policy to slow it down. That led to the bursting the internet bubble.