Even though this "summit" is weak sauce, I think it is an indicator of two things -- (1) flight schools are feeling the pinch and (2) the regional airlines are recognizing that the profits they've been enjoying may not be sustainable with the current business model. I do not believe for a second, however, that they're going to roll over and raise wages overnight to attract pilots. They simply aren't that desperate yet.

In lieu of this so-called 'shortage,' the regionals are still turning a very nice profit. Hmmm. If this were a true labor shortage, regional airlines would absolutely have to offer higher compensation. We still have enough starry-eyed kids lining up with hope of landing the big widebody captain job someday.

Things are going to change, but what that change looks like and how long that change takes to come about, I have no idea. I am fully expecting it to be drawn out...