I understand the reasoning behind the new requirement for Part 121 pilots to hold an ATP ticket, but is it based on any relevant data? In the past 15 years there were times when regionals were hiring low-time pilots in droves, but we have not seen a corresponding increase in Part 121 accidents at the hands of low-time regional pilots.

I've noticed some serious stuff happen with highly expereinced airline pilots:

The Colgan pilots who stalled/crashed in Buffalo were well above the 1500 hour mark. The guys who crashed the ComAir CRJ several years ago were seasoned pilots, with well over 1500 hours on their logbooks. We saw a UPS crew fly a perfectly good Airbus into the ground after they botched a basic instrument approach, and they both had tons of experience. A Southwest Captain flew a jet off the runway in New York after grabbing the controls from the F/O on short final...and she was light years beyond being a low-time pilot.

With the previous hiring of so many low-timers at the regionals, why hasn't there been an up-tick in accidents as a result?

I am not defending or slamming the ATP rule, but I am not sure why the rule was implemented given the stats. Am I missing something? All well-reasoned arguments are very welcome! Thanks!