Indeed, and ultimately an extension of optimism bias. The catch-22 behind the willingness to undercut your competition at the entry level is that in doing so, you dilute the compensation for all rungs of the ladder. This idea that people are willing to indulge in economically self-deprecating behavior up to a preset point, but all of a sudden put their foot down at an infinitesimally higher level of a labor environment, is just fallacious self-delusion. He who is willing to undercut at the bottom, will always exhibit that behavior at all levels. That's why once a cheat always a cheat, don't marry a stripper et al pick your platitude.

Don't do something for money other people are willing to do for free. This should not be news to the demographic of this board. The reality has always been that there are more people willing and capable of doing this job than there are musical chairs worth having. This creates an environment where safety can be compromised if artificial barriers to entry are not established in the name of public safety. I certainly don't want people who enjoy the happenstance of being able to negotiate their economic needs via sources external to the job, as the only demographic that can afford to work as an airline pilot. Colgan was a textbook example of that dynamic.