if it gets bad enough foreign ownership followed immediately by cabotage
This attitude encourages us as pilots to accept lower pay to prevent a "flood" of foreign pilots from "taking our jobs". It is not a good thing for us, and it is also completely wrong.
The largest pool of excess pilots currently available to fly is in the U.S. The largest training capacity for pilots is also the U.S.
Foreign countries, especially in Asia, and then Africa, are desperate to find more pilots. There will not be any African or Asian pilots available to fill slots at US carriers, even if the laws were changed to allow that.
As for foreign carriers taking over US routes? Where will they get the pilots? The only way for foreign carriers to fly between ORD and SFO is for them to hire U.S. pilots, because we have the only excess pilots.
Foreign pilots (with no green card or U.S. passport) or cabotage, are not going to happen, probably ever.