"...foreign ownership followed immediately by cabotage."

Incorrect. Most U.S.pilots don't realize how bad the shortage is. The U.S. has the LEAST pilot shortage problem of any country.

Foreign airlines, especially Asia and China have way, way less pilots than the U.S.carriers. For then to do substantially more U.S.flying they would need to hire U.S.pilots, as none are available elsewhere.

That is why foreign carriers are opening U.S.pilot bases.