Something has changed... Throw the money and hourly requirements out of the window, society as a whole doesn't view this profession the same way it used to. This is evident in the lack of new people training. Regionals at one point required many more hours, and paid even less, and as others said, no shortage of candidates.
The one thing that I can see is the entry level cost of just acquiring your private. Most people won't even contemplate it.
Supply and demand will always play out. I have a strong feeling that a few regionals would rather go out of business. Blame the Frank Lorenzo's.