What we are witnessing is the death of the regionals. The implosion. It’s similar to the bubble before a market crash. Rapid escalation in pay rates as a desperate measure to hang on for a few more years. Then the bankruptcies begin when the recession kicks in deep next year. Then the collapses. One or two regionals will come out alive, but with substantially reduced pay scales and much smaller pilot groups. The lucky will get hired by the majors, the rest will be furloughed. Bankruptcies are used regularly by airlines as a business tool. This time it will be the regionals turn and we will all get to see how it ends for most of them. It’s only a matter of time. Plan for that and you won’t be caught off guard. What I haven’t counted for is the elections of 2024 and the substantial possibility that the USA will plunge into chaos and the possibility of a civil war. Then all bets are off and no regional would survive long.