I think we're more likely to see proposals that increase regulation, but dont necessarily 're-regulate' the entire industry.

Increased regulation doesn't mean we have to go back to the system that existed prior to '78. It could be as simple as mandating where US airlines get their maintenance done (i.e. not Mexico/Canada). Could also be simple price floors that basically say companies cannot fly for less than a pre-determined ammount, forcing companies to not operate at a loss for the sole purpose of burning the competition out (i.e. aloha/go!).

Really doubt that any politician would go for full-blown re-regulation.