I would also add that the talent level the public desires and the "desired talent" of airline management are often two different things. Which is why I believe that now is the time to push for better F.O./starting pay and work conditions.
Plus, it's not just about what pilots are willing to fly for at present. It's about what future pilots will get. I'm sure for most pilots on this thread it's water under the bridge. I suspect that most didn't think much about starting pay when they were hired. I suspect that most didn't expect to be F.O.s for very long either. I suspect that most would think twice about going down this path if they had to do it over again, however. So I think that future pilots should be thankful that these guys are trying to at least fix these issues in hind sight.
Anyway, I reject the argument that pilots curently get paid what they're worth, or that their talent level=their pay level. Most are caught between a rock and a hard place by events out of their control.
I have respect for those who quit or fight. I have no respect for those bottom feeders who are happy to resign themselves that they must be worth what they're paid because the market has spoken.
Pilots aren't commodities. They're the intregal part of a safe flight and should be compensated as such.