If Congress does pass legislation requiring an ATP/1500 hours to fly part 121, then we will see the end of regionals hiring pilots with 200 hours. They will be ineligible. Sure, they can work up to 1500 hours (like many of us did), but it takes more time and $$$ and therefore thins the ranks.

This matters because when the retirement wave starts in 2013 the regionals will be drained of pilots and will have no way to replace them since the number of pilots coming up through the flight schools will not be enough. The only way they can keep their pilots on property is to incentivize them in some way, possibly with higher pay or other contract improvements. This is good news and bad news. The bad news is this makes regionals more expensive to operate and will therefore contribute to their shrinking.

So while it's definitely bad right now, and may get worse before it gets better, things will turn. Better days are ahead. And for those who truly believe that single pilot crews or cabotage are coming anytime soon, I just don't see that as a serious political likelihood. For those who can hang on, it will get markedly better. Not like the glory days, but much better than today. It may take 5-10 years, but it should be worth it.