The one thing that catches my attention is the available pool is pretty much unchanged from 2008 peak hiring, meaning there isn't a whole lot of additional pilots sitting around, furloughed or otherwise. There is not a glut of new pilots training. This is reflected by the number of flight school failures in the US in the last two years and the number that have gone to foreign flight training contracts to stay alive. The two major flight training funding sources left the business in 2006/2007 and have not returned.