There is no "pilot shortage".
"Shortage" is a political term, not an economic term. The pay is currently below what the supply and demand curve requires to get the number of pilots the regionals would "like" to have. They are not currently willing to pay what it requires in order to obtain the pilots they "want".
The airlines have been lowering their requirements for pilots since the early 90s in order to maintain the number of pilots available in order to drive the price down. In 2007 they hit rock bottom with pilots getting their license and 200 hours one day and starting class the next. (The lowest I saw was 211). Then Colgan happened and the minimum requirements were raised to what they were back in the mid 90s. Not so easy to get guys to fly for 18,000 a year.
Several months ago Republic wanted to pay me 19000 plus a 7500 signing bonus and have me sign a contract where i would pay them, 24000 (if I remember correctly) if I quit, if I died, if they shutdown, if they laid me off, if they fired me, or if anything else happened. I could have spent a year working for free if something happened.
Like the "Church Lady" used to say on Saturday Night Live, "Not Gonna Do it! Not Gonna Do It! I don't care if they have long term contracts locked in with the majors, its not my problem. I don't care that some regionals may go out of business, it's not my problem. If United, Delta, and American want their regionals to be flown they had better be willing to renegotiate these contracts.
The regionals are not going to go anywhere, they might not be economical at the rates they have contracted for but they are not going anywhere. In bankruptcy the judge can wipe out the debt, the judge can end any executory contract (contract still to be performed). Someone else can buy the company or just take it over. The court can reject the leases and the lessor can either renegotiate the deal or take back the airplane, but someone will be flying that plane. But none of this is my problem nor is it yours.
This is not 1991 when pilots were paid greater than market rates and if your airline went under you would start at the bottom again. If your airline goes under you will soon end up being paid more. The more regionals that go under the better. The pay will go up for everyone.
Don't think that the airline's problem is yours, it is not. Pilots always want to fix things and are willing to throw their own families under the bus in order to fix the airline's problems. The same airline that would put you on the street if they would come out a dollar ahead. You will not save the airline anyway because the economics must change. Pilot pay must go up at the regionals. There is no reason for a regional captain to be making less than 120k a year, you can make 200k overseas. Stop thinking that you need to make 20k in order to someday make 300k, you don't.
Demand 120k a year as a captain and accept nothing less, you will get it. You have the power. Get off of your knees and get paid what you are worth. Stop this mentality that you need to "pay your dues", you already have. I have flown 767s, 757s, 747s, 727s, 737, CRJs and more and can tell you that a plane is a plane. The overwater international stuff has a lot more to it but aside from that it is pretty much the same. The only difference in the pay is that the regional pilots believe that if they work for nothing they will get to a major quicker. The market has changed, get what you deserve, nothing less. Stop chasing carrots.
What are you worth? Look at what they are paying regional pilots in Europe, Africa, China, Japan, India. Why should you accept less? Perhaps 10% to save commuting but not much less. Can someone please post what your friends are making in these places?