Agree with just about everything you've said Duck.
However, make no mistake. Once the first operator exploits this situation and lowers the bar for T&Cs, others and eventually all will follow. They'll have to in order to remain competitive.
i was actually in an EBA meeting just last week when the pilots' Log of Claims was tabled and the management chuffed and stated something along the lines of well you haven't seen ours yet and and I think you'll need a reality check very shortly!
Effectivley share markets around the world are down around 25%-30% and some so called "property experts" are predicting property values will head south @ 25%.
My gut feel is that salaries will follow and take @ 25% hit as well. It's all about supply versus demand, and there's not going to be any supply shortage any time soon, let alone much of a demand!
Just my two bobs worth of course.
Look after yourselves and fellow colleagues.