A historical footnote
Worth remembering that back in '95 it was Stelios, not MOL, who introduced the Low Cost revolution. I was intimately involved as a bit-part player in the start of Easyjet, and I can assure you that there was no question of EZY being seen as a competitor to Ryanair at that time. "Who's Ryanair?" would have been the general reaction from most people when Easy started flying in November 1995. Easyjet showed MOL the way in many respects; EZY was the champion of direct sell when Ryanair were selling through the trade.
That having been said, those who would direct all their vitriol towards MOL in relation to his relentless cost-control compaign are sadly misguided. Someone's said it in this thread already; the short-haul aviation sector was a disaster waiting to happen by the time EZY and MOL got stuck in back in the late '90s. The more entrenched the old order, the more extreme and the more damaging the backlash when the revolution comes. Think of the Shah of Iran; the inevitable antidote to his excesses was Ayatollah Khomeni!
If you want to blame anyone don't blame MOL or the global pilot force. Blame mainstream airline management for being so slow to grasp the fact that aviation cannot insulate itself from the pressures of competition - even using cartel tactics - any better than any other industry.