Chris, I agree with what you're saying regarding starting during the bad times....at the end of the day its all about markets and the fact they are cyclical. Imagine what position you'd be in now if you had bought a house 14 months ago and started flight training soon after...a sticky one thats for sure!
I think the credit crunch has been going on for almost a year now but believe there is still some turmoil yet to come. I'm waiting it out, this winter will be very very interesting!