2very good news for you:
1-the first good new is that banks don't give money anymore.
so most of us can only forget to become a pilot.
2-the second good news, is ICAO 4 is here. if you don't speak english, you will never fly for an airline.I think 80% of "dreamers" will give up.
in 2-3 years, there will be a shortage of pilots.I mean, a real shortage of pilots.
let's see, USA can not train muslim students. the FAA will implement the ICAO rule in may 2009.Banks will have to be restructured(loan departments).Several governments will inject money but in return will request some guarantees.India has eject their foreign copilots, resulting pay to fly scheme is dying.Asia is booming, specially china.
I believe this crisis is good for pilots, it will clean up the mess that airlines, and banks has created in the past. Only the motivated one will survive.
Oxford, Eagle jet, and all other expensive schools packed with dreamers, I say you bye bye...Modular training , and flight clubs will survive.