It is a nice place to be when amongst a generation of pilots who seem to do everything possible to compromise themselves financially.
Not truer words spoken on PPRuNE.
George Soros made BILLIONS by tapping into the same psychology that those suffering SJS exhibit- Reflexivity.
Reflexivity asserts that prices do in fact influence the fundamentals and that these newly-influenced set of fundamentals then proceed to change expectations, thus influencing prices; the process continues in a self-reinforcing pattern. Because the pattern is self-reinforcing, markets tend towards disequilibrium. Sooner or later they reach a point where the sentiment is reversed and negative expectations become self-reinforcing in the downward direction, thereby explaining the familiar pattern of boom and bust cycles
Source
Wikipedia
In a nutshell, as applied to the pilot market, reflexivity implies that wage declines cause both managers & pilots to expect further declines in the future. ie pilots are talking themselves into lower wages, all the managers have to do is stand by and agree (and pocket the difference as a bonus).
Agreeing to lower wages
will lower your wages in the future.
Remember, this is not some abstract theoretical concept, this guy broke the Bank of England.