The second thing you seem to misunderstand, is that pilot salaries are determined by market forces, a concept essentially born in the USA. I also fly an increasingly rare jet, and I have found that I have been offered very lucrative contracts because there is a shortage of qualified crew. Why am I worth that salary? Because there isn't anyone else, and if you want me, you have to pay my rate.
I would aggre with the last part, but not the first.
I most certainly do not misunderstand market forces, and in fact, it is those very same market forces that determine pilot salaries.
No airline management in their right mind would pay more than they must, and indeed for the low cost carriers both in the USA and UK/Europe, it is the same.
Yes, Southwest invests in their crew, and pays them accordingly and further, that apparently FR does not, will work to their disadvantage.
However FR management has their policies, and they are stuck with them...and any problems that might develop as a result of those policies.
Our small company looks after their valued FD crew members, and that is why there is a very small turnover.
However, with other low cost carriers, the flying public demands lower fares, and airline managements are between a rock and a hard place....lower revenue requires lower salaries.
Southwest is the exception...but they have been flying for a very long time and so have found the right balance.
Market forces are surely at work, and with the number of pilots out of work at the present time, I am quite surprised that salaries are not even lower than at present.
Given time, they will likely go down in the short/medium term.
Longer term...unlikely to recover much.
Brand new pilots today have this scenario to look forward to, and like it or lump it, there is not much they can do about it.
Except, change careers.