It's not so bad - it all depends on your personal experience within the industry. Some people are just damn unlucky... I wonder how the guys feel who jumped from Silverjet, to Zoom, to FlyGlobeSpan etc, all within a couple of years.
I did the Ryanair thing after flight training, but have since moved to a private operator and what I have
is a career, still building jet time. Europe's no good for new starters in this sector, but give it a few years and the opportunities will start opening up for the experienced folk.
The Bizworld as I know it has remained relatively unscathed by the ptf tits.
Or maybe I'm wrong...?