There are frightening terms that apply to these people.
Insolvency, broke.
When your have more liabilities than you have assets, you are a person with an insolvent balance sheet. In other terms, you' re broke.
Banks didn' t lend you money because you' re smart and you' re worth investing in, but because your parents have assets to match your debt.
It' s not that surprising to see that the same guys who decided to go broke for a pilot' s license, are now willing to work for free and thereby take jobs away. Stupid people never learn.
Those who didn' t go this way, shouldn' t envy them.
It' s like having a friend who brags about himself driving very fast. He will not achieve much with it, only that eventually he may die in a car crash.
And eventually, this system of schemes will lead to their own failure.
Pay-to-fly reduces jobs and there will be even more jobless pilots on the market. When pay-to-fly' s get kicked out, they won' t find jobs and they will be even more broke than they were before.
Then follows liquidation:
The banks will come to liquidate the family assets, foreclose their homes.
After a huge round of liquidations, banks will refuse to lend any further for anything related to flight training and broke pilots will be pulled out of the market by their angry families.
Broke pilots will live in shame ever after.
On the bright side, after that the market will open up again to the non-broke pilots. The non-brokes will survive to get a job.
Let them go broke.
Therefore, if you have more than a bean in your skull and consequently you are not considering going broke with CTC or OAA, disregard the following message:
Now is the best time to start your flight training, right before the economy picks up again!! Start now!! It' s now or never! Later is too late, now' s the best moment! Jump the line!
2 years from now, it will be a totally different picture, and if you start now you' re going to be among the first to be hired.
Last edited by fly_antonov; 31st Jan 2010 at 19:54.