Lets face it - none of us has any job security anymore - the cost of entry for the LCA's is low and there is always someone willing to fly for less than the guy currently holding down a flying job (either upfront or as CC)
It's been coming for years and anyone who is surprised must really have been living in cloud cuckoo land
I don't think the managment of most airlines is very good but I'm sure they'd LOVE to go back to the days of revenuse sharing on routes and the old IATA cartel and the good pay packets paid to pilots in the past
The trouble is the world has changed and keeps changing - you either recognise this and adapt (however painful) or you sit and complain about the unfairness of it all - and that doesn't do any good at all