Well, no-one can say this wasn't predicted. It's not like the 1550hr rule or the retirement wave at the majors wasn't seen coming- the industry had years to reform and sat on it's hands.
What's been built is a simply unsustainable industry by the basic rules of capitalism.
Of course, execs are happy to extol (and be paid by) the rules of supply and demand when the supply in cheap and plentiful.
When it dries up.....