Certainly looks that way. It's sad that these days your first airline will actually be your last airline too.
There is nowhere to go for experienced guys. The only reason why BA are recruiting is because they're chronically short - otherwise they would wait for the own cadets to come online.
If you were to loose your job (particularly as an FO) then there is really nowhere to go in the UK or Europe. It's the sandpit or the dole queue.
I blame the big schools and the airlines as well as the students. They all created the problem. My only hope is that the students who played a part in creating the problem don't loose their jobs as it will be game over for most of them.