The events of '08 were a once in a generation event (in OZ at least). A Flash in the pan as it turned out. 12 months of rampant recruitment and mayhem, followed by a decade of mediocrity. The regionals were cancelling flights on a daily basis, and GA was dealt a blow from which it has never recovered.
Airline managements, as is their way, have learnt absolutely nothing. In fact, one notorious regional operator in OZ regularly congratulates themselves for their "handling" of the last shortage.
I'm afraid this time it's very different, and we are unlikely to see a new GFC to pull them out of the ****e. This is the long and inexorable decline in the wider participation in the profession. The poor deluded bastards who are incapable of grasping the new reality will wake up tomorrow and think, what the Hell just happened!