You're absolutely right about the marketplace in the past.
Many of the guys running corporate flight departments these days are the guys who couldn't get picked up by the airlines in those days. That kind of spawns SOME of the anti-airline sentiment over here.
Most of the guys I looked up to as I learned to fly found their way into corporate aviation for exactly that reason. Most have worked for multiple employers and have had numerous flight departments fold up beneath their feet for a number of reasons. Of late, fractionals have replaced many in house flight departments.
The point I'm trying to make is that the turmoil in the business isn't new. So many people on this board seem to think this is a new developement. When I was a teenager in the seventies I heard more times than I can count things that went something like.........
"You ain't a real airline pilot until you've been furloughed"
"This business has always been cyclical"
"You'll never get hired with the airlines"
When I see guys whining about "slow" upgrade times of 2 to 3 years, I think of my uncle who was hired by United in 1966 and sat at the FE panel for over a decade before moving to the right seat of the 727.
When I see guys whining about first year regional pay, I think of my own "probationary" salary at Piedmont Airlines (the original one that merged with US Air) of $1,100 a month. They raised it to $1,200 a month after six months.
If a guy is getting into this business hoping to be pulling down 6 figures in 2 or 3 years, he will likely not last very long. If he gets in because he loves it, and stays in for the long haul, odds are he will find a flying job that pays more than the majority of jobs away from the airport.