Don't forget you have thousands of guys on furlough who need to be retrained... this in itself will wtake a long time (and there hardly have been any recalls to date, some carriers are talking about additional furloughs)... and then there will be have to be a further need beyond that staffing to require hiring...
Lets not forget, as you are sitting "stuck" in your CFI job, so are many others "stuck" in there positions... and everyone is gaining experience (some faster than others) when the market opens back up you will find higher minimums because those kind of people will be out there looking...
If you are expecting hiring to resume to 1997-1999 levels, don't fool yourself, we probably won't see that kind of hiring in the forseable future, if ever again.. that time was more the exception than the rule...
Not a pretty picture, but the truth isn't always pleasant... If I had to make a timeline guess, I would say (pending no further economic or political disruptions) we MIGHT see some recalling in 2003 spreading into 2004 with maybe some minor hiring late 2004 and becoming a little more upbeat in 2005... but nowhere near the hiring levels of 1997-1999...
When I graduated ERAU in 1990 our guest speaker at graduation was some very highly regarded Aviation person (can't remember who) and their advice to the class of 1990 was "Stay alive till 95" which meant do what you need until 1995 and MAYBE hiring would be better... Was a nice speech after spending 4 years and $80,000 on college and flight training.. gee, only 5 years to wait!
Well my thought is this downturn in hiring started in 2001 and is in some ways worse than the early 90's.. so 4-5 years isn't that unrealistic to expect hiring to be very minor....
The one bright spot is SOME of the Regionals and SOME of the Fractionals who seem to still be hiring at a modest pace... outside of these the industry is stagnant... Also I feel you will see MANY more pilots make a career at the Regionals and Fractionals than you have ever seen in past history...
Sorry and good luck!
This is merely my $0.02 worth from my observations of the industry...