Sounds like hiring right before 9/11.
EDIT: Let me clarify this a little bit.
In the late 90's, it seemed like the good times were finally back. Airlines were hiring. EVERYONE was hiring. United had THE contract, and was hiring like gangbusters.
I started undergraduate in late August of 2001, and I remember very clearly the dean of the college of aviation at Western Michigan coming in to tell us how that in 6 to 7 years we'd all be at United making so much money we wouldn't know what to do with it. Then once we had all that money, we'd upgrade within a few years and make even MORE money.
He wasn't being hyperbolic, this was happening. It was real.
A few weeks later I watched the world trade centers come down while I was studying for a physics test in the dorm cafeteria.
Fast forward a few years. In 2007, airlines are starting to rebound again. Continental is hiring like mad, and it's under a 2 year upgrade to the 737 in EWR. Regional have fast uprades, things are moving in the right direction again.
Then the economy comes apart in 2008 and everyone furloughs. United parks their entire 737 fleet and furloughs a massive amount of pilots (again).
Every time things really start cooking in this industry, something goes wrong. Airlines have used retirements to shrink seniority lists from the top in the past, and it'll happen again in the future.
Call me a pessimist, but we're currently riding the longest period of economic growth since the 1850's, and there has to be a correction at some point.
When that happens, I hope we're all comfortable where we sit, because the best case scenario will be that the train stops; the worst will be that it backs up.