Yeah, I agree crash....but I can't see things changing in the foreseeable future. Put ourselves in the position of an owner of a horse that cost $100k's(we wish!), we would want an early return on our investment and hopefully the horse's value may have increased proportionately-that's just human nature.
However, we continually see the overseas raiders coming here and scooping the pool in our middle to long distance races because they have put their youngsters out until they are a late 3YO or in some cases a 4YO.
Yes, there is a high attrition rate due to the pressure placed on young horses but as they say...that is racing...no-one ever said it was an easy game.

Cheers.