We have all seen ups and downs in the recruiting world. I've seen the downcycle in recruiting after the technology dot com bust in the early 2000's. However, this downcycle in recruiting which started in 2008 has been the worse. It has not subsided since 2008 and in fact it has gotten worse.
The unemployment rate which was about 5% in 2007 has jumped up to close to 10%. In other words, the unemployment rate has about doubled since 2007. This, despite huge government intervention supposedly to help unemployment. This includes TARP, bailouts, government take over of GM, goverenmetn take over of student loans, the stimulus, Obamacare, etc.
More governement intervention means worse employment not better.