job search during the economy crunch

There are 2 ways of looking at this current scenario:
There is going to be no hiring at all
or
There will be new jobs created but at lower compensation to replace the more expensive employees laid off.

& the weird thing is this is the right time to get into a 2 year MBA or some other graduate program so that one can update his/her skills and hopefully when they graduate the economy would have stabilized.

I am stuck right in the middle of all this... there are firms that have frozen their hiring and there are some who have reduced their intake. This year is bad one for job hunting, BUT i see lot of my american friends getting multiple interviews. So that gives me hope even though those firms are not taking international students atleast there are still job positions to apply for.

the competition for those jobs will obviously be very high and I am preparing myself for that.

there is so much to balance now.. personal life, school work, job search. I will be taking some long breaks between bloggin til I get a job..

wish me luck ;)