I have read the stories as well.
I do know of one company that has laid off their entire creative staff and for the time being, they are hiring freelancers. I am one of those freelancers that is working hard to heep his position, so I hope they do not lay me off to hire perminent people.
I also work for several local companies that are trying to avoid hiring people untill they know what is going to happen and if Obama is really going to do smething useful this time around.
I have to admit it, but a slow ecconomy has been good for me in some cases. the comany saves money and I make more. Not sure how to parse that.