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No, there are winners and losers in every economic cycle. Firms such as GE, NOC, INTC have announced they are HIRING 1,500 new college graduates in the engineering field. Additionally, LMT is hiring over 2,500 new college graduates (article in CNNMoney 3/27/08).
There is no recession. The economy is behaving very darwanian-the strong are surviving and the foolish (weak) are dying off. It’s called capitalism!