So my company just let 5 people go due to "the deepening recession" and I found out I was originally on the list to go as well.  My wife is a stay at home mom so we almost went from a very good income to zero.  Needless to say I am a little shook up about it.  There could be another round anytime for all I know and most companies in my field won't be hiring anytime soon.

My wife taught school for 10 years so she is checking in to sub jobs.  Other than the house we are debt free with maybe a couple months expenses in the bank.  

My question is mainly this - what the heck are you guys doing who are looking for a job with nothing available in your field?

Thanks for any thoughts - I feel like I may be starting over at 40 in a tough economy with two kids to feed and a mortgage to pay - joy!  

I am an electronic tech and have been out of work for 6 months. I am gonna go back to school and use my GI bill.

You are starting over each and every day.
The times of working for a shop or mill for a lifetime are long gone.

Glad you didn't get cut.
I'd say, dine in more and spend less.

Best of Luck.

I was laid off in May at 49.
I dodged the bullet twice before my time came due.
There isn't much out there right now, at least nothing that pays a decent wage.

I'm 46, I was making $50k in 2001 in the automobile industry but I went thru a midlife crisis and decided life was too short to do things that are not fun. So, I went to Florida and became a "professional" pilot after three years and ssseveral thousand dollars. I paid my dues towing aerial adverting in Myrtle Beach and working for next to nothing ferrying airplanes when I landed a cargo job flying a Cessna Grand Caravan for $35k a year. On my way to a exciting and rewarding future I'm thinking..wrong. The cargo outfit lost a few contracts and I'm out on my ass, that was August 2008. I finally found a job as a courier for Michelin North America three weeks ago. The good news is I'm still in a Grand Caravan, the bad news is it's a Dodge not a Cessna and I'm making $9.50 an hour. I'm not real happy with the cards I've been dealt but I feel fortunate to have a permanent position, earning a paycheck and benefits in this economy.

Yeah... I'm in auto finance, and I've already taken a pay cut and dodged one round of layoffs this year.  You can imagine all of the endless job opportunities there are in this field right now.  
 All I can do is make sure that my team's special projects keep getting us enough "face time" with senior VPs and the CEO to remind him that we're invaluable and we should be at the back of the line for layoffs.

The next president will be offering sensible and creative work opportunities. Hang in there through the second Carter administration. Things will get better.

I used to make about 85K a year (With bonus)
Walked in one day and found out I was now making 65K for a new company (Outsourcing)
All the time my old company said your pay check will not change, it did not Yet
But we lost retirement and 50% of our 401K match
So I lost close to 50% of my Compensation from old company
Three months later
Boot out the door (RIF)

I make 16.75 now driving a Service truck
Its a job and it pays the bills
I guess My BS in Eng Tech is not as good as I thought
Never have had a chance to really use it
Old company was downsizing and no one wants to risk a job on me yet ........

Thanks for the replies guys.  It is good to hear that you are at least coping.  We are starting out immediately by cutting costs everywhere we can in and effort to build up our "emergency" savings.  Bye bye cable and home phone...

On the bright side a have a nice bicycle or two to sacrifice before I touch the guns