Graduate School Applications in a Recession : "it will get worse before it gets better"

The word is out. The outlook for the broader economy has never looked as bleak as it now does (in my 30 years). Already many prominent engineering employers have enforced hiring freezes, Intel has predicted that it's revenues could be down by as much as 20%. Some prominent start-ups in the semiconductor business like Ambric have folded, because VCs aren't willing or able to fund these early-stage ventures. There are massive layoffs galore...