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It's also important, as Jeff mentioned, to not get caught up in the negative press. Jobs are out there! Go get 'em!
However, from a recruiting standpoint, most new grads are not highly placeable through recruiting companies. I think if Jeff was being honest he would have mentioned that because employers aren't paying us to find new grads (often highly visable on online job boards,) they're paying us to find people with experience who can hit the ground running. New grads should go straight to the company.