Things are much better now, then. For every person complaining, there are a lot of people working quietly - I graduated a year ago, and I had no trouble finding a job (and then switching it a couple of months ago) - but that's just one example, maybe I got lucky. Still, I can't think of a single college friend whom I could honestly call smart who can't found a job. Yes, I'm sure the people that wasted their time in college drinking and cheating didn't get much out of it, and are having a tough time now, but I can hardly feel sorry for them.
That's what I see among my friends, but I wonder if that holds across all socioeconomic strata. It seems like this recession hit the upper reaches of society first - finance, consulting, lawyers, universities and venture capital - and then worked its way down to regular unemployment. The news now is that finance is recovering (thanks to government bailouts), but the consumer picture is getting worse. Retail and manufacturing are taking it in the chin now.
Edit: Actually, no, I can think of several friends in the class of 09 that graduated from a top college and still can't find jobs. They're in non-technical fields though; maybe tech is doing better, but non-tech is still in the dumps.
