b-n's summed it up nicely imo. Don't shoot the messenger because he's the bearer of bad tidings, take on board the words of experience and plan accordingly. I've done all this crap once before and in the future I am planning on doing it all again
, don't ask me why I, I wont tell you. What I will tell you is that i've seen this all before as i'm sure www has and his advice backs up what I am hearing from a few of friends of mine who are flight crew. At least one large UK airline (I wont say which in case it contrvines PPRUNE t's & c's) is offering either early retirement/voluntary redundancy (I don't recall which) as well as unpaid leave, i'm sure if you ask around though you'll find out easily enough.
One glimmer of good news is that Ryan Air has aircraft still to be delivered from the factory and will still be growing but not at the rate it was originally intending or at a slower rate (source BBC radio). The bad news there is I heard that Ryan Air are looking to other airlines (AA?) who are laying off to fill their vacancies (source PPRUNE, probably Rumours and News).
My advice would be to heed WW's advice and hold fire on the exams, i've seen lots of students finish with a frozen ATPL during a down turn and have no where to go, i've lost touch with most over the years but
afaik some did get jobs after several years (during the last up turn) but others are still trying or have given up. Maximise your chances by trying to finish up when the next up turn is upon us (dragging out your training if necessary).
It doesn't help anyone to accuse those who tell it like it is of being doom and gloom mongers just because you don't like what you are hearing. The advice may not be entirely altruistic in that they may be seeking employment themselves (I don't know) and they don't need loads more wet behind the ears wannabees flooding the market but the advice is genuine and realistic.