This is exactly why nobody should walk into a career in aviation without having done their research into the nature of the industry.
The current situation is no different whatsoever to the recruitment market post 9/11, and as this was only a matter of years ago, nobody can legitimately claim to be unaware of it.
Jobs for new graduates virtually disappeared overnight post 9/11 and the recruitment market remained that way for perhaps 18 months. Trainees and graduates were all saying exactly the same things then as you guys are saying now.
However, the market recovered incredibly rapidly, and led to the good times that were probably in full swing when most current trainees made the decision to start training.
Don't be too downhearted though. All is not lost. When general recruitment re-started in about 2003, the "starter" airlines lost huge numbers of pilots from both seats to the next level of airline up the food chain. This opened up large numbers of vacancies for newbies, as FOs either left, or took commands which were now vacant.
To illustrate my point, in early 2005, Flybe alone required an immediate intake of some 70 FOs to fill gaps created over the winter of 04/05. For those who question the wisdom of adding to the hold pool - a meagre 20 pilots if we are to believe earlier posts - how do you expect an airline to have short-notice access to 50+ pilots without a significant hold pool? 20 wouldn't be anything like enough.