All this is caused by the collapse of advertising. And it's affecting all media, not just radio. Case in point: I've never seen so many roadside billboards advertising billboard availabilities as I have in recent months.
Eventually, the economy is going to turn around. My question is, does radio start hiring again when advertisers return or does it keep running "lean and mean"? Come to think about it, if the recession ends in, say three years, and most sectors of retail have been reduced to near-monopolies -- as Best Buy will be once Circuit City disappears; who's to say the Staples/Office Depot and Lowes/Home Depot wars won't end the same way? -- will the survivors even bother to advertise? After all, Wal-Mart barely does, and really doesn't need to, since, in many markets, it's the only place to go for much of what it sells if the customer wants the best price. So why would Best Buy continue to put circulars in every Sunday paper every week if its only competitor in the sector has been eliminated?
Scary thought: Maybe the business model for businesses that rely on advertising for cash flow -- like the media -- is broken worse than the economy as a whole.