World recession affecting TV industry

The reason I ask, is that there is practically no work. I have spoken to various agency bosses representing actors, extras, presenters etc..and they all say that the industry is very quiet and work is barely trickling in. Alot of old adverts are being re-flighted, soaps like Egoli have been canned, presenters are being axed and shows are bein cancelled.

Is this a permanent situation? Will things pick up, or do those of us in the industry have to look for new jobs or go overseas?

One would think that with 2010 looming, work would actually be flooding in?

I am curious to hear the views from people working in the industry.