MBA, is it the right time?

My friend is a current student at Wharton, he says that recruitment season is still very active. I've heard of very few cancellations. There is naturally more competition now, though. It could be that companies are still attending, but they're looking to fill less positions. Also, I think competition is increasing for consulting firms and other popular career paths. The situation has certainly added stress to the recruitment process - some students had jobs locked up at banks with the biggest problems after last year's internships. Even so, though, many find themselves still holding onto their jobs but now working at a new place (e.g. Barclay's). All in all, in my opinion, students are not overly pessimistic. Most are still working their way towards jobs while watching the crisis unfold.