The devastating number of layoffs in the structured finance industry - and on Wall Street in general - has industry participants tossing around terms like "bloodbath" or "pinstripe massacre" to depict the jarring consequences of the current economic outlook.

While mass layoffs are nothing new - high-yield bankers faced similar circumstances when their market was derailed in the late 1980s and Internet analysts saw layoffs at the turn of the millennium when the dot-com bubble burst - structured finance industry participants won't have an easier recovery this time around, especially the senior players whose experience resides in a moribund market.

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