One of the most important and sobering things to realize about the 2004 and 06 layoffs is that only a handful of folks who left the News then have stayed in journalism. Some of those who moved on to other journalism jobs have since been hit by cutbacks, buyouts and layoffs at their subsequent jobs, or fear them in the near future.

Two people offered specific advice. One was and one still is a top-notch investigative journalist.

1. From someone who took a buyout, then a teaching job, until he could find the next journalism job he wanted, which is a medium-sized privately owned paper "that has not had any layoffs since the demise of the afternoon paper in 1991."
"The way I see it, no one with major stock ownership in a publicly owned newspaper can ever be trusted in any way for anything that has to do with journalism or honoring any commitments to journalists.

My advice to young people who get laid off? Don't work for another publicly-owned major market newspaper without a contract that your lawyer has written. Immediately start searching for privately owned newspapers in smaller markets. The salaries won't be as large, but you may have more freedom to do the fun stuff -- as long as you also crank out 150 stories a year, etc. People on the street might not be as impressed as when you worked for the Dallas paper, but they'll pay attention to what you write. If you do it right, lots of folks will be willing to help you pursue good stories in smaller markets.
If you're an older journalist, I hope you have your master's. That otherwise worthless little piece of paper will enable you to teach at most two-year colleges and many four-year schools. The pay may be meager, but the work will be fun. Shoot straight with your students. Take satisfaction in the fact that you're not having to dip into the old 401-K during the storm.

Should you be lucky enough to get a sizeable severance package, max out your 401-K contribution, squirrel away $10,000 for emergencies, pay the rest on any outstanding debts you have. (You'll need to max the 401-K to avoid getting killed on taxes. But don't invest in a Roth IRA until you're certain you haven't made too much for the year to be entitled to a Roth.)
Finally, if you see your former owner stranded on the side of the road, nervously eyeing the prison chain gang members who have just shucked their shackles, just smile and wave as you keep motoring toward your destination. If I ever hear another whining owner talk about how bad things are in the industry - while he continues to pull down profits of 15 to 20 percent and pays himself $10 million for a year in which the price of corporate stock has dropped 40 percent -- I may be moved to mayhem.

-- 2. From a person who went on to work for a law firm:

There was no one to help when we got the axe in 2004. The DMN gave us an offer to attend free retooling/resume coaching sessions, but most reported back that it was generic, obvious stuff being offered. I'd ignore any similar management offers and get on with your job search as soon as possible.
One things that was immediately apparent as I began my quest for employment: This sort of thing happens to lots of people all the time. Journalists seem to expect lifetime employment in their chosen profession. Most modern, "normal" folk consider profession changes/modifications inevitable. I think such a perspective makes it easier for non-journalists to handle transitions because they're always thinking in back of their minds that they'll be moving on one day. In legal marketing, for example, everyone seems to have already carved out an exit strategy even before they begin work in a new job or role. They've been networking constantly with an eye toward eventual departure, so the emotional impact of a layoff is not as brutal.

"But this is all I know how to do." If I hear that one more time I'm going to spew. Journalists can write. Smart companies need all sorts of writing. It's highly valued. Most of my bosses (in a non-journalism company) can't craft a simple narrative, much less an expository piece examining a complex subject. Keep that in mind always.
Outsiders have no idea of the low pay scale inside newsrooms. My first boss here thought I must have been making $120K minimum after 20 years at the newspaper and more than 35 in the profession. Word. Your asking price should be ambitious, and you still might learn that you aimed too low.
Set up a Google Group and invite all the RIF'd to exchange thoughts and information on potential new employers. This is as good for the heart as it is for the mutual quest.

Consider yourself lucky to be rid of a profession that doesn't respect you. It is a terrible time to pursue journalism dreams. Until the entire business model is overhauled, it's not worth your valuable time. Get used to saying, "Well, I was a newspaper person for XX years, but industry conditions took all the fun away. It was just time to move on."

You should realize, there is no job security left in newspaper journalism.