Searching for work in a rough market

I have been laid off due to this latest economic downturn and the news on all fronts is depressing. What approach should I take on my job search right now?
This question has been the topic of the day for the last two weeks as the credit crunch has begun affecting job seekers and their perspective employers. The news from the front can be downright depressing if you stay glued to the news so here is our advice. While the job market takes a breather over the next few weeks, spend this time wisely by doing the following:

Stay focused. News overload is very dangerous right now for your job search because it can take you off center and give you a depressing outlook which can be perceived by any conversations you may have with perspective employers. You can also have your day eaten away with what the Dow or S&P is doing at any given moment.
Don’t go for the buck shot approach on your search—which is another way to stay focused. It does not do any good to apply for every open job you see online-- it will dilute the time you spend on researching jobs that you are actually qualified for as well as dilute the time you have to research the companies that you would really like to work for. Create a business plan for yourself, putting together the best roles and the best employers that appear to have a current or soon to be need for your talents and come up with a marketing strategy to get in front of them.
Network Wisely. By avoiding the buckshot approach to your career, you can focus on working your current network and building relationships with people who are in the industries and/or companies that you see as a potential fit. This does not mean buying email lists and sending a bio to a bunch of strangers in the hope of creating a network. Focus through professional networking associations, friends, family, recruiters, etc…and have a strong personal approach to meeting new people.
Use this downtime to get your “personal house” in order. Normally we are so busy with our jobs and our families to get all of our personal “to do list” completed.
Take some time each day to whittle this list down—whether it is to sit down with your financial advisor, your family attorney, doctor or your child’s teacher, this is a great time to get a head start on personal needs and/or paperwork. This will give you a sense of accomplishment and make you all the more together when you do start a new job.
Recognize the stress of the time and deal with it. Personally, I am suggesting to everyone right now to exercise a lot! It helps and it has the added advantage of making you look better for those upcoming interviews too. And while you are getting your “personal affairs” in order, take some time to do something you have wanted to do that you simply haven’t had time to do—a cooking class, reading a particular book or going to a museum, etc…By keeping your balance and a healthy perspective on life in general you will be in a much better physical and mental space to start a new job in the future and all the stresses and excitement that go with it.