The recession of 2008-2009 and the continuing decline in local, state, and federal funds available to support higher education have resulted in serious budget cuts and belt-tightening. Given that faculty constitute an institution's most costly resource, it was not surprising, though it is nonetheless disheartening, to learn of the University of Arizona's, the University of Nevada Las Vegas's, and the California State System's massive reorganization and personnel layoffs, which have resulted from recession-related financial pressures. These three institutions are not alone in implementing these cost-cutting strategies. Such cuts may seem inevitable in states that have also to decide how much, rather than whether, to cut services to K-12 education, health care, and public safety. Yet what often gets lost in policy discussions during times of scarce resources are the strategic ways in which faculty can be a most valuable resource and asset during a recession. In this article, the authors examine the state of the academic profession and faculty working conditions in the current recession with two purposes in mind. First, they provide real-time insights into what is happening to faculty across the country. Second, they discuss the implications of several recession-driven strategies affecting faculty work--especially the implications for student learning. (Contains 1 note.)