Hi Scott, great comments. I wouldn't work for stock either, but I'm a journalist so my clients are a bit different than yours.
As for adapting to the recession, some indie professionals are doing what they have to do to eat, be that working with clients with reduced budgets, doing pays-the-bills work that wouldn't be their first choice, or agreeing to subcontract for larger agencies. No one could fault you for that.
I would suggest, though, being careful not to take too much work at a reduced rate. You'll just have that much farther up to negotiate when you go to raise your rates a year or so down the line.
