Mrs Oh certainly has my sympathies.
I've been in that position, just not as bad as hers. It was during the dot-com days when things started going down hill. We had just finished our year-end reviews and my managers said I was doing excellent work. My review went really well and I was pleased.
One month later when the economy was getting really bad I was let go. My manager pulled me into a meeting to talk and said I was letting go due to performance reasons. Nothing had happened in that one month. When I asked how I was being let go due to performance reasons when just a month prior I had been given a good review he merely said, "This is not up for negotiation."
It really sucks when the company is just beginning to tank and they don't want to admit that the company was on a fast track to bankruptcy (people were already being let go before me). So, in order to cover their asses, they tell you, "Hey, it's your fault." That's just cowardly BS (as Mrs Oh says). It made me particularly cynical since this was my first job out of college and I had worked so hard (internet start-up).
In the year following, more and more people were being laid off until it reached a skeleton crew of people who supported old projects.
Since then I've seen companies do various things of questionable morality such as laying people off during maternity leave (which is basically illegal).