11+ Yrs Experience PM Not Getting Job From Last 4 Months

Hi All,
I need some suggestion and help required from senior folks here to understand what could be the problem of not getting job.
I am 11+ yrs experienced Project Manager with strong technical background and last 3 yrs been in PM role. I had joined a startup company during peak time of 2008(march) and got very good package. Unfortunately product didn't fly due to recession condition and company had to let go lot of team members including myself.
Last 4 months it is been tough to get interview calls and recruiters or company HR not proceeding further when they hear my last CTC? Is it ok to quote my last CTC lower than actual?
Also lately when walk-ins been conducted, usually 2-3 round interview happens with folks who doesn't have hiring power for senior position, but from there it doesn't take off, either may be due to my experience level or may be CTC.
Please suggest how to solve this problem? Any suggestions would be greatly helpful.
Thanks

hi ranger,
suggest that you take a salary cut, if the position is good and scope is there.
the market is opening up and there should be plenty of good opportunities for you. don't despair, be patient. talk to the companies where you have been interviewed during this period to understand why you have not selected. this will give you an idea.
also as we climb higher, the competition gets a bit tougher. but if you are worth it, you will get a better job.
believe in yourself. all the best

Thanks Ramesh. I appreciate it.
Definitely I am ready to take 10% to 20% salary cut. Unfortunately after hearing my last CTC consultants/HRs do not give positive response, although I tell them clearly that salary cut is what I was looking for.
I know it is unethical to give lesser CTC figure and bargain from there. But my situation is strange enough i guess. But why wouldn't hiring managers or HR/consultants do not understand that pre-recession market was damn good and folks used to get that CTC. Sometimes it looks like hypocritical, where once i quoted lesser CTC and HR was happy to say that they are open to give 10 to 20% hike on that which comes to same If i take a cut :-)
Regards,
M

Hi Ranger,
As a person who involved in executive hiring process, I would suggest you that the normal recruitment cycle time for senior roles are pretty more compare to the middle or jr. level people. So might be those HR need bit more time to close the position, and same as that you have to wait for some more time,
Please don’t judge the industry after spoken to couple of hiring managers or HR/consultants, There are some companies still giving the values for talent not just for Salary etc,
So, you can wait for few more months and sure that you can get an excellent role which you feel comfortable in all aspect.
Thanks,
Ram.

Dear Ranger
I understand the current position your in. I would recomment that you wait for some more time. The industry is picking up and is picking up fast. There is expected to be a good job prospect by June,July.
Meanwhile, you are vacant, I suggest you work, towards developing your network and also developing some new skill sets.
After every fall, there is a rise. It just matter of time.
Regards
Octavious

Dear Ranger,
Good Day!
One of my friend is also sailing in same boat.
An unemployed from electronic Customer service industry, also Skilled in Audio Visual Project Execution and integrating systems, currently looking desperately for opportunity to make use of his experience, of working and would therefore be extremely interested in working with organization with similar profile.
Early response will be highly appreciated.
Regards,
Sandy

Dear Sir,
Please forward me your CV and last CTC details.
Though I am working in a corporate in HRD but I have contacts of good consultancies recruiting people for high level positions only.

Don't worry. Industry is coming out of sluggishness. Please be patient, continue search, improve networking, try to attend some good profession related conferences, talk to specialists in technical executive hiring.
If salary is the concern, propose performance based pay (both the parties will get an opportunity to understand each other without financial loss, right?)

Hi Ranger,
I felt sorry for your condition. Mine also the same. But due to financial problems i joined in a company with a steep salary cut of 40%.
I think the recession is a big game played by the corporates. There is a very little change in US financial status when compared to last year. But in our India, the situation is drastically changed. Last year there are no jobs but now plenty of jobs. and again all these people are asking for freshers and recruiting through campus interviews. No body is thinking about the senior people.

Thanks all for encouragement and suggestions.
I also understood that this break was needed to augment some of new technical skills and project management certifications and I have involved in both of them also. May be a new language skill also would be good Idea i guess..isn't it? German/French/??? Any suggestions please.
Regards,
M