The professor wrote back. Here, in part, is what he said - I don't think he would mind me posting this.

Thank you very much for your post. I am honored that you would trust me with such a concern in your life...This past spring I helped an undergraduate apply for graduate schools in English literature, and she did wind up going to a terminal MA program from which she may be able to transfer to a PhD program, though she may also exercise the option at the end of the two years of seeking another profession. In the process of her very extensive and assiduous researches of Graduate Schools, she came across a website, which I myself never saw, that contained, she told me, a boldface statement to the effect that the visitor probably should not consider going to graduate school at this time in history because the opportunities are almost nil...At this time, I systematically warn all students who approach me for advice about graduate school about the gravity, indeed the peril, of the academic profession at this moment in American history when the public universities are sinking rapidly within state debt and private universities, many of them, are beginning to cost $40,000 a year for an undergraduate education. The fact of the matter is, realistically speaking, that, yes, you can with sufficient energy and grit return to graduate school--there is a positive response, however qualified, to each question you ask me. But the larger question, which is unavoidable, is simply, is it worth it?...I'm an educator, a teacher, not someone who takes any pleasure whatsoever in what I have just written to you. I truly wish that matters were otherwise. I'm also a man who aspires to be ethical, however. Therefore, as I have already said, I tell every student who approaches me what I have just told you. If, after reading my position, you're still interested in pursuing your questions with me, I will try to answer them in as much detail as I can when I return..

Scary, but I value his honesty.