Dear

While I am sure the person you wrote to me about
wouldn't warrant the recommendation you gave unless he is
truly exceptional, I believe it would be unfair to him to
set up an interview at this time.

We have just had to lay off __ employees and there
is no way that I could justify hiring someone new under
those circumstances.  We anticipate that business should
improve over the next __ months, but for now, the timing
is off.

I am sorry to have to disappoint you.  You know, under the
right circumstances, we are always looking for bright young
people with potential.

Thank you for thinking of us.