Is there any value in getting an MBA or Master's in Human Resources? I think I need more HR training

Is there any value in getting an MBA or Master's in Human Resources? I think I need more HR training?
I'm a corporate recruiter with about 7 years experience. Most of my experience has been recruiting for financial services firms. Unfortunately I just recently got laid off due to the terrible state of the financial markets. I would like to move in to other areas of HR but I am not qualified for them because I only really have recruiting experience and no other formal training or experience in other areas of HR. What worries me if that no one is hiring at the moment and they are projecting 2009 is supposed to be worse than 2008 – and if that is the case, a lot of companies will not be hiring a lot and hence will not need recruiters. Plus with the markets and economy being what it is and with the number of candidates there are out on the market looking for jobs (who I am technically competing against for jobs), would I be smart to take the next 2 years and get a graduate degree? Is there any value added in getting a Masters or MBA in Human Resources? I have heard several people say it might not be worth my time and money as you do not need an MA or MBA to work in HR, so I wonder if it is worth it or not. So – what do I do? Do I…. 1) Continue to apply for recruiting jobs in this downturn economy and hope that someone somewhere gives me an interview and possibly even a job offer? 2) Take a big cut in salary and title (which I can afford to do luckily) and start from scratch looking for (and possibly taking) an HR Coordinator/Jr. Generalist or another entry HR type role where I can learn a new facet of HR from the ground up? 3) Or should I sink my time and money into getting an MA or MBA in HR? A lot of people argue it is not necessary to get a graduate degree in HR and that you can learn everything on the job. Any thoughts? THANKS!!!!
Higher Education (University +) - 1 Answers

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from what i hear, recruiting is a dead end. now is the perfect time to round out your skills and set yourself up for success for when the economy turns around. blindly pursuing a masters that may or may not pay off doesn't seem like the smartest move