As an experienced registered nurse I have met so many new grad nurses who are complaining about not being able to find a job in the Bay Area. The thing is most of them are stuck with the mentality that they have to work in the Bay Area, when they could go and find work in other parts of the country. Understandably some are not able to leave the area because of children or family obligations, but others only want to work here because of the money. If your in nursing for the money then you really need to look at yourself.
I remember moving seven states away for my first nursing job and once I had a year or two of experience it was easy to get another job. Face it, the economy is not getting any better soon and thousands of nursing students are entering their final year of school, so go get that job in another state before they do. Where I work they had over a thousand application for a couple new grad positions.
So new grad nurses there are jobs out there you just need to chase them and get the experience first and not worry about the money. It is also a great way to see the country.