As a former unpaid intern at one of the more prestigious newspapers on the West Coast (Seattle Times), I can say that the unpaid internship is a complete and total racket. The implied "promise" is that internships will help you land a job after graduation. The reality in this economy is you're far more likely having to take a a low-paying job that you could have gotten even without the internship, and you'll likely have run up debt to pay living expenses while you work for free.

It's time corporate America adopted an apprentice program similar to what blue collar trades already have in place. While interns should not expect high salaries, they should at least be compensated. There should also be a clear career path for interns to be hired once they graduate.