Recruitment considerations No Name Boutique FT vs Off-Cycle BB/MM

Thought this might be a topic worthwhile considering for fresh grads or upcoming grads as the number of vacancies has dropped drastically and tons of fired bankers are in the recruitment process again. 

In normal circumstances a no name boutique FT vs Off-Cycle/Internship at a BB or reputable MM would be much easier to go for the latter. However, considering return offers have been lowered, the numerous of lay offs, and even potentially even more lay-offs in the near future. Would it be even wise to take the BB/MM offer or would it be wise to say take the secured job offer so you don't run the risk of being unemployed potentially for a long time (as you have to compete with lay-offed junior analysts).

Would love to hear from people who might have this consideration during the GFC.