And that reason isn't simply the very good one that Ph.D's go stale as if we were crackers left forgotten and open on the shelves because we ran out of peanut butter. That reason (if your attention hasn't been lost in the above ham-fisted simile overload) is this: it's a lot easier to secure another year of funding as an ABD at your home institution (through teaching or dissertation writing fellowships) and wait out a bad market for one year than it is to secure a job at another institution as a newly minted Ph.D in the process running the risk of losing certain avenues of funding and fucking up your chances for earning a living in the future.
Make sense; or am I completely off-base here?
UPDATE: The problem with my initial post was reading too much into the Good Professor's advice. There are independent reasons for delaying the job market search (especially in my own case; hence the projection of my own situation onto everyone else) aside from whether the job market is shitty in the Fall. I'm guilty of conflating those reasons with the advice given by the Good Professor (while remaining neutral as to whether it was good or bad). And, in the comments, I think Mr Zero probably hit the nail on the head:
Your milage [sic] may vary, but your decision to hit the market should depend on your readiness and funding situation, and not on some armchair economist's prognostication about the number of available jobs.To which I would add: it probably also depends more on completeness of the dissertation, whether or not one is teaching while contemplating the market, and whether completing the dissertation, teaching, or one's job prospects will suffer from reaching before they are ready. And if all these things add up in a certain way so as to impair your chances of getting a job (and the funding is in your favor), independent of the number of jobs in the fall, one should probably stick around their home institution, wait to defend, and suckle away.