I was spared this time (two people from my team are gone, though) but I was laid off twice before, so I can tell you from personal experience that things will get better. Everything might look bleak right now, but there is light at the end of the tunnel. Both times I was shown the door I thought it was the end of the world. I was stressed out, depressed, and certain that I'd never be able to find a new job again (especially the first time, in 2008). I took a few days to sort myself out, got all my ducks in a row, and both times, I had a new job within two months. There are jobs out there. Some are in better companies than this one. Give it a few days and start looking. It'll all work out, I promise.
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A few years from now, you will look back and ask yourself why you stayed in such a bad environment, then you will laugh at this place.
Thanks, I needed to hear this.