I just recently applied for and interviewed for a job (closer to my home than my current job and more growth potential). After interviewing with 12 (

) people and being told by a member of senior management (old college professor) that I was a "favorite" during the interviews, I was told that I didn't get it because I was overqualified. Even though they preferred degreed candidates, they were afraid that I would quickly get tired of this entry-to-mid level position.
I wish some of these folks who could "run out and find a job RIGHT NOW" would interview for "lower" jobs so they can see how it REALLY is out there.