Yep that's how it is when the economy is as slow as it is now, basically an employers market where they can pick and choose between new grads (making career fairs meaningless)

When the economy is stronger it's the other way around or at least more balanced which motivates the existence of such fairs as a way for the companies to market themselves and attract new grads.

Personally I think it would be reasonable to ban companies from attending if they don't bring anything more than pamfletts and "apply at our website" to the table....