I've seen all kinds of bosses, and I've heard of some that are very much like the one you're describing. All I can say is it's not worth wasting your time for that, and that there are always better opportunities that will provide a nicer work environment with more opportunity.
Life is only what you make it, sometimes it feels like everything is going against you - but people often forget the power they have to change things in their lives; get too used to the routine - a lot of it has to do with how you think and you you see things. There is always work, even if the worst economic times (sometimes the best opportunities arise in these times).
It's usually easiest to just quit and get another job. What's easiest is rarely what's best though... I think what's best in this case is to do what some people here have said - document everything, cover your ass - there's no reason to risk anything - and get your next job BEFORE quitting this one. That way, you're putting yourself in a much better situation. Things don't always end up that way though... all I can say is good luck and hope you make some good choices for yourself!
Some funny replies in here. Office Space style ... nice
