Agree with everyone about acting professional, putting on a "happy" face and documenting everything.

Keep in mind that there may be something going on that you don't know about, e.g. some sort of office politics. You may have supporters that you don't know about who got shot down in favor of someone's cousin or something. If you don't behave well, your hidden supporters may end up in a worse position politically.

But nothing says you can't look for and take a better job at another employer...In some tech areas, I'm told that job hopping from company to company is considered normal, even valued, and that the old style "company man" is looked down on as a guy who can't or won't get another job (e.g. "no ambition").

Only you can judge the politics, but stay cool and professional and do a good job.

Best of luck.