Most of my peers with IT companies say the same thing: business may be down but it's not like the crash of 2002. This Gartner consultant says that the crash is around the corner, it's just taking longer because its origins are in banking and credit and not in IT like in 2002. He says that once budgets get reset to reflect the lack of cash, IT spending will fall along with the other dominoes.
Hat tip: Thomas Otter of Gartner: http://blogs.gartner.com/thomas_otter/2008/10/30/pondering-integration/
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