"The tech sector finds itself at the mercy of a double-barreled slump in both corporate and consumer spending caused by the housing decline and the economic crisis on Wall Street. Technology companies are also feeling the effect of frozen credit markets as business and government customers struggle to finance computer and software purchases that can run to millions of dollars," writes Ashlee Vance of the New York Times.
Some, like Ashok Kumar, an analyst with Collins Stewart think that this could be worse than when the dot com bubble burst in 2000. “Even during the 2000 bust, the decline was more measured,” he said. “This seems to be going into a free fall
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