No. Most of the drama hit in September, 2008. It takes an F500 significantly more than one month to react to the downturn. In our case, we predicted we'd see budget contractions and RIF's in Q1-Q2 as '09 budgets were slashed and revenue recognition results started bleeding into companies, and that's roughly what we're seeing.
I don't want to get too specific, but we're already seeing signs of cost-cutting --- particularly hiring freezes and loss of open headcount, and in sharp capex restrictions. There's no "Yes" interpretation, since we're saying the bad stuff hasn't really started happening yet.
To believe that a tech recession peaked in September and is now past us, don't you have to believe that thousands of massive companies absorbed the Lehman Brothers and AIG shock nearly instantly?
