It would seem part of the problem with the IT industry was it was HOT and then everyone and their grandmother ran out to become a computer person.
It was crazy. My husband took a handful of Oracle classes for work (he's not an IT guy) and soon after Oracle was calling him at work trying to see if he had any interest in switching careers. Many in his industry did. All of a sudden accountants were asking to be transfered into MIS positions.
I don't know where we will end up as far as the global economy is concerned. I think eventually things will even out.
It creates an unprecedented need for Americans to go overseas and work. Which can be a financial windfall for anyone who can stand to the leave the US. I couldn't, I lasted a year and a half but had I stayed I'd be financially set.