IIRC, It was the perfect storm. Y2K bug projects were complete, Microsoft had been found guilty of monopolistic practices, the euro conversion projects were win

IIRC, It was the perfect storm. Y2K bug projects were complete, Microsoft had been found guilty of monopolistic practices, the euro conversion projects were winding down or complete. I think Greenspan was raising the fed rates, and taxes were due, so people were selling to pay those. Then 9/11 happened and that was the final nail in the coffin. This was the first, "learn to code," era that I recall, so there were a lot of not-necessarily computer savvy people in the industry, and they were getting hired. Once things started to slide, companies just stopped hiring as a sort-term strategy, many held layoffs too. Many people were pushed out of the industry for good. I was stuck as a contractor and in-between contracts out of blind luck. I was 4-5 years into a promising career and I couldn't find work for 6 months. I felt absolutely worthless. Fortunately I knew a guy who was a partner at my previous contracting firm. He just pulled a CIO position in a city 2 hours away and they needed someone to take over their engine (software shop). I had to pick-up and move, but I got a job that paid a lot less than my previous ones. I survived, partly because I worked hard, like I was scared to lose my job. I still work that way. People take notice and will call you when they switch companies and need to fill a position. Because of this, I haven't had to do a formal / cold interview since the dot bomb.