Has the downfall of IT started?

• TCS planning for more layoffs
• Wipro has already sacked 1000, still 2000 in question.
• Its been said that Satyam is about to axe 4500 employees
• IBM started sacking even before the downfall had begun, 700 entry level employees sacked.
• Some companies have ceased the salary hikes of it's employees.

Where is this heading? Has the golden software era started diminishing?

Above all these, the worst scenario is about the future of all those students who have been recruited by the IT companies this year and still worse is the future of lakhs of students who have persuaded their graduation in IT and C.Sc......

Lets hope this is not the beginning of deterioration rather it's only a slight hick up.