True I wouldn't call it bleak either. eBay posted 20% earnings growth although the stock is down. It is interesting to go through this again though having been through the first one. It's tough. I remember so many friends and colleagues leaving for places like Austin or Boston way back when. Now, I wonder if the same will happen. Engineering wise, I really don't expect many to leave but the mom and pop shops that rely on high valued incomes... and maybe business units, always the first to go.
Earnings is the wrong thing to look at when you enter a recession. It's easy for companies to manipulate earnings for a little while, by shuffling money around and delaying expenses.
Gross revenue is your leading indicator: are they still selling as much, or more, than before?
