Lehman Brothers files for bankruptcy

Today is one of the black day in the history of financial market. The reason I am more worried is the down turn effect in the Indian IT market which directly/indirectly depends on US banking and finance sectors. Already the credit crunch has shown effect in major job cuts in India and after Lehman crisis, I believe the situation will be worst. I called up my friend today in Hyd, India and he told me that major IT players have already started showing the pink slips. So far TCS has fired 1000, Wipro 1500, IBM 2500, CTS has closed down one of its facility at Mumbai and Satayam 4500. There are close to 3000 to 4000 small scale IT companies which primarily depends on US market and trust me they are really in a very bad shape. I think this slow down is going to be more worst then what we have seen in 2001 and 2002. All the new recruitment has been stopped and most of the selected candidates have been given a window of 3 years to be reconsidered. Just wondering how volatile our fast growing India economy is and how much we depend on US. Analysts are predicting that it will take at least 2010 to recover. Well not a good day at all. :-( Worried