The IT Market: Cyclical Downturn or New World Order?

An anonymous reader wrote: "CNN.com is running an interesting story on the heels of a Forrester Research report concerning the shift of high tech jobs from the U.S. to places like China, India, and Russia for cheaper labor and got me thinking about the nature of the current downtrend in programmer demand in the U.S (as opposed to the "morality" of such a shift). While I'm sure the causes for this downtrend are variable, the more important question in my mind is this -- Is software guru Bruce Eckel correct in saying that the current downturn represents a temporary blip in the business cycle as jobs are shifted from large and medium companies to smaller companies, or are Andy Hunt and Dave Thomas correct in recognizing this as a new reality. Personally I tend to agree with Hunt and Thomas's view (which is not completely opposed to Bruce's opinion, btw) and I also agree with their viewpoint that protectionist policies like H1B quotas and tariffs won't work to change anything for the better. So what do you think? Is this just another business cycle or is this a New World Order in IT?"