It's a mixed bag... when your near the ceiling for a given area, it's harder to think about scaling back. These past few months in tech have been really reminding me of the .com bust in 2000-2002, where a lot of the big tech companies scaled back, others fell over (mostly coastal areas) and about a year later it hit secondary cities (Phoenix, SLC, Houston, etc)... I was pretty much unable to find anything for about 6-8 months, and others for a year.

In the end, wound up staying in a room at a friend's house that was being renovated... working small project work at barely enough to feed myself on... By the end, my truck was reposessed and I was driving a junker. All I can say is for now, keep your head down, and hit your goals.

The up side is during the down time I managed to enhance my skills, learn a new programming language (offline, with the command line compiler is so much fun /sarc).

It's cyclical... I would expect many jobs at the higher end to shift down about 30-50% in terms of base compensation. Working C2H right now, and really hoping I'm able to come in perm. Fortunately in a market not going away.