In a way it's a good thing the market is tightening up a little. It's called survival of the fittest. I agree, there were many people jumping on the contracting "bandwagon" for Y2K. Now it's over, and all of the scare along with it. Budgets are tighter etc.. you see a lot of those same people going back to regular employee positions. A lot of the people there truly did not have the level of experience, knowledge and outright ability to be contractors in the first place. I saw many instances where the profession was give a bad rap due to this. At least this is what I've experienced in the midwest.
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