A brutal week for credit markets

"Instead of focusing on cutting interest rates and pumping liquidity into the banking system, he says, the Fed should be forcing banks to disclose and realize losses and raise capital."

This is so true - the Japanese mortgage downfall of the 1990's was only made worse by the fact that the banks did not purge their loses and move on (with the government only making matters worse by helping them hide it), effectively prolonging their recession.

Right now the Fed is pumping so much money into the economy, and a lot of it is, ironically, going into commodities due to fears of inflation (oil, metals, etc) driving up prices even more - shooting ourselves in the foot, effectively.

I'm really curious about the impact on software/technology though still - does anyone see this seeping into their various sectors of technology they work/have companies in? There was a WSJ article talking about how programmers were doing an effective "flight to quality" in terms of jobs (moving to big companies in preparation of a recession). Any more observations?