Entered college in 2001 just as the dot-com bubble was bursting. Freshman year graduating seniors were still pretty optimistic. Sophomore year I declared as a physics major, despite having worked at a dot-com and enjoying programming for fun, as a bunch of family friends started floating "Why would you go into software when all the jobs are being outsourced to India anyway?" Junior year I knew that I liked programming more than physics, but saying I wanted to go into software was still a dicey conversation to bring up. Senior year Facebook & YouTube came out, I switched to a CS major, and I started getting more "Oh, that's a lucrative career, you'll do fine" from older people.

For an older perspective, my father-in-law was an EE in Silicon Valley through the 80s and 90s. He said that the period from 1989-1994 were dark days - the job market was stagnant, nobody was really getting rich, housing prices in Silicon Valley were going down. If people were saying it in 1987 they were a little prescient, but there was definitely a mood in the early 90s that PCs were a fad that was over and the Next Big Thing would be some other form of tech.