When the dotcom crash happened, I was working as a software contractor - I was able to keep finding contracts but: 1) My rate went down to half what it was before the crash, and I was pretty sure the employees who stayed were doing better than me (w/ benefits, et al), 2) The work got a lot less interesting, and 3) I was constantly stressed out about contracts being renewed.

Not super surprising - contracting is a feast or famine business, but after a few years into the early 2000's doldrums I ended taking W2 jobs and never looked back.