Is it time to worry yet?

An article I was reading on ZD-Net had this to say about the effect of the global financial crisis on Indian IT firms.

In fact, Premji, one of India's richest men by virtue of his share in Wipro, apparently practices frugality to the extent that he orders 'by-two' samosas in the office café. 'By-two' is a famous local habit, quickly adopted by newcomers, of splitting one order of anything (coffee to soup) between two people to save on costs.

Many of the now bankrupt firms had accounts with the IT giants for developing their IT systems. And since they are no more, the fallout is going to affect the IT industry as well. And here we are being complacent, having McDees and Coke Floats and Subways. Are we being smug about the whole situation? Are we choosing to hide behind a imaginary veil of hope? Has the time to start worrying come yet? Time itself will tell.