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Sep 29 2008 11:22AM EDT

Bailout, Psychology, Tech

Kevin Maney writes: The bailout swirls and stocks of every kind, including tech, are down. Apple stock is getting hammered because analysts are revising expectations downward. Tech is watching for fallout -- like whether corporations cut tech spending. Concerns about credit markets freezing up affect the big guys like Intel, Cisco, IBM, et al...but not so much the tech start-up scene, which increasingly relies on small investments from individuals and venture capitalists.


Meanwhile, the more worrisome indicator for tech may be the news that consumer spending was flat in August -- because if consumers held back in August, you know they generally stopped dead in September. The psychological impact of the Wall Street crisis might be worse than the actual impact. If people worry and put off buying that laptop, that's going to hurt the industry as much as any credit cramp.

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