Goldman Sachs says tech spending dropping

Goldman Sachs is the latest financial group to predict a drop in tech spending in the U.S. market. They predict a decline from 7 percent in 2007 to 5 percent this year. Nevertheless, software executives at a Goldman Sachs conference this week in Las Vegas said the slumbering U.S. economy won't hurt their business. And they say there is little to fear in the long term. Here's one optimistic view: "The positive side of the recession is it kind of shakes out the weaker companies. It's all good for the company if you have a good balance sheet," said Global Payments Chairman and CEO Paul Garcia. "There's nothing better for good companies than a good downturn."

For more of the IT economic play:
- See this eWeek article