JoeF,
Bubble happend previously is not completely a bubble. A lot of companies are genuine and a lot more are fack! If you see history no market can sustain a constant growth. And what is happening in india is not like a .com services it is mostly of outsourcing business, companies around the world are trying to find some counterpart in india to make more money, which nothing but globalization.
I hear from my wife that the field she is in - the employees are so lazy that they don't bother losing jobs too - so lot of companies having these kind of problems and they want to get more work done for less price in countries like india, china and eastern europe.
Well, bottom line we need to analyze and act accordingly - If we don't do it somebody else will. It's just a matter of time.