Most of us are feeling a little poorer these days. The global economic credit crisis is beginning to hit home, and it isn't pretty.Those who claim that this is all about bad housing loans are missing the deeper ailment - a culture of debt financing that was ingrained on all three fronts: consumer, corporate, and government. In Canada these three sectors are in better shape than in the United States, but this crisis is huge and it's going to be a long haul.The tech bubble - which hit speculative and heavily leveraged Internet and telecom stocks the hardest - was rough, but it was small potatoes compared to this. How will it all play out? As Rosie Lombardi reports (see Staying alive: Surviving the economic meltdown), the telecom sector is already feeling the ripple effects of the stock market crash. Landlines, telephony services and big enterprise projects - but not wireless - could be among the causalities.And, though things are definitely slowing down, they haven't come to a complete halt: many enterprises are keenly eyeing how best to invest in technology in 2009. Telemanagement takes a look at what technologies will have a big impact next year, and what IT managers should do about it (Technologies to watch 2009).2008 was certainly an eventful year, and one of the highlights for those of us who want Canada to have a robust and competitive telecommunications market was the spectrum auction. As Grant Buckler reports (Will new broadband wireless services transform the business model?), it was a long process. There were 331 rounds of bidding and 15 successful bidders. The government made billions, and the race was on, though the economic climate immediately had an effect - Shaw Communications Inc. won't make any material investments on wireless in 2009.In this issue we also provide a thorough update on Unified Communications (Unified Communications: Long promised technologies finally heading mainstream), and offer some commentary in reference to the recent CRTC "throttling" ruling (Forget Net throttling, governments sold out private communications years ago).It's winter on the credit markets - keep warm, enjoy this issue of Telemanagement, and have a happy new year!