Google CEO Eric Schmidt to the New York Times: "The issue we face with the economic crisis is we don't know as managers how long the crisis goes. So what is a prudent answer? A prudent answer is to watch hiring. We are hiring but at a slower rate. Last week, we made some number of tens of offers. I suspect that will continue.

The other thing we have done is fairly detailed expense reviews to make sure we are not wasting money."

And he adds, "The problem here is that if you tighten up too much, you eliminate future innovation and then you set yourself up for a really bad outcome five or 10 years from now."