Apparently, the Fed's main job is to control inflation [only partially sarcastic]. All other concerns are secondary in importance.

Reallistically, the discount rate is so low, it doesn't much matter if they raise it a point. I don't look to Greenspan to take this step without some sign of inflation, though. Energy prices are trending up - maybe the writing is on the wall.

What I would be concerned about though, is the effect on the stock market. I'm not sure what the effect of raising rates would be. On the one hand, the market likes their rates the lower the better. On the other hand, if the Fed raises rates, maybe the market will start to take seriously Greenspan's prediction that the economy is recovering.

About your specific issue: I think that telecom was in an unsustainable boom. There's a shakeout going on that is worsened but not caused by the recession. We are way over capacity in fiber optic networks, and (to a lessor extent) towers, and people are still building the things. The message has not yet gotten through that you need to have customers for the infrastructure you are laying down. I'm afraid that companies might soon be looking for white knights and/or going bankrupt (like the infamous Global Crossing).

Hang on to that job! (and keep your resume up to date)