Microsoft released this statement from General Counsel Brad Smith on the economic bailout package passed and enacted today:

Congressional passage of the financial recovery package is a critically important step to bringing back economic stability in the U.S. and around the globe. This crisis affects more than just the U.S. financial sector, it affects every corner of the world economy, and today's vote will help re-instill confidence around the globe. Microsoft is pleased to see members of the U.S. House of Representatives and Senate come together to pass this important legislation. I particularly appreciate the support of the Members of the Washington State delegation who cast their vote today to help preserve jobs in all sectors of the economy of Washington state and across the U.S.

While it's nice that Brad (and presumably the company as a matter of corporate policy) approves, on the same day word has leaked out that the company has instituted a hiring freeze, at least in some groups, as a response to the economic situation. Microsoft denied the report, while confirming that it is "reviewing" its hiring plans, which strikes me as being a more politic way of conveying the same information.

I think it's a prudent move, but it's only getting press because it's Microsoft... you'll be seeing the same thing across the tech sector in coming weeks, given the relatively weak nature of the government response so far, and within a few months, a real glut of IT workers without jobs. This is almost independent of the credit crisis, and no doubt it is why Microsoft is trying to minimize the news... it's a smart, no-nonsense move, but it's the sort of thing which can easily feed on itself and turn into a falling spiral of unemployment, increasing foreclosures, and more unemployment. I have no idea at this point what it would take to recover confidence in all these markets, but that is clearly what will be needed to get companies like this back in the game.