Cloud computing - that loosely defined confederation of technologies and principles that turns physical servers, storage units and network routers into an easily managed resource from which workers and companies consume and pay for only the IT they need - remains one of the most promising newer technology concepts. Clouds should provide flexibility, nimbleness and self-service to IT. What could be better?

When State Street came out this month and said it was laying off or outsourcing 850 IT employees, partly due to IT efficiency and cloud computing initiatives, it became clear what would be better: An environment in which innovation and new opportunities grew new jobs as fast as the maturation of old opportunities killed off old jobs.

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