Well, I believe the whole dotcom fallout started before 9/11 so I wouldn't put the entire blame there. 9/11 didn't help, of course.
I can relate to how you feel though,....I actually live in NYC and when things were good, they were really good. I was able to go to asia twice in one year for several weeks at a time. Now? Work is patchy at best. At this point, I'd take the pay cut if I could just find a stable day gig with benefits...something that would allow me to come home and concentrate on my 3D skills or any other education I decide to go for. It's a scary feeling when you were on top at one point and now you're flailing along with no direction. Seems I get contract work for several months at a time, then end up unemployed the rest.
My .02 is that if you're working, even if the job sucks and the pay isn't what you're used to....continue to work and keep cranking out resumes for other gigs. At least you have a steady income which is more than alot of other folks, myself included, have.
"Terminat Bora Diem, Terminal Auctor opus."