If you think that only US or other high cost countries are affected, you are wrong. There is massive WFR in India and other low costs countries. After reading tons and tons of comments about US jobs being shipped out, note that there is also layoffs in those low cost locations. So, US folks and other high cost location folks, you are not that special.
The truth is, HP is doing it to survive. Everyone else is making business with small companies. It is really a survival thing. We are living in a cut throat world where everyone else is looking to buy cheap and sell high. If they can save more money by making business with cheaper firms, then HP has to find another way. Do not think for one moment that these low cost centers in HP lag in terms of skills. Some of the folks are even technically better than "expensive" folks. Apart from the geographical advantage and minor quality issues, there is not really much difference. The thing is, these quality and skills gaps are slowly going away.
Lastly, just as you dont owe any loyalty to HP, HP also does not owe any loyalty to you. Harsh as it may sound, HP does not go to "myemployeeleftmeforanothercompany.com" to complain. One of the best lessons that I learned in life is that I dont owe HP any loyalty. If there is a better opportunity for me outside, I will grab it.
HP's structure is rigid that it cannot cope up with changes. It is slowly becoming a dinosaur, massive in size and getting extinct
(Fyi: I am a freshly ex-HP employee)