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PeopleSoft talked about moving to Fusion, which at the time sounded like a move away from COBOL. They now talk about Applications Unlimited, a healthy realization that one cannot simply snap one's fingers and completely rework an application development environment. PeopleSoft still delivers tens of thousands of lines of COBOL programs.
As this article says, COBOL is about as sexy as a rock, but it still works very well for what it does. I'm glad they still taught COBOL when I was in college.
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