To be honest we're not yet .com bubble level. That saw many many _bankruptcies_ .
It took microsoft ~17 yrs to go from it's .com bubble to breakeven, though others rebounded faster.
Also, if you're an engineer, keep in mind the org mix in layoffs. AFAIK It's more like the recruiter-pocalypse as companies do not foresee needing those headcount to increase headcount... Yes some engineers in the mix, but not a major component...
Too many are missing this. Recruiting, marketing, and sales are getting run through. There's been a glut of recruiters in the industry for at least 10 years. Anecdotally I'm under the impression most are low-skill workers.
