Ask HN: Developer Job Security During a Recession

I think we can all agree that the software engineering job market is on fire. Endless recruiter emails, crazy high comps, etc. Is anyone concerned about how much this will change when we enter another recession. For those that have been in the job market during past recessions (eg. 2008), what was the impact on the tech job market? Were massive layoffs common? Was finding jobs significantly harder? Do comps decrease (obviously RSU values will decrease if the stock market contracts, but what about base)? If you're at a BigN, is it best to stay put and weather the storm?