I agree that interest rates have essentially driven most of the layoffs recently. Debt that used to cost 10c on the dollar to service has started to cost 2 dollars. If your expenses don't give, then your profits will. And potentially your liquidity.

But it's kool-aid drinking to assume a company that is over aggressive at hiring in a bull market and fires in a bear market will create more wealth. Wealth for whom is the better question to ask — certainly not the thousands of laid off employees.