[ghaff]

Wages are generally pretty sticky. So bonuses might be eliminated and pay increases deferred but it's relatively unusual for base pay to be cut. (And, of course, stock based compensation may suffer in a downturn.) AFAIK, neither Google nor Facebook have yet had significant layoffs. Apple certainly has in the past.

[hyperpape]

For Apple, I see layoffs under Gil Amelio in 1997, and recruiters in the last month (http://venturebeat.com/2016/04/25/apple-recruiters-layoffs/). Are there more recent layoffs for engineers?