Hate to say it but it seems rational to hire like crazy to hedge against a rocket hot economy increasing demand. Also seems rational to cut back when things cool. I certainly don't like it, but I do get it.
This makes sense, but I think we also need some of the protections other countries have, like if you're doing a mass layoff you need to cover wages for a month or two after, you need to prove you're not going to be rehiring for those same positions soon, etc