[ghaff]

Though in the case of dot-bomb a fair number of people left the industry and stayed left or at least switched out of SV-type company space. People need to eat and once many switch tracks they may not switch back—especially if they move.

[ben_jones]

And a fresh wave of undergrads will take their place. CS programs have ramped way up though and will probably over saturate the market.

[okaram]

Except we'll not always get those undergrads ... When most of the stories are about layoffs, we won't get any more majors, but it takes ~5 years to start (not that many people will change majors).

[ghaff]

Well, they will need to major in something--assuming they want to get a degree. It's not clear that hiring (and pay) in other engineering fields is necessarily a whole lot better, even today. And, while I don't think there's anything especially wrong with majoring in English or history, it's also not necessarily a better path if you can handle and at least somewhat enjoy CS.