I started to learn about this term "layoff" in 2000 when dot com bubble burst. I began to know what the real meaning it is about. To say in better term, "reduction in force". To say in the direct way, "you are fired and I am not going to pay you anymore!"
USA is a land of dreams. When one dream dies, another dream comes up. People easily tend to forget what happened and got lured by another dream. Just like the end of dot com era, we had the crazy housing overprie rat race. All kinds of positive information about house value appreciation, benefits of refinancing, people buy more and loan more. Now, we all died with the chain effect of stupid house loans with no market values. Too many houses bought by too many unqualified people. House value dropped. People got scared. All tried to sell out. House value dropped sharp. People lost the jobs, no incomes, can not pay for the houses, file bankruptcy, turning all houses back to banks, banks hold bunch of the houses with lowered values and try to sell out cheap.
When will this end? We don't know. Will we have another dream? Yes, we will but don't know when. A land of dreams. I think all we can do now is hope for another dream to come.