The difference here is that it is all at once, and those same companies are slowing hiring. Net effect is that there are loads more people with prominent names

The difference here is that it is all at once, and those same companies are slowing hiring. Net effect is that there are loads more people with prominent names on their resumes competing for those jobs that the recruiters are canvasing en masse with. Right now if you replied to one of those positions they'd likely turn you down after a screening call because the calibre of candidates on the market is really high.