Yes, but when interest rates were high decades ago, malinvestment bubbles started smaller, deflated, and ended up much smaller. I think by most measures, the cu

Yes, but when interest rates were high decades ago, malinvestment bubbles started smaller, deflated, and ended up much smaller. I think by most measures, the current economy-wide credit bubble (and tech wage inflation bubble driven by stocks) have only been minorly dented by tightening (despite the layoff waves), and we're very likely to reverse course into easing. Keeping these fundamentals in mind, it's likely Silicon Valley will see an outflow of workers over the next couple of years, and salaries will be depressed in other cities due to the moving labor supply. Then once easing begins, we'll see that trend reverse yet again.