You're right that it's different, but this is nothing like the dot com bust. People could still do other work when that happened. Also note that equity busts are quite different from credit busts.

This really is a massive bomb under the economy. Credit is stretched by years of low rates and now a lot of things have to stop.

Other commentators hint at postponed spending, which would be good. But many things in the economy do not work that way. If you skip your holiday now, it's not coming back and the hotels and restaurants will not get that money later. Same with a number of other businesses.