Sure, there are differences... but in the 80s, i remember people burning their houses down to collect insurance money because of things like high interest rates, high inflation and the savings and loan scandal amongst following a huge energy crisis, a huge escallation in the cold war, political strife and so much more.

As for the fed, they're raising interest rates to cool things off - hopefully people are investing in ibonds and just maybe savings accounts will see more than 5th of 1% again so there are some upsides.

Layoffs? they're happening but unemployment still went down.