MICROSOFT LAYOFFS have actually begun already and we covered them in:

• Microsoft Under the Scalpel
• Microsoft Layoffs Worse Than Initially Reported
• Quick Mention: More Layoffs at Microsoft
• Microsoft Layoffs Actually Began Years Ago, More Likely to Come
• Quick Mention: Layoffs at Microsoft Begin

From a Microsoft employee (just posted):

Come 22 Jan 2009 Microsoft will be asked by the analysts what it is doing to contain costs. And I believe Microsoft will have an answer. I think this is one solution that you don't want to be a part of.

We live in interesting times. ⬆