i'd say something is wrong too. Valve wouldnt hire crap people. They can afford to be picky and choosy. The type of people working there would be naturally multi talented, and if they are in a good enough shape then they FIND projects to work on (and make more money).
Laying people off (outside of a takeover) shows the need to cut costs for one reason or another. If the cashflow is heavily in the black then you innovate and design new stuff. If it is flat or negative then you look to trim the fat.
Its not the cough that carries you off but the coffin they carry you off in.