The 2707's cancellation being the reason for Boeing laying of 60,000 people is a huge exaggeration. There was a general downturn in ALL airliner sales at that point in time in the 1970s, affecting the volume of existing subsonic airplane production.
http://old.seattletimes.com/special/centennial/november/ligh...
Read more history about the 1970s oil/energy crisis.
