yesthattom | My economic forecast

1. Don't panic. However, expect this to last 3-4 years. This is the primar point. People are saying it may last 1 year. No, it will last 3-4 years.
2. Quietly start to conserve cash. Money you spend now is more "expensive" than money you have a few years from now.
3. Stick with a stable crappy job. Find a way to make it work. (If your job is not stable, seek one that is or position yourself within the company somewhere that they will always need you.)
4. If you own a house, don't sell it. If you need a house, this is a good time to buy. (Don't sell one house to buy another; that's going to screw you.)

If you are super rich, this is the time to start a new company because labor is cheap and by the time you get it up and running the recession will be over and people will be ready to buy. However, I doubt this applies to many of us.