John Steele Gordon, in an article he wrote for the November 2008 issue of Commentary entitled, Speculators, Politicians, and Financial Disasters, makes an important says:
Fueled by easy credit, the real-estate market
had been rising swiftly for some years. Members
of Congress were determined to assure the
continuation of that easy credit. Suddenly, the
party came to a devastating halt. Defaults multiplied,
banks began to fail. Soon the economic troubles
spread beyond real estate. Depression stalked
The year was 1836.
Point #1. It’s happened before. It’ll happen again. Be moderate in your thinking (AKA: ignore the hype) and adjust according to the market.
Point #2. This is a great time for Freelancers. Corporations, large and small, would prefer not to commit to salaried employees and are, instead, choosing to hire Freelancers. Sure, you might need to be more aggressive with your marketing, so actually rise up and make yourself known. (But you should be doing that anyway.)