Brace for More of the Same in 2009, Experts Warn

“This is a psychologically scarring event," Zandi said. "People won't be able to spend their income,” citing the lack of available credit.

Ullman backed up Zandi's comments. “The next generation is going to have to learn to live their life with what they can afford.”

Where to Go From Here
Solomon advised the audience to take a pessimistic view for 2009, focusing their efforts on survival. “All you want to know is how much cash you have each day,” he said. “Survive, don't worry about investments. Ignore the numbers, harbor cash and then a year from now, look around to see what you should do.”