One of the things that is unclear to me is what will the impact of the current economic crisis be? Obviously we have a current impact that is ongoing where people have lost their jobs and homes, retirement savings have been gutted and plenty of other negative consequences, but ultimately will this adversity make any fundamental changes in the nature of our society. It is always easy for TV pundits to discuss how people are saving more now, and that is true, but is it a lasting change?
In most prior resessions and/or crises, we returned to pretty much the same behavior as before when it was over, and usually fairly quickly. If you had looked at the oild crisis of the 70s where prices shot up, supply was so bad that we had gas lines you may have predicted a future of smaller more gas efficient cars. Instead, we went a few years later to SUVs, Hummers and other gas guzzlers.
I have to say, I don't know, but based on past experience, I tend to think we will consider better economic times an opportunity to recontinue most of the behavior that got us here in the first place.
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