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I think this downturn is going to last a long time. However, I'm not too worried, as I have been living debt free (Other than the mortgage) for the last five years. (Of course, I have a long time horizon for retirement, too, since I'm under 40) I think this will be great for america to get back on track by saving their money, and stop wasting everything (money, resources, stuff) When living in Italy, I was amazed that almost all of the people I saw had 20-40 year old bicycles and reused everything. They didn't throw away perfectly good things like americans do.
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