Although the current recession has not been officially finished but the lessons are being learnt to avoid the next big one. I don’t know if the lessons will be learnt or not but right now it seems that people are being forced to change their habits like spending less and saving more. Also many people are being put off by the ownership of the homes. Although mostly they are being forced to and not by their choice. If the terms of the mortgages are so strict, obviously people will not be able to buy a house.
We are being forced to change our habits and delaying our instant gratification because we simply don’t have the money or not have enough equity in the house. Another thing is that this economy has humbled even the highly educated folks like doctors, lawyers, IT people etc who have become unemployed who did not use to before. More and more people are saving and vacationing near their homes and have curtailed their spending habits so that they can ride out this economic thing. But also people have started to realize that the future does not look that rosy right now and they want to be prepared for the next big one. I do hope that the lessons here are really learned and not just for the time being.