From here: Recessions and depressions are brutal beasts that stalk the stragglers, especially retirees and the poor. There is too much inherent suffering during a recession to ever welcome it. But times of economic stress, it appears, can also be times of cultural renewal. "One reasonable hypothesis," argues James Q. Wilson, "is that the Depression pulled families together, and this cohesion inhibited crime." Many Americans who struggled through the Depression adopted a set of moral and economic habits such as thrift, family commitment, savings and modest consumption that lasted through their lifetimes -- and that have decayed in our own. The Depression generation controlled the things it could control -- including its own consumption and character.
We see hints of this type of reaction to our current recession, which has such clearly moral causes -- the burst of a bubble inflated by irresponsible debt, consumerism and unaccountable risk-taking. During an economic crisis, Americans return to a language of morality. Perhaps excess and recklessness are vices that deserve social stigma. Perhaps frugality and prudence are personal virtues as well as practices that prevent economic collapse. Perhaps there is a distinction between securing our needs and being dominated by our wants.