David Frauenfelder at Breakfast with Pandora suggests that even as we cut back on expenses, we must also cut back on fear. I like the way he puts it:
Though no one's job is perfectly safe, if we all decide we must have two years' of savings in the bank before we spend again, eventually no one will have a job except the security guard at the bank.[Apologies to David: I have corrected my misspelling of his last name in this post.]