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Every time there is a recession, consumers will typically be more cautious, more conservative, take more time, and make more serious price-performance trade-offs.

A recession is predominantly for the middle class. Where I come from, the majority of people have always lived in a recession.

We simply can't spend our way out of a recession.

Recession-resistant development produces things people need. Unsustainable growth churns out tinsel products that consumers have to be seduced into buying - until times get tough, when they quickly give them up.

A normal recession disrupts people's lives, but a long recession destroys them. You lose output, prosperity, family stability, self-esteem, and many other qualities on what looks to be a semi-permanent basis.

The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.

I've lived through periods of illiquidity before. Asset prices come down. The economy slows or even goes into recession. Then the cycle re-starts. We buy at lower prices with less leverage.

With every year that passes, the more we have to be careful not to forget the causes and consequences of the Great Recession.

Many Americans who have suffered during a recession have had to cut their spending 1 percent, and they didn't like doing it, but they were able to do it to get their family's finances back in order.

Ironically, for the mega-rich, recession brings with it the ability to live well at a lower cost and with less of a hassle.