If people knew we wouldn't be in an economic crisis. There are absolutely no right answers at this point, but there will be in hindsight. Imagine someone in 1999 saying they're going to join Amazon (or even Apple for that matter) it would have seemed crazy and foolish. Some people at Pets.com might have decided to stay put as to not be a new hire at another company doing layoffs. At the same time someone might have left a job a at a bank they hated to start a new career at Pets.com. It's impossible to know in the moment.

The trick for both companies and individuals in down turns is adaptability. Some people will say "stay put!" other will say "find your next job quick before it's too late", but you can be sure of neither of these.

The only dangerous plan is to try to find stability in unstable times. This is a trap a lot of people fall into.

Make sure your resume is up to date, think about what's important to you, and keep any eye on where the world is evolving. A lot of career changes happen during down turns so don't expect to do what you're doing this year next year. This is more true the more severe the situation. The key to survival if it gets that bad is not hesitating to adapt and try something new, this is also the key to finding success in these times if you're looking for more than survival.

You need an emergency fund. 6 months in savings, preferably another 6 months in ibonds. After a year you can roll the 6mo in savings into another tranche of ibonds.

Of course, this may not be necessary if you have 3x your yearly expenses in investments you can cash out if needed, but better safe than sorry.

secure a good job now before the job openings freeze up.

I would suggest keeping a good relationship with your current employer and network of business contacts. If you do end up losing your job, a recession is a great time to go back to school for additional training or to get more certification. A short college program with a job placement can especially be helpful. At least, that's how I usually handle recessions. I'm trying to sync my training, so that it finishes at about the same time as the economy is improving.