In the long run this recession would have to run much longer and deeper to become a significant emotional event permanently changing the behavior of millions of people. The Depression with the stock market crash (89% drop), 25% unemployment, bank runs, bank failures with no FDIC lasted for more than a decade followed by 4 years of WWII with it' scrap metal drives, gas rationing, tire rationing, food rationing, victory gardens. The depth and breadth of the Great Depression and WWII was a terribly long lasting hardship that changed people psychologically for the rest of their lives.
I don't see what has happened in 2008 leaving people hungry, homeless and more importantly feeling truly HOPELESS as people did from 1929 to 1945. This is going to have to get a lot worse and go for many many years before our collective desires to own big houses, sports cars, luxury SUV's, Jacuzzi's, motorcycles, vacations etc. goes away.
I am going to bet this doesn't get bad enough to change our collective behavior to spend and consume forever.
Never surrender what you really want for what you want right now.