Speed reading through the responses confirmed what I have experienced and heard from others. Times like these can spur creativity, an attitude of , "what have I got to lose" starts to develop, invigorating the work. Now, if you are a mature artist, with an overhead to match your success, stress can begin to dominate your psyche, there's a lot to lose.
A majority of my art world connections began their careers during the late 80's recession, it wasn't a great time to start a gallery or to quit your job and paint, but we did it anyway. Is this downturn a totally different animal, maybe, but what I do know is this, regardless of what is in their wallets, artists will continue to adapt and create.