Recessions provide also the biggest opportunities for those with cash to spare. It's a well known fact that most of the world's most successful businesses started in a recession. And the most rewarding investments are made during recessions. If you are into stocks, it is much easier to pick a winner now. If you are into real estate, you will find more bargain deals now. The only investment I wouldn't advise you to go into is bonds.
More importantly, if you run a business this is the best time to put a lot of mental resources in and operate optimally. The good news is that businesses that survive a recession always thrive in the end. Think about all the businesses that survived the late 1980s and early 1990s tough economic periods, they are the ones thriving now. A lot of the banks now thriving started during that period. Also accounting and legal firms too.
Yes, we are in a recession. Yes, it is a bad economic thing. Yes, whoever loses his job now has a very slim chance of getting another. Yes, even the government is shrinking expense and its workforce. Yes, a lot of multinationals have put on hold their massive yearly recruitment exercise. Yes, those having it bad should expect worse and those having it good should tread cautiously. Still this is the best of times for the opportunist!