Individuals cannot control what's happening to them now, and it's a catastrophic emotional experience. It seems like we went from denying the downturn, straight to being depressed about it. But I'm surprised at the speed with which this decline escalated. They were in high tech, and they're exhausted. Blame and rage are part of denial, but when the battle is over, there's no more fight.
Depression comes as part of the recognition of limits.
I know you feel that the healthiest thing here will be if the downturn continues for awhile. This breaks the denial that was going on. If the market starts climbing again, people will climb back on it. They won't have to change. People still come in who don't want to change.