Think About How the Economy Downturn May Effect Your Finances

I've been doing some soul searching over the past few days, and a fair bit of reading from Canadian economists on the impacts of the insanity south of the border.
That being said, it's a time to reduce risk, reduce overhead and trim back on the low hanging fruit [expenses] that could increase our *working capital*, in the event that we find ourselves in a place where we need all the working capital we can get.

How is the economy going to effect you?  What have you thought about? Do you have a plan, just in case? it could be as simple as cutting back on the 300 channels you have on cable.