On the way home tonight as I looked at the city it didn’t seem much different than most any other night. There are the Jewish.... On the way home tonight as I looked at the city it didn’t seem much different than most any other night. There are the Jewish holidays that seem to change the activity on the streets somewhat, but for the most part things seem to be basically as they have been for as long as I’ve known New York.

It brings cause to wonder what the streets of New York, or any other city, felt like after the 1929 crash. Members of my own family lost a lot then, but I’m not quite sure how fast it happened, or at what point they knew what had happened. These aren’t events that happen suddenly, like a plane crash or even a hurricane.

Of course there have been signs in the news. The murder-suicide of a family in Los Angeles was one, as was the 90-year old woman in Akron, Ohio who shot herself in her foreclosed home. Fortunately she survived, and Fannie-Mae forgave her mortgage. I’m not sure that’s the end of the tragic stories that are to come out of this. The news each day clearly points to a long-road ahead, and I hope there are lessons to be learned.

First, companies should have a clear and evident product, not make money by being bought and sold. The officers in those companies have a responsibility for its survival. Its strength and existence is an achievement far greater than the large salaries and bonuses of its officers. For companies, governments or families, long-term debt should be avoided and fiscally-responsible living should be a goal. Having a large house now and paying for it on a monthly basis is an invitation for a crash that can’t easily be recovered from. Homeownership is a good thing, but choosing a home based on your own realistic financial comfort level instead of the maximum you can be “approved for” should be the goal. A good guide is that your monthly payment should ideally be less than your rent.

Can we blame the 90-year old who, at some point, refinanced? Could that have resulted from a knock on the door and a promise? Everyone’s situation is different, and it’s hard to blame regular people for doing what the countries leaders do, borrow and spend. If the downturn must be long and painful, if we must endure it, I hope that it provides us all with a chance to enjoy more of our lives and interact with the people around us instead of working longer hours to make larger payments. I also hope it brings us back to the basic task we, our companies and governments have long given up, balancing the books and planning for a future that will always, sooner or later, have a bump in it.