Most of the situations I have seen could easily occur during good economic times as well as bad. How so? Most people do not save for emergencies. They are naive to think that everything not only will turn out OK, but it will always be OK, so they do not set aside money for the times that we have been promised will come.
Elder Joseph B. Wirthlin advised:
"Remember the lesson of Joseph of Egypt. During times of prosperity, save up for a day of want.We are guaranteed that there will be rainy days during our mortal existence. Sometimes, we will see the storm clouds coming, and other times, a flood will flash without warning. It is our responsibility to be prepared; let us not blame other factors for keeping us from preparing.
"Too often, people assume that they probably never will be injured, get sick, lose their jobs, or see their investments evaporate. To make matters worse, often people make purchases today based upon optimistic predictions of what they hope will happen tomorrow.
"The wise understand the importance of saving today for a rainy day tomorrow."