How will consumer's respond?

Every day seems to bring more daunting economic news. Fuel costs have reached unprecedented levels, loans are scarce, food prices have skyrocketed, houses won't sell, and stock prices fall almost every day. As the economy spirals downward, how will the consumer respond? Will we cut expenses, drive less, go out to dinner less, buy only what we absolutely need? My theory is that for the typical middle class consumer whose job is relatively secure, little will change. If companies start to sputter and unemployment begins to rise then job insecurity will lead to drastic changes in consumer behavior. Until then, in my opinion, there is a tolerance for rising prices and a slumping housing market. Our economy had a good run for 5 years, it's time for a leveling off, even time for a slump. For the next few years, we will see a glimpse of reality- things run in cycles, good balances bad. That's the way the world turns. We'll be just fine.