In past recessions, it was the poor, often uneducated, who feared a recession most, because they were the most likely to be laid off. The Democrats were, historically, the party that called out the most for government action.
This time the recession will be different -- a debt deflation.
It will be the asset-rich who will be hurt most. Those with homes and 401(k)s, both Republicans and baby-boomer liberal Democrats.
On the other hand, it is the "quarterlifers" - those between 18-30 - who have relatively little to lose. With no house and no 401(k), the coming deep recession presents to them an opportunity to own a house, once prices bottom at 30% less than the 2006 top.
These "quarterlifers" (renters) are also an important part of the Obama success. Do you think they are in favor of a government-bail out of homeowners whose mortgage is greater than the current value of their home?
The politics of the coming deep recessions are not between the traditional haves and have nots, but between the asset-poor, educated young (backing Obama) and the asset-rich Republicans and Democrats, backing McCain and Clinton.
It will be McCain and Clinton making the most noise for government action. Obama, if he listens to this important constituency of his-- the quarterlifers -- may not be so vocal.