I just look around at what I can see, a-la Mr P lynch (of Fidelity fame). IMHO, there are an enormous number of people who have no "rainy day" plan. No money in the bank (certainly not 8 months of salary worth, as recommended by Susie Ortman), no term deposit/share portfolio/convertible cash. They are the "cash-flow' people. They are, and will be, fine- as long as the cash flow is unimpaired.
If they lose their jobs, they are screwed. If the economy slows more than what we currently see, they are screwed. Some of them are employees, some are small business people. But to a man, they are loaded with debt. Debt secured, and serviced, by cash flow. Not assets.
I hope it works out, but I think the gap between total disaster and a 'blip', is very, very, very small indeed.