I could not agree with this opinion more. Basically the idea is that, when the economy is good, savings should increase, when the economy is bad, savings should decrease. Simple as that.
I was born in 1983- after the recession of 1980-82. I've been doing some reading about the subject, but there is a surprisingly small body of reading regarding the recession of the early 80s. Maybe I'm just looking in the wrong places.
As a child, I never went hungry. My parents weren't rich, but they were indulging. I was spoiled, as was my brother and sister. I never went without anything. I was also sheltered from most of the "bad stuff" in life, though I can remember seeing a homeless person or two throughout my childhood.
I often wonder how many of my generation and younger have never been without. Quite frankly, I consider the tech burst of 01 to be laughable compared to what is happening with our economy right now. That "recession" is the closest me and a lot of my contemporaries have come to what is occurring now.