Over the last four years, I have seen the hand writing on the wall in my industry (custom home builder). I started then banking back for when the rainy day hit. Last New Year (2008) I told my wife we were probably done within a year. I was dead on. I have been self hunting a new gig for 2 months and it is BLEAK. I recently employed a company to help me get back into the game and their forecast overall is awful for the country as a whole. If I hadn't seen the bubble about to burst I would be truly screwed.

Lessons learned....

Pay off all debt possible
Save as much as possible
Networking within your groups for jobs intelligence
Be ready to take a hit on the paycheck at the new gig
Get Help finding new work. Many aren't and they also aren't working.
Build a Career BOB. It is shocking how the hiring game has changed in 8 - 10 years.
Stay Positive.