A  recession has effects way beyond the unremitting headlines about bank rates, share prices and the level of government borrowing.
Those of us with long memories will be only too aware of the human cost which can scar lives and mark out whole generations.
A long memory is necessary, because we are emerging from the longest period of sustained economic growth in modern times. The post-Second World War generation grew up with the boom and bust cycle, and in the 1970s, that cycle moved very fast indeed.
For people aged in their 20s, credit restrictions, the inability to obtain a mortgage and the threat of unemployment are largely unknown phenomena. In recent weeks, there have been graphic images on television of financiers leaving their former places of work, clutching their belongings.
The back door exits are not so apparent – support staff, suppliers and service industries on which modern companies depend. Each person is more than an economic unit – they represent dependents whose lives are undermined and their levels of anxiety heightened dramatically.
Last time I contributed to this column, I called for a renewal of civic pride in buildings as symbols of our belief in community. However, civic pride in people is, arguably, even more important. In this context, those of us working in councils have very special responsibilities.
Critics of public service say we have it cushy – good pensions, more predictable finance streams, no worries about profitability. And while there are strong arguments to counter that, I suspect this will become a dominant misperception as the recession bites. So, we must concentrate on our responsibility to mitigate recession and build community capacity. The phrase which emerged a decade ago, defining the purpose of councils as promoting the economic, environmental and social wellbeing of their areas, is now facing a crucial test. All councils must look at the needs of the whole community and try to balance interventions and mitigate the effects of the recession.
There is no doubt people will suffer. Some groups and minorities more so than others, which could lead to jealousy and even civil unrest. And council workers are not immune. Their families and neighbours will be affected too.
However, we can determine priorities and exercise community leadership in a way that brings real hope to localities.
Civic pride in people must be led by those they elect and pay for – councillors and the staff who work tirelessly on their behalf. There is little doubt we have the opportunity and capacity to make a real and sustained difference by worrying about individuals and communities rather than the global factors beyond our control.