Boom and Bust, Localized

We tend to think of boom and bust cycles on a macro level.  Either The Economy (as if it is some monolith you can actually corral) or some industry is going through a boom or a bust period.  This is of course a logical fallacy as some companies boom during an economic downturn and others cease to exist during boom times.  However, we as humans have a pack mentality and if the evidence we have access to seems to point toward things being bad, we will make them worse by acting on our fears.  This is all reasonable behavior and it explains the market instabilities that we have observed over the last decade.  That being said, how does that apply to staffing levels?

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