How will this economy affect recruiting for the next 3 years?

[Dorothy Beach]

I recently saw my financial advisor, whose thinking reflects a lot of what I read in the business press and he says we'll stay in the market probably for 1 to 1.5 years, then another recession will hit. Mind you I had been out of the market from Nov 2007 until June 18th 2008. The coming recession will be caused more by inflation (government bills will come due) and only partial recovery from this last economic rout. It doesn't look good for recruiting unless recruiters become job transition specialists? Talent managment specialists? What are your thoughts? How do we prepare for this possibility as individual professionals and also as corporate recruiters?