what to do...??

What can I say? For a few weeks now, I've struggled with thoughts that we could be entering a real dark period in our nation's history. Stock market crash, foreclosures, recession or worse. I heard yesterday about a married couple that I know through a friend who have decided to walk away from the payments on one of their two houses. It will only affect one of the spouse's credit, so as long as they stay married, they'll be alright, right? I wonder if other people are planning the same strategy. Yes, in case you were wondering, the husband is/was a real estate broker, part-time bartender, part-time writer. The wife works for a title company.
I've had these thoughts myself about my house. If the shit hit the fan, would I continue to pay the $1,200 per month that is going towards interest so that some bank can continue to stay afloat and my credit intact? I know there is some personal responsibility involved, but I think a lot of people will do what this couple is planning. It's going to lead to chaos. Our nation's individualist culture is rearing its ugly head. we have a generation that feels entitled to rising home values and easy money. It's going to get ugly.
But I've decided to approach this whole moment in history with a different take. Sure, things could get bad - banks could no longer have money to disperse, credit cards could stop working - but it would be bad for everybody. What are people going to do? Starve? I think not.
I will stick it out as long as i can, five years if necessary, but if I get laid off, what then? I will likely walk away, join the military or something. It could be liberating...
What will happen to all these houses sitting empty in the High Desert of Central Oregon? They will sit empty, become havens for meth addicts, lower housing values for all. It's not a pretty picture and doesn't offer any hope that the market will eventually rebound.