Those lucky enough to still have their jobs may have taken pay and benefit cuts, and pensions (remember those?!) are mere relics of the past. The upside of this bad situation is that some very savvy individuals have made lemonade out of lemons by turning their hobbies and creative passions into moneymaking machines.
I believe that the Fed has overreached in its monetary policy not just in response to the latest crisis, but pretty consistently over the 15-20 years. In an effort to lessen the effects of (inevitable) economic downturns, the Fed (and other central banks) has caused extreme financial distortions and dislocations.