Doesn't freelancing dry up during economic downturns? I recall hearing some rather grim stories during the 2008 recession and the dot com bust and, if one take

Doesn't freelancing dry up during economic downturns? I recall hearing some rather grim stories during the 2008 recession and the dot com bust and, if one takes the various economy related articles that appear on HN with increasing frequency these days seriously, we're about due for another bust.