Paul Graham argues that economy doesn't matter for your startup if you have right founders. More over, bad economies are good opportunities as many cases startups bring new products and services at a much cheaper rate. Your product or service could be readily accepted by your customers.
The economic situation is apparently so grim that some experts fear we may be in for a stretch as bad as the mid seventies.
When Microsoft and Apple were founded.
As those examples suggest, a recession may not be such a bad time to start a startup. I'm not claiming it's a particularly good time either. The truth is more boring: the state of the economy doesn't matter much either way.
Couldn't agree more on the aspect of, bad economy is indeed a better opportunity for startups.