Inside the Burbank Senior Artists' Colony

As part of their coverage of the economic downturn this week, producers Vicki Curry and Christal Smith spent some time with a spirited group of seniors in Burbank. They share some additional thoughts on growing older during down times.

When we were looking for a group of seniors impacted by the economic downturn, we discovered a club at the Burbank Senior Artists Colony that meets every Friday morning to discuss current events. The discussion is lead by Gloria Schklair, a voracious reader of news who shares her knowledge and enthusiasm with her fellow residents. One woman we spoke with told us that these discussions are a highlight of her week. We listened in on the group the day that Congress passed the $700 billion bailout plan. Many of the members turned up with buttons and t-shirts proclaiming their allegiance to Barack Obama.

Gloria did a great job of steering the conversation away from politics and the bailout to the more personal level. The people we met agreed that this is not the first economic crisis they will have weathered. Many of them feel that the last couple of decades have been a "gilded age" of unlimited credit, so they're not surprised to see the economy falling apart. Some even said they're happy that their children and grandchildren are going to be forced to live more frugally and responsibly. But they're also sympathetic; they see how hard it is for their families to pay the bills, especially in Southern California.