I would expect console lifecycles to get longer, for one. I'm surprised it hasn't been said more (at all?) yet, but consoles are fairly expensive, even the cheap ones, and if people have less money to spend they are less likely to stop using the perfectly good (albeit old) machine they already have. Add to that the fact that every new generation increases the cost to produce a game and you can see why the typical 5 year cycle wouldn't cut it under the threat of a weakening economy.
And no, Nintendo doesn't employ any psychics as far as I can tell, other than a few Pokemon/MOther characters, and they shouldn't be awarded for foresight when all they really did was "business as usual". Sony, however, may have a few psychics though, considering they were claiming the PS3 would be a 10 year console...
You do not have the right to never be offended.
