I think the quote itself indicates something of pre-internet outlook, where one's world was more localized. From that perspective, "good time"/"bad time" is more tied to one's geography ( and by extention, tribe ) more than anything else. If true, then "bad time" is simply war, famine, pestilence from more common set of maladies. And if the outlook is more local, the saying does start to make a lot of sense, because our constraints define how we approach life in general. Not to search very far, depression crash made a generation of Americans very wary of trading stocks.