A study last year may lend some credence to the legend. In “Praying for Recession: The Business Cycle and Protestant Religiosity in the United States,” David Beckworth, an assistant professor of economics at Texas State University, looked at long-established trend lines showing the growth of evangelical congregations and the decline of mainline churches and found a more telling detail: During each recession cycle between 1968 and 2004, the rate of growth in evangelical churches jumped by 50 percent. By comparison, mainline Protestant churches continued their decline during recessions, though a bit more slowly.

The little-noticed study began receiving attention from some preachers in September, when the stock market began its free fall. With the swelling attendance they were seeing, and a sense that worldwide calamities come along only once in an evangelist’s lifetime, the study has encouraged some to think big.

“I found it very exciting, and I called up that fellow to tell him so,” said the Rev. Don MacKintosh, a Seventh Day Adventist televangelist in California who contacted Dr. Beckworth a few weeks ago after hearing word of his paper from another preacher. “We need to leverage this moment, because every Christian revival in this country’s history has come off a period of rampant greed and fear. That’s what we’re in today  the time of fear and greed.”

Frank O’Neill, 54, a manager who lost his job at Morgan Stanley this year, said the “humbling experience” of unemployment made him cast about for a more personal relationship with God than he was able to find in the Catholicism of his youth. In joining the Shelter Rock Church on Long Island, he said, he found a deeper sense of “God’s authority over everything  I feel him walking with me.”

The sense of historic moment is underscored especially for evangelicals in New York who celebrated the 150th anniversary last year of the Fulton Street Prayer Revival, one of the major religious resurgences in America. Also known as the Businessmen’s Revival, it started during the Panic of 1857 with a noon prayer meeting among traders and financiers in Manhattan’s financial district.

Over the next few years, it led to tens of thousands of conversions in the United States, and inspired the volunteerism movement behind the founding of the Salvation Army, said the Rev. McKenzie Pier, president of the New York City Leadership Center, an evangelical pastors’ group that marked the anniversary with a three-day conference at the Hilton New York. “The conditions of the Businessmen’s Revival bear great similarities to what’s going on today,” he said. “People are losing a lot of money.”