Economy headed for massive depression - 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired
Sam Adelton
Mar. 18, 2007

The subprime mortgage bubble has collapsed. The effects are devastating. The economy is ready to tank and it will take the stock markets with it.

According to analysts, 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired in the next several months. The biggest layoffs are occurring in the financial services industry. According to some estimates in the next several months 20% of the workforce in the mortgage banking sector will lose their job. The financial services industry and the banking sector will lose close to 40% of its workforce in the next two years.

The effect is far bigger than the dot com bubble. The biggest problem is that the subprime mortgage defaults are now spreading fast into regular mortgage sector. Senior citizens who took second, theirs and forth mortgages are now reverse mortgaging. Soon they will leave helpless without a home.

The crash in stock markets worldwide is inevitable.

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