Looks like the shock waves are just staring – Don’t spend all your money. http://biz.yahoo.com/ap/070820/countrywide_mortgages.html?.v=4
I see a huge cut in jobs and more people on net! it would be a good thing to start looking at the job market niche
I don't think cutting a few thousand jobs indicates a major crisis in the U.S.. Thousands are laid off every day, it's just part of doing business here.
the subprime market (which you linked to) is in trouble because of bad consumers (who don't understand their loans or what an arm is) and mortgage brokers who will do anything to make a loan. the confluence of this is killing the subprime market. Who knows if it'll affect the economy as a whole.