Housing bubble's burst could cost 1 million jobs and cause a recession, experts say

Here's a gloomy article which I actually think is overly optimistic. I predict the bursting of the housing bubble could cause the loss of 50 Million + jobs. Seriously. That includes though all the illegal hispanic immigrants who'll go home when there's no homes to build. This # also didn't include related businesses - just direct. But folks, even Best Buy will be laying folks off - as the housing ATM closes

Much of the nation has had a lovely real estate boom for the past five years, but the house party is almost over and the cleanup won't be pretty.
That's the word from economists and investors who have watched housing prices march ever higher.

"The collapse of the housing bubble will throw the economy into a recession, and quite likely a severe recession," warned a July report by the Center for Economic and Policy Research.

In recent weeks, many major investment firms have concurred. Said a Lehman Brothers report, "(A) turn in the housing market is central to our economic forecast. "

"The demographic story behind the housing market boom, as we always thought, was a giant hoax," wrote Merrill Lynch & Co.'s North American Economist, David Rosenberg, in a recent report.