The chorus of bankers, investors, and pundits who say that the subprime-inflicted damage will get worse is growing.

In a lecture at New York University on Monday night, George Soros, the hedge fund titan, declared that the United States was "on the verge of a very serious economic correction," according to Reuters.

"We have borrowed an awful lot of money and now the bill is coming to us," he said.

"I think we are definitely in for a slowdown that I think will be a bigger slowdown than Bernanke [the Federal Reserve chairman] is seeing," Soros said.

Speaking before a conference in Tokyo via video link, Alan Greenspan, the former Federal Reserve chairman, said that it's going to take a long time before the United States gets out from under the effects of the housing slump.

"We still need to accelerate the rate of inventory liquidation, and that will mean bringing housing starts down and sales up. We have a long way to go," Greenspan said, according to Reuters.

And the collapse of the subprime mortgage market in the United States continues to have aftershocks globally.

Mervyn King, governor of the Bank of England, told the BBC that there will be "several more months to get through before the banks have revealed all the losses that have occurred, and have taken measures to finance their obligations that result from that."