Those folks will lose their jobs -- but they will eventually get back to work in another capacity. The companies will re-think, re-tool, and make products that are in demand elsewhere. This is the marginal adjustment that the concepts of economics are based on. Shumpeters "creative destruction". The old is torn down to make way for the new. The old CMO's and tranch garbage will make way for new better regulated products. Outdated credit verification systems will be re-worked. Good will come of all this, just as it did after the Dot Com bubble. Solid companies in solid arenas are poised to make money for those with the foresight to buy and hold them.