A crash In layman's terms (As I see it?)

The sub-prime crisis in the US goes belly up big time
The banks lose billion$
Thousands of Job losses/cuts on Wall St
Knock on effect in the UK
Thousands of city spivs out of work
Home repossessions because mortgages can't be paid
Credit card bills can't be paid
Shares tumble, investors lose everything
Trendy bars/restaurants/coffee shops/gastro pubs lose business and close
More job losses
House price crash, no one buying
BTL landlords can't afford higher interest rates
More repossesions as flats/house's now belong to the bank
House price crash deepens
Banks can't sell because no one has any money
House price crash deepens even more
The building industry goes stagnant
More job losses
Mortgage bookers/estate agents/surveyors etc go out of business
More job losses
More trendy bars/restaurants/coffee shops/gastro pubs lose business and close
Suppliers to the trendy bars/restaurants/coffee shops/gastro pubs lose business and close
Even more job losses
Interest rates go higher, even more repossesions
Debt deepens and many business's close
Even more job losses and so on and so on and that's a recession.

It's a knock on effect like dominos and the
first domino is the USA, and it really isn't looking good over there at the moment.