As the credit crisis gains momentum, here are my five(5) top reasons I feel the worst is yet to come. This crises is likely to have a far reaching impact on the U.S.’s general economy and we may very well see global impacts as well.

1. $680 billion of subprime mortages will come up for renewel in 2008. Many will not be able to pay their new mortgage payments;

2. Mortgage companies will continue to lay off workers — Countrywide already announced 12,000. Unemployment claims continue to grow; job generation in August ‘07 shrank for the first time in 4 years.

3. Credit card debt in the U.S. continues to balloon at 6.4% from a year ago. Saving continues to hover around 0%.

4. The U.S. dollar continues to fall against other major currencies. Commercial paper sales continue to drop as well.

5. Oil has exceeded $80 per barrel; healthcare costs continue to rise; auto workers union negotiations are stalled.

Will Bernanke lower rates on September 18, 2007 in an attempt to mitigate the credit crisis? Or, will he surprise everyone with a different strategy?