where will it end?
Don't know, but this is probably only the beginning. (related to the past few months, copied from an US forum)
United stopped hiring
Delta stopped hiring
Continental stopped hiring
Northwest stopped hiring
Expressjet stopped hiring
Skywest stopped hiring
ASA stopped hiring
FedEx stopped hiring
UPS has stopped hiring
Expressjet is offering pilots unpaid leave of absences
United is grounding 15-20 737 aircraft
Delta is grounding 10? mainline aircraft
Northwest is grounding 24 DC-9 aircraft
Regional flying has been cut substantially
Comair, Skywest, Expressjet, ASA, Mesa, and others have had their regional contracted flying hours cut
Aloha Airlines filed for bankruptcy (again)
Skybus cut back almost 50% of their routes
Froniter sold 4 aircraft
Jetblue sold 6 aircraft
Big Sky went out of business
Skyway went out of business
Aloha went out of business
Champion Air went out of business
Edit: ATA out of business