dead. the news comes after an intense search effort since contact was lost shortly after departure on sunday. two debris fields found 1600 feet from the titanic remains. the senior correspondent mike tobin is in st. john s canada tonight. mike, good evening. trace, friends, family and fellow explorers were holding out hope for a miracle and learning today all hope is lost. u.s. coast guard announced that the submersible titanic was found in five major pieces as you mentioned 1600 feet off the bow of the wreckage of the titanic itself. the pilot and passengers are all lost. the debris is consistent with a catastrophic loss of the pressure chamber. upon this determination, we immediately notified the families. stockton rush chief executive of oceangate was the pilot. passengers were hamish harding. a businessman. he lived for the adventure. will are suleman and a veteran of 35 titanic dives. larry daily was a close friend of natural gas lay according to say what they are
adventure exploring. adventure tourism? does this put a hold on that? does it end it? does it damage it? well, i think there is a bit of a difference there exploration is just inherently human spirit. testing the limits. going beyond. trying to see what s beyond the next hill. you know, that s progress. that s how we discover new things. the tourism side we have seen the opposite where have you people that try to ascend mount everest who are just not prepared for that but they paid the money. they got the clearance to go ahead and do that and so you find yourself at 28, 2 the thousand feet. very unfit at more moss fear. the tourism piece can indeed go too far. but i don t think it means the end of the industry. i think there will be a lot of self-reflection. this was kind of an outlier event in that this particular submersible was not subject to external review, a certification, other operators do those sorts of things.
variant is worse than we thought, and then the debt is stuck. you get a rate hike into a slowing economy, that s kind of the disaster scenario. markets collapse. maybe china slows. maybe you get more spreading in europe. on the up side, people have a lot of money saved. it s really quite interesting. we are seeing behavior in the u.s. savings rates amongst the u.s. population that we haven t seen in decades. americans are not really good at saving, but they ve been putting a lot of money under the mattress. so folks are not in a bad spot in terms of that, i would say. more broadly in terms of the variant itself, in terms of some of the industries that have been so impacted, we know travel and hospitality just starting to recover. obviously airlines, anything that deals with tourism. but also that tourism piece is not just whole companies. sometimes it s whole countries. places like cuba that were just going to start to allow international visitors now having to deal with this.