New York City and State Brace for Drop in Wall Street Pay

The New York Times reports on how Wall Street's downturn affects state and local government:

The impact on the state and city budgets is likely to be severe because the financial-services industry provides almost one-fourth of all income earned in the city. That pay accounts for about 10 percent of the city’s tax revenue and about 20 percent of the state’s, said Kenneth B. Bleiwas, deputy state comptroller for New York City.