The failure of our financial system has brought what looks like a significant recession upon the land, with hardship resonating throughout the economy. The citizens of New York City were the first to feel the blow. By September 2008, before the markets started their most precipitous dive, employment in financial and insurance jobs in New York had already dropped 5% to 335,000, from 354,000 in August 2007. Nationwide, the financial sector announced 153,000 job cuts in 2007. When the 2008 cuts are tallied, they are sure to reach 200,000 or more. And 2009 isn't looking good, either.rnIt will be hard for many citizens, far less well-to-do than hedge fund managers and stock analysts, to get by. In 2006 the wealthiest 20% of wage earners in Manhattan made $350,000 on average, nearly 40 times the $8,800 income earned by the poorest 20%.
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