HiSpeed

And Wall Street layoffs drive New York City's unemployment rate to 10.3%, vs. the national rate of 9.7%. State Labor Commissioner M. Patricia Smith: "Our economists don’t see the financial-services sector ever coming back as strong as it was."

There are plenty of ways for Wall Street to make money without collateralizing crap and selling it to widows and orphans. Those who cannot do so deserve to go out of business.