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Sep 16, 2008 8:16 am US/Eastern
Financial Woes Trickle Down To N.J.
ATLANTIC CITY, N.J. (AP) ―
A big crisis on Wall
Street. A big impact on New Jersey's
economy.
There are young stock market professionals in Hoboken suddenly unable to
pay the mortgage or patronize the city's restaurants and bars. And there are Atlantic City casinos
struggling to borrow money to expand or pay down debt.
Gov. Jon Corzine says between a quarter to a
third of New Jersey's economy depends on Wall
Street, either directly or indirectly.
Corzine, the former co-chairman of Goldman
Sachs, thinks the bankruptcy of Lehman Bros. and the forced sale of Merrill
Lynch at a price half of what it was worth a year ago will cause widespread pain.
Corzine is worried about significant job losses.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
