"[Gov. Patterson] predicted that the housing market would not rebound until the last quarter of 2009 and said the state is projecting housing prices to fall for 15 consecutive months. 'That did not even occur in the Great Depression,' the governor said. His administration is projecting 45,000 layoffs in the financial sector during the current downtown, which is 50 percent more than the job losses after the Sept. 11 attack. And Wall Street bonuses are expected to fall by 43 percent next year alone." [NYT; previously]
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