"Every job lost on Wall Street impacts two-to-three jobs on the outside. By comparison, every job lost at an auto plant impacts nearly 10 jobs on the outside... We don't want to know what happens if the domestic auto industry gets away from us."
While the story of the big Wall Street banks teetering may be unique to the current downturn, the stories we hear of the Main Street credit squeeze could be cut and pasted from the 1990-1991 recession.
Robert Reich: "Capitalism has always required regulation in order to ensure against fraud and excessive speculation. Greenspan allowed the economic crisis to happen because he believed that capitalism was self-correcting."