New York City: Hosed

Mayor Mike delivers the news:

AP: Mayor Michael Bloomberg said Wall Street firms are expected to lose a total of $47.2 billion for 2008, and even more in 2009. The figures are devastating for New York City…

The mayor says Wall Street’s losses will affect the city for years. The city is also now projected to lose nearly 300,000 jobs through 2010. Some 46,000 will come from the financial sector.

The gap for fiscal 2010 is at $4 billion and growing.

Mr. Bloomberg also said New York City’s economic woes are so bad that his administration might need to reduce its workforce by more than 20,000.

The largest reductions would come in the city’s homeless department, the children’s welfare agency and the education department.

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