Another Volatile Day on Wall Street

It was another volatile day on the stock market, with the Dow Industrial Average closing a half hour ago down 29 points, or 0.3 percent. The NASDAQ composite index increased 2.35, or 0.1 percent, to 2,155.68, led by a rally in chipmakers.

In Washington, DC, Federal Reserve Chairman Ben Bernanke told lawmakers the U.S. economy is faltering with global financial markets under - quote - extraordinary stress. New York is right in the middle of the turmoil.

Joining me to talk about how this is shaking out in terms of city spending is WNYC's Bob Hennelly.