Corzine Responds to Financial Crisis

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New Jersey Governor Jon Corzine and state legislative leaders are not waiting for Washington to come up with a state response to the global financial crisis. WNYC's Bob Hennelly has more.

REPORTER: New Jersey's economy is not quite as dependent on Wall Street's performance as are New York City and State, but it looms large. Forty percent of the state's income tax is paid by the top one percent of taxpayers. Many of those big earners are from Wall Street.

After an emergency summit in Newark with dozens of business leaders Governor Corzine said the state has to accelerate public works spending on transportation and education projects. He also wants to the state to help community banks so they can keep the economy going by lending money to small businesses. For WNYC I am Bob Hennelly.