Top Officials Speak Out on Wall Street Turmoil

The turmoil on Wall Street has caught the attention of top elected officials. Governor Paterson and Mayor Bloomberg have scheduled separate news conferences this hour to talk about the crisis brought on by the demise of Merrill Lynch and Lehman Brothers.

REPORTER: Crain's New York Business Editor in Chief Greg David told WNYC's Brian Lehrer says the city has already shed about 22,000 jobs in the securities industry.

DAVID: We don't know how many people at Lehman will lose their jobs -- not all will -- but clearly we're talking about more thousands. Whether that's 3,000 or 7,000, we don't know yet.

REPORTER: New Jersey Gov. Jon Corzine says the woes will spread into his state as well.