Wall Street Council Candidate on the Crisis

Steve Behar, a Wall Street lawyer who is running for City Council in Bayside, has a dire prediction for what will happen to New York after the the federal bailout legislation was voted down in the House today.

“More losses, more foreclosures, less tax revenue,” Behar said via IM.

He went on, “That’s what happens when you’re the financial capital of the country during a financial crisis. It was bad in the Reagan-Bush recession in 1990-91 too.”

The good news, though: "While it's bad, it won't last forever!"