The mayor said the gravity of the situation cannot be underestimated.
"We never experienced anything like this except people who came from the Depression," Mayor Daley said. "When you have that many layoffs early – and they're telling me this is only the beginning of their layoffs – that is very frightening."
Mayor Daley also warned that local governments will be in jeopardy and may not have enough money to meet payroll, although he is not worried about paying City of Chicago employees.
In addition, the federal bailout plan is changing, and the big three automakers are all warning they could go bankrupt, and lawmakers say if the auto industry goes down, the huge number of jobs lost would cause more house foreclosures.
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