From the Washington Post:
"The Washington region's financial sector reflects the industry nationwide, with stock prices dropping, companies incurring losses from sour mortgages and private-equity investors pulling back on takeovers because of tighter lending".Some local fallout:
"'The economy has slowed, but I don't expect a recession,' said Albert L. Lord, chief executive of Reston student-lending giant Sallie Mae. 'The credit markets tighten up from time to time. When they return to normal or something near normal, things will get better. I would have to go back to 1998 to recall anything quite of this magnitude.'"