The Federal Reserve Bank of New York is near collapse, for it failed to pay back bailout cash.

In spring 2009, a bank examiner inside the Federal Reserve Bank of New York called colleagues with worrisome news: The global banking giant that despite taking more than $476 billion in bailout cash and guarantees, the most of any rescued bank, was near collapse.

A wide array of sectors paying above-average wages took a pretty substantial hit over that period. Manufacturing employment contracted by more than 2. 1 million. Professional and business services positions fell by nearly 1. 2 million. Construction employment was down nearly 2 million jobs.