NYT has a fantastic human interest story of a few large organizations who found themselves entangled in the economic net: http://www.nytimes.com/2008/11/02/business/02global.html

“This is going to have a tremendous financial impact,” said Robert F. Kitchen, a member of the West Allis-West Milwaukee school board. Officials say some districts may have to cut courses like art and drama, curtail gym and classroom maintenance, or forgo replacing teachers who retire.