Christian Science Monitor article by Ron Scherer

New York - The ripple effect of the financial turmoil on Wall Street is spreading more deeply into the American economy.

The local hardware store is finding it more difficult to get the loan it needs to buy its summer gardening merchandise. Ivy-covered colleges and universities are finding that donors have second thoughts about contributions until the stock market quiets down. Some small businesses that count on using credit cards to finance their business are getting letters informing them of reductions in their credit lines or increases in their rates.

"Wall Street's woes are increasingly giving Main Street the blues," says Mark Zandi, chief economist at Moody's

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