"I think AIG has a day," New York Governor David Patterson told CNBC this morning. "I don't know if anyone is really understanding the ramifications of this crisis. We're in a terrible situation if we let the world's largest industrial and technical insurance company go down."

UPDATE: the Wall Street Journal gives some helpful context to the AIG crisis:

The company is such a big player in insuring risk for institutions around the world that its failure could shake the global financial system. [Emphasis added]

UPDATE 2: From yesterday's Times: “We have a very strong message for consumers,” said David Neustadt, the deputy superintendent for public information for the State Insurance Department in New York, where A.I.G. has its headquarters. “If you have a policy with A.I.G. insurance company, they are financially strong and solvent. They have the capability to pay on any claims, and our job is to ensure that they continue to have the ability to pay.”

UPDATE 3: Understated headline of the day: "A Sense That Wall St.’s Boom Times Are Over". No kidding.