Worries about Europe were slamming stocks across the board Wednesday including the likes of Morgan Stanley and Goldman Sachs, which dropped 9% and 8.2%, respectively, after disclosing their Italian debt exposure in quarterly filings, and General Motors, which saw shares dive 10.9% after dialing back its expectations to break-even in Europe for the year.

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Entrance to an exclusive private preschool is a painful right of passage for thousands of upscale New York moms every year, kicking off with a mad rush of speed dialing early in the morning the day after Labor Day to secure applications before schools run out of them.

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