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Bloomberg Urges Calm Amid Wall Street Woes

Monday, September 15, 2008

In the wake of Lehman Brothers' collapse and the ongoing chaos on Wall Street, Mayor Bloomberg had a few words for a room full of reporters, namely- "Fear Not." WNYC's Arun Venugopal has more. REPORTER: As an extremely successful businessman who also happens to govern the nation's financial capital, Mayor Bloomberg clearly knows his words carry weight. Today he struck a measured tone, attempting to acknowledge the turmoil on Wall Street without sounding all that gloomy. BLOOMBERG: Everybody wants to go out and write a story about the world coming to an end. I think the real story is that the world is not coming to an end, the world is growing. Are we growing at a slower pace here? Yes, okay. REPORTER: Still, he said that the downturn hadn't hit bottom yet. And that Lehman's collapse alone would lead to more than 10 thousand lost jobs, locally. Those lost jobs will take a toll on tax revenues, and have an impact on other industries. But he said New York's fiscal prudence in recent years placed it on sound economic footing, far better than other financial centers like London. For WNYC, I'm Arun Venugopal.

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