PLATTSBURGH, N.Y. (WCAX) We spoke with Plattsburgh Mayor Colin Read about the potential long-term effects of these hits to the stock market sparked by coronavirus fears.
The mayor's background is in economics. Read told us he believes that in five months' time, we'll be in a recession.
"The markets are obviously saying that but I have no doubt in the ability of our region and our country to cope with this, to maintain our supply chain. I don't think anyone needs to panic. The stock market is probably overreacting like they normally do," said Read, D-Plattsburgh. "Nor should we underestimate this is going to be displacing and it's going to be costly to business, especially those in the service industry, but we'll get through this."
Read emphasized people should not panic over the markets, saying that panic could make a recession worse. He said for right now "everything is very manageable."