Mayor Addresses World Markets' Effects on the City

New York, NY —

Mayor Bloomberg says plummeting world financial markets will have an impact on the city's finances, but he said New York is still on sounder footing than other parts of the country.

BLOOMBERG: We are dependent on Wall Street profits and that's clearly going to be lower. We are dependent on people's confidence in the future and that is going to be less than it was. But I don't think it's cataclysmic - it certainly is something to worry about.

REPOTER: The mayor also advised New Yorkers to tighten their household budgets in preparation for leaner times.