Heritage Foundation economist Stephen Moore is urging Americans to not be “freaked out and panicked” over stock market losses triggered by the coronavirus outbreak.
In an interview with radio host John Catsimatidis, Moore, a White House ally, said the economy will spring back once authorities determine a treatment for the fast-spreading virus, The Hill reported ahead of the Sunday interview airing.
“People should not be freaked out and panicked,” he said, adding: “People oftentimes make the mistake of … following the herd, and sometimes they follow the herd right over the cliff.”
“As soon as these viruses hit, the stock market falls by five or 10 or 12 percent, just as has happened now,” he said. “Once we have [a cure] … then the market goes right back up on its merry way.”
Fears over the virus caused the stock market to close out Friday its worst week since the 2008 financial crisis.
Washington state announced the first U.S. fatality from the coronavirus on Saturday.
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