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Mayor Bloomberg appeared on Meet the Press to talk the economy, and he said Treasury Secretary Henry Paulson was the right man for the job (for right now). Bloomberg also touted more transparency, "The first thing we need is more disclosure, visibility. The problem is that nobody knows what any institution owns and what the terms of the securities they own are and what they are worth. If that was out in the public domain then there wouldn't be this crisis of confidence."
Bloomberg also noted how NYC's been trying to saving, even during the boom times, and blasted partisanship. You can watch the first 6+ minutes of his interview above--he even talks about how maybe he'd be host of Meet the Press after Brokaw asked about a possible third term--but here are some other points:
- On the presidential candidates' experience: "They're going to face different problems than we have today. So, when I look at them, I don't have this litmus test issue on different things, "What are you going to do about A, B and C," because they are going to face D, E and F, whoever wins, when they're in office."
- On whether capital gains taxes should go up from 15%: "I think you can make--economists will make the argument that capital gains taxes going up will dissuade people to invest... But if we want services, we're going to have to pay for them. And the worst thing we're doing is to do the worst--take the services but not have us pay for them."
- On endorsing a candidate: "Well, I've listened to both candidates and I want to make sure that, for as long as I can, I have a good dialogue with both, that I can give them my views and the perspective of New York. I represent 8.3 million people in New York, and it's important that these two candidates understand what's in the interest of those people, and so I want to make sure that I have a good dialogue with both.
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There's nothing in this interview to assure Americans that they aren't being saddled with a trillion dollar bill that the financial systems ran up.
"We" are not all in this together. "We" did not cause this huge mess. Bloomberg's language of inclusion at a disastrous moment is deeply insulting and fraudulent.
Part of the trillion dollar bailout to the insurance and banking industry includes billions of dollars that will go to foreign banks. Bloomberg himself admits that he has no idea of what the bailout includes exactly. But he believes we need to push it through as quickly as possible.
Why? Because the bailout is merely a play for time while the major banks shift their money and protect themselves. The U.S. financial system has already collapsed and everyone knows it. Confidence will not be restored by this bailout but a handful of billionaires and billion dollar institutions balance sheet might.
Third term? My bet is that Bloomberg's pleas for a third term get quieter and quieter. Because even Bloomberg knows that the next term is going to get ugly.
Whether you like Bloomberg or not his openness to extending term limits without a vote of the people is outrageous.
Mobilize this anti-democratic move at www.nytermlimits.com
When is Bloomberg going to do a sit down interview with the New York press? There are many topics that are New York specific I want to hear him grilled on.
He's better as governor or "Wall Street czar" as Warren Buffet would have it.
With no more discretionary money, states and municipalities will have to sell off, cut back and/or even deregulate.