Here is a strange question perplexing journalists everywhere, who we’ll just assume are playing naive for the sake of reaching their minimum word counts: why isn’t Washington listening to “national expert on financial matters” Michael Bloomberg about leaving Wall Street alone? Michael Bloomberg knows everything about finance and money, and so if he’s trying to warn Washington that financial regulatory reform could worsen New York City and state’s budget problems, out of the good of his heart, why isn’t Washington dropping the entire reform effort altogether? Why does anything need to be reformed, anyway? (One small note: financial expert Michael Bloomberg is also the mayor of New York City and therefore the leading advocate for its fiscal interests.)
NEW YORK — As Congress debates sweeping legislation aimed at guarding against another financial meltdown, Mayor Michael Bloomberg has become Wall Street’s spokesman and defender amid a chorus of populist voices.
With President Barack Obama set to visit New York to push for passing financial reform, the billionaire mayor, who got his start on Wall Street in the 1960s and is considered a national expert on financial matters, argues that too much regulation could endanger the economy as much as others say it would protect it.
“The bashing of Wall Street is something that should worry everybody,” Bloomberg declared last week.
“We’re on their side,” he said this week.
There’s nothing wrong with Michael Bloomberg saying these things. It’s pretty (100%) doubtful that any regulation still under consideration would do much of anything to Wall Street profits, of course. But if you’re the mayor of New York City, your job in this debate would be to make sure nothing passes that seriously damages your ability to collect the revenue needed to balance your budget.
Which already is and will continue to be a very tough annual act for New York City and state, pretty much forever! But why would anyone even consider the idea that Washington should scale back its necessary reform efforts for the sake of a local government? One more time: WALL STREET FIRMS DESTROYED THE ENTIRE GLOBAL ECONOMY TWO YEARS AGO UNDER THE EXISTING RULES. So when the mayor of New York City declares that Washington needs to reconsider its plan to fix this in the slightest, his role as a “national expert on financial matters” may be compromised. He’s also kind of an asshole, so whatever.