Billionaire Mayor Uses Economic Prowess To Reassure New Yorkers
To view our videos, you need to:
1. Enable JavaScript. Learn how.
2. Install Adobe Flash. Install now.
Then come back here and refresh the page.
In a week when the market plunged and then soared, Mayor Michael Bloomberg used his knowledge of Wall Street to calm New Yorkers and give advice to business leaders trying to steer the country away from an economic meltdown. NY1's Michael Scotto filed the following report. In times of crisis, Mayor Michael Bloomberg tends to play the role of optimist.
"There's no economy that I'd rather bet my future and my daughters' future on than our economy," said Bloomberg.
His words were even more reassuring this week, when the economy swerved into dangerous territory.
The billionaire businessman-turned-mayor is a trusted voice on Wall Street. And over the last few days, he has used his keen understanding of the economy to not only comfort the people who elected him, but also to help guide the leaders steering the country through financial turmoil.
"When there is a crisis that threatens to bring down the system, you shouldn't have been there, but the federal government has a responsibility to step in," said the mayor.
Bloomberg's more than 40 year history in the business world has allowed him to build up relationships with the people who are now running the system – from Treasury Secretary Henry Paulson to the chief executive officers of the nation's biggest banks. In addition to giving them advice, he gave his two cents the presidential candidates on Thursday.
"They've got to explain to the public, as best they can, compared to the other guy, what they would do," said the mayor.
Bloomberg has not made an endorsement in the race; he has had discussions with Republican John McCain in the past, though not this week. His advice to both is to address the short-term problems, but also the larger picture.
Looking to the future has been a guiding principle of the mayor's economic policies. When the city saw record surpluses, he used the money to pay down future debt. That move may have helped cushion the city from a hard fall, but the mayor still has the frustrating task of rebuilding an economy over which he doesn't have much control.
"He has to make some kind of contact with Washington," said David Birdsell of Baruch College's School of Public Affairs. "He has to show that he has the influence to be able to bring federal dollars to solve some of the local problems of New York."
He will take to the national stage on Sunday, when he appears on "Meet the Press." His knowledge of the economy gives him another way to stay relevant and perhaps a rationale for sticking around longer, should he decide to change the rules so he could run for another term.