Mayor Michael Bloomberg made an appearance on NBC's "Meet the Press" Sunday, where he said he thinks that sweeping accountability reforms are needed on Wall Street after the government’s $700 billion bailout program sets in.

"The first thing we need is more disclosure, visibility,” said Bloomberg. “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."

The mayor sent a cautionary message, and noted that the national fiscal crisis is hitting the city hard."

"We're projecting tax revenues in New York City to fall percent this
fiscal year, and I hope that's not being too conservative," said Bloomberg. "I hope it's not being too expansive and too optimistic."

He did say that unlike most of the country, the city prepared for difficult economic times.

"In New York at least, we didn't think it was going to go on forever and for the last couple of years we've been salting away money," said Bloomberg. "I don't know that we've salted enough, but we've been saying again and again, nothing goes up in a straight line forever."

Looking back on the city's most serious fiscal crisis in the 1970s, the mayor said the city would not suffer as much now as it did then.

"The mistake that made in the '70s, we stopped policing the streets, we stopped cleaning the streets, we stopped cleaning the graffiti off buildings, we stopped supporting our cultural institutions and building parks, schools and those kinds of things," said Bloomberg.

"We are going to go ahead and continue those kinds of things," continued the mayor. "We may have to stretch out some construction projects. We may have to ask people to do more with less. We may not be able have the frills at the edge, but we are not going to walk away from our city."

Governor David Paterson, who appeared here at Sunday's African American Day Parade in Harlem, also said he will be closely monitoring the upcoming week on Wall Street.

"Don't let an upturn in the economy fool you. Don't let other events distract you," said Paterson. "This economy is plundering. I've been trying to point this out since I got into office."

The governor also said the federal effort to save the city should be based in the city and not in Washington, D.C.

"We'd like to have the management and financial crisis here because New York, having 20 percent of its revenues from Wall Street, will be the most adversely affected," said Paterson.

Over the weekend, Treasury Secretary Henry Paulson has called on Congress to quickly pass his sweeping proposal to boost the national economy.

On ABC's "This Week" Sunday, Paulson said even though he's not in favor of government intervention as a philosophy, Washington has to step in now and buy the mortgages and bad debt that are clogging up the credit market.

Paulson said once those sluggish assets are out of the way, lawmakers can go back and impose new regulations and reforms to avoid another Wall Street meltdown.

"What we are doing right now is first stabilizing the market. That is only part of it,” said Paulson. “Once we stabilize the market, we need to ask ourselves how did we get here and what do we do about it so we don't get here again."

White House officials are negotiating terms of the rescue bill with Congress, with the hope of passing it this week.

Senator Charles Schumer is urging Congress to pass the bill, saying that the bailout is a good start but still leaves long-term problems to be addressed.

"So they've presented a foundation and I think we're going to look seriously as filling in that foundation with the one caveat that it does have to be done quickly, unfortunately,” said Schumer. “Because the markets are so fragile and so brittle if we wait too long the floor could come out and everything could crash down."

He also said the nation's financial system is outdated and needs to focus on stricter regulation once the markets are back to normal.