NYC Mayor Defends Wall Street Before Obama Visit

NYC Mayor Defends Wall Street Before Obama Visit
By THE ASSOCIATED PRESS
Published: April 21, 2010

Filed at 4:39 p.m. ET


NEW YORK (AP) -- 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.

snip//

Bloomberg's chief argument in the financial reform debate is that companies will take their business to other countries if the federal government restricts the industry too much and taxes it too high.

Top Obama administration adviser Jared Bernstein said Bloomberg has missed a larger point after a string of actions in the financial markets led to one of the gravest economic crises in decades.

''It would be highly irresponsible of us not to take the necessary steps to keep this from happening again,'' Bernstein said.

more...

http://www.nytimes.com/aponline/2010/04/21/us/AP-US-NYC-Mayor-Wall-Street.html?_r=1

That is why we have such a bad job market in the USA. They don't want to pay anybody for the work they want them to do. They're killing the US economy.

on that side of the bridge anyway. The overhead alone for Wall Street could save billions and maybe make Bloomberg go away...

Let em live in NJ! :evilgrin:

It's more than his considerable wafer-thin ego can tolerate.

larger point..willfully? Shame on him.