Word: bloomberg
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...parallels extend even to New York’s financial system. Just as Bloomberg goes on a ferocious diet after seeing an unflattering photo of himself, Wall Street has almost completely abstained from giving out loans. Considering the way banks used to court risk-taking businesses clearly unable to repay them, this is a diet of the highest magnitude. Likewise, after getting tied up in highly leveraged purchases of their own homes, American consumers have been forced to get thriftier. History Professor Niall C.D. Ferguson has even warned that New York may go the way of Venice and become just...
...York Mayor Michael R. Bloomberg, the city’s richest and most powerful man, embodies New York in all its contradictions. He brags about taking the subway to work but first gets chauffeured to the subway station in an SUV. He exercises regularly and keeps a running calorie-counter in his head but throws salt on his pizzas, devours fried chicken, and grabs food off the plates of aides and strangers alike. He has already spent $37 million on an uncompetitive election campaign—spending $7,000 alone on pizza...
...Bloomberg is perhaps the one man with the power to temper these developments. The next four years will be critical. If he has the will and the ability to maintain New York’s standing as a key financial center—while helping ensure that Wall Street does not help cause the next global financial crisis—historians may look back on his tvhird term as an embarrassing hiccup in democracy that ultimately helped maintain New York and America’s dominance on the world stage...
Sources: Financial Times; Huffington Post; Bloomberg; The View; ESPN.com CNN; Chicago Tribune...
...Bing sees himself as an emergency caretaker, someone who will impose his own financial discipline and entrepreneurial sense on city government - much like New York City's Michael Bloomberg and Denver's John Hickenlooper, two other businessmen turned city executives. But the situation is so dire that, for a change, Bing has no long view - no transformative plan for a future Detroit. "There's no doubt in my mind we've got to think longer term," says Bing. "But that's not today. If we don't handle the problems we've got today, there is no long term...