Forget Term Limits: NYC Needs Mike

Bloomberg essential with Wall Street in crisis: Lauder
By Kevin Spak,  Newser Staff
Posted Oct 2, 2008 1:27 PM CDT
New York Mayor Michael Bloomberg said today he will run for a third term, though the city council would need to overturn term-limit laws to allow it.   (AP Photo)
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(Newser) – Term limits have been great for New York City, but it’s time to make an exception, billionaire philanthropist Ronald Lauder writes in the Times. Lauder believes Michael Bloomberg is the man to steer New York through the current economic disaster, preventing a repeat of the 1970s crisis that ruined life “not just on Wall Street, but on every street in every borough.”

Lauder has been a hardcore term limits proponent, and still believes this should be a one-time suspension of the rule. In the last crisis, property values fell, crime skyrocketed and the Big Apple became nigh-uninhabitable. “Experience tells us that economic disasters eventually become social disasters,” he writes, and the city’s “prosperous future depends in large measure on a mayor with a deep understanding of finance, governance, and politics”—Bloomberg.