Mike Bloomberg, Savior of Capitalism

After hesitating for a long time, the New York billionaire has joined the race for the White House.

There aren’t many U.S. business leaders or billionaires who haven’t entertained the idea of making a White House bid, especially since Donald Trump’s 2016 power grab. Michael Bloomberg probably has reason to be optimistic. Like Trump, he’s hesitated to join the race on several prior occasions. Also like Trump, he’s identified himself as a Republican and a Democrat at different points in time. And Trump and Bloomberg also have two other things in common: Bloomberg plans to fund his campaign out of his own pocket and is well beyond 70 years old. If Trump has nicknamed him “Little Michael” in reference to his 5 foot, 7 inch stature, it’s probably because Bloomberg’s fortune is astronomical compared to the president’s, as Trump’s status as a billionaire has never really been confirmed.

Nevertheless, the former Salomon Brothers trader still has a way to go before he’ll be able to win over Democratic voters, most of whom have veered away from the center. And evoking his humble origins isn’t likely to seal the deal either. It’s true that “Mike” has put his billions to good use by backing action on climate change and gun control. Before he even had the chance to officially announce his candidacy, Wall Street was already cheering him on. According to Steve Schwartzman — another New York billionaire who also happens to be a friend of Bloomberg — the former mayor of New York is the only candidate who will be able to save capitalism. Better still, he’ll do it without asking his friends for money! Wall Street always seems to be on the winner’s side, but Bloomberg should still be wary. Members of the finance world aren’t the only ones celebrating. Democratic candidate Elizabeth Warren, who wants to tax the rich, also welcomed her new opponent to the race, but via a tweet in which she named him, and posted a link to her tax calculator for billionaires: “If you’re looking for policy plans that will make a huge difference for working people and which are very popular, start here: https://t.co/6UMSAf90NT.” – Elizabeth Warren (@ewarren) on Nov. 7, 2019 .