Bankruptcy and Bloomberg’s Third Term

fordtocity Bankruptcy and Bloombergs Third TermBefore walking into his Manhattan synagogue this morning, Ron Lauder reiterated that he would support a third mayoral term for Michael Bloomberg because of the financial difficulties facing the city.

"I saw what happened years ago when the city was going bankrupt. And there is a chance that the city might go bankrupt again," Lauder told The New York Times

The idea that the Wall Street crisis might make a strong argument for changing the term-limits law has been proposed by both reporters and supporters of the mayor. 

Political consultant Joe Mercurio has a different, if optimistic, read on that argument.

Writing on Twitter today, Mercurio said, "Trouble with the fiscal experience argument to extend term limits is that the recession will be over before Bloomberg’s third term starts."

There are, however, some experts that think the recession might last longer than that.