Intrade Launches Bloomberg Contract

One day after The New York Times reported that NYC Mayor Michael Bloomberg will seek to amend the cty's term-limit law to run for a third term, Intrade launched a contract on whether his legal maneuvering will succeed.

Since two-thirds of New York City Council members also face the prospect of being forced out of office by term limits, there's little doubt the legislature is inclined to back the bill. 

The only stumbling block, of course, could be irate constituents, who roundly rejected a similar attempt by Rudy Giuliani to prolong his stay in 2001. 

It should come as no surprise that Giuliani has already expressed support for the measure. Much more importantly, Bloomberg has already received the backing of The New York Daily News, The New York Post, and The New York Times.

In a glowing editorial today, the New York Times wrote:

"Term limits are seductive, promising relief from mediocre, self-perpetuating incumbents and gridlocked legislatures. They are also profoundly undemocratic, arbitrarily denying voters the ability to choose between good politicians and bad, especially in a city like New York with a strong public campaign-financing system, while automatically removing public servants of proven ability who are at a productive point in their careers."

"Go for it, Mike," wrote the edtiorial board of The New York Daily News. "Go for it wholeheartedly, without reservation." In rare agreement with its tabloid rival, The New York Post featured Mayor Mike in a crown on its cover with a headline blaring "Mike The III." 

The New York Post editorial said the mayor's decision was timely "because Wall Street's turmoil means hard times for New York City" and wise "because no one in public life is better equipped to deal with such troubles than Mayor Bloomberg."

 The Bottom Line - Bet big on Bloomberg. The politically popular mayor, backed by his hometown newspapers and legislators also looking to keep their jobs, will parlay his business expertise into a third term.