Among the many haters of President Obama's plan to curb the size of banks and limit their risk-taking is the diminutive billionaire we call Mayor. Last night Mayor Bloomberg strongly came out against Obama's plan, saying it would result in job loss and hurt the city. He demanded that members of New York's congressional delegation stand up to the administration. Senator Schumer has been unclear about his stance on the rules.
"It's a careful balance. You can't say do nothing because we all know the banks made mistakes, but you can't be so draconian that you cause job loss or make the institutions not function properly," Schumer said.
After railing against the President's plan, Bloomberg had an idea for those blowhards in Washington.
"I just find it sort of ironic that congressmen, senators who make more than double what the average person working in finance makes -- they're the rich ones and they're talking about trying to restrict bonuses and taxing the industries that are our lifeblood," Bloomberg said. "Maybe we should hold back their salaries for a decade or so and see whether the laws they pass work out."