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November 7, 2019 | Bloomberg Enters the 2020 Democrat Election Campaign

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
After denying he would run for president, former New York City mayor Michael Bloomberg has changed his mind.

Mr. Bloomberg announced in March he wouldn’t run for president because of the difficulty in winning the Democratic Party’s nomination.

His adviser, Howard Wolfson, says Bloomberg just changed his mind out of concern that the current candidates may not be able to defeat President Trump,

The Wall Street Journal reports Michael Bloomberg Preparing to Enter 2020 Democratic Race.

Wolfson Statements

  • “Mike believes that Donald Trump represents an unprecedented threat to our nation.”
  • “Mike is increasingly concerned that the current field of candidates is not well positioned” to win
  • “If Mike runs he would offer a new choice to Democrats built on a unique record running America’s biggest city, building a business from scratch and taking on some of America’s toughest challenges as a high-impact philanthropist.”

Mr. Wolfson said Mr. Bloomberg was making preparations to appear on Alabama’s primary ballot. The filing deadline is Friday, and Alabama is one of 14 states holding contests on March 3, known as “Super Tuesday.”

Mr. Bloomberg’s move toward running comes as some in the party—especially wealthy donors—grumble about the leftward lurch of the party, with U.S. Sen. Elizabeth Warren on the rise and former Vice President Joe Biden faltering in early states.

Mr. Bloomberg had been a lifelong Democrat before joining the Republican Party prior to running for mayor in 2001. He left the GOP and became unaffiliated with any party when he flirted with running for president in 2008. He re-registered as a Democrat last year.

“I believe I would defeat Donald Trump in a general election,” Mr. Bloomberg wrote. “But I am clear-eyed about the difficulty of winning the Democratic nomination in such a crowded field.”

Money Talks

Bloomberg will have the finances to run a campaign. I expect by Super-Tuesday he will be high enough in the polls to qualify for the debates.

With the increasingly radical ideas of Elizabeth Warren, Bernie Sanders, and Pete Buttigieg, Bloomberg has a point.

Democrat front-runner Elizabeth Warren may well be the only person Trump could beat.

If only Bloomberg could figure out which party he is really in.

Mike “Mish” Shedlock

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November 7th, 2019

Posted In: Mish Talk

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