Nov 11, 2019

The markets would like Mike

Photo: Ole Jensen/Getty Images

Former New York Mayor Michael Bloomberg dipped his toe into the 2020 election water last week, and some investors are already salivating.

What it means: Analysts at investment bank Cowen and Co. argue in a recent whitepaper that Bloomberg's policies would provide the market a big boost, even though they argue the billionaire is "unlikely to substantially ease regulatory policies" and " is actually likely to toughen some capital and consumer protection rules."

The big picture: Fed Chair Jerome Powell's term expires in early 2021, and a new president is likely to replace him.

  • "Our expectation is that Bloomberg would replace Jerome Powell with a center-left economist similar to Janet Yellen," analysts said in the paper.

Bloomberg also would be expected to "open the door for infrastructure legislation and other policies that would spur the economy and thus benefit housing and the banks."

The intrigue: While wide-ranging deregulation is not expected, Bloomberg has previously criticized some aspects of the Dodd-Frank financial reform law as too complex and complicated and "argued instead for recruiting people from inside regulated industries to craft rules" for them.

By the numbers: A new poll from Morning Consult/Politico shows Bloomberg leads President Trump by 6 percentage points in a hypothetical 2020 matchup, with 43% of likely voters saying they would back Bloomberg to Trump's 37% if the election were held today.

  • However, 21% of those polled said they don’t know or don’t have an opinion.
  • And Bloomberg is currently in sixth place, with just 4% of Democratic primary voters.

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The fringe internet frets over Mike Bloomberg's place in the 2020 race

Photo: Andrew Burton/Getty Images

Since entering the presidential fray last week, billionaire Mike Bloomberg has become a popular topic on fringe internet forums, where users have dished about what his war chest could mean for the race, according to data provided to Axios from social intelligence firm Storyful.

Why it matters: Discussions on Reddit, as well as fringe-right sites 4chan and Gab, discuss whether Bloomberg's well-financed entrance into the race will upend President Trump's second bid for The White House.

Go deeperArrowNov 12, 2019

Mike Bloomberg officially announces presidential run

Photo: Yana Paskova/Getty Images

Billionaire and former New York Mayor Mike Bloomberg officially announced on Sunday that he's running for president as a Democrat.

"I’m running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of President Trump’s reckless and unethical actions. He represents an existential threat to our country and our values. If he wins another term in office, we may never recover from the damage. The stakes could not be higher. We must win this election. And we must begin rebuilding America. I believe my unique set of experiences in business, government, and philanthropy will enable me to win and lead."
— Mike Bloomberg
Go deeperArrowNov 24, 2019

Bloomberg apologizes for controversial "stop-and-frisk" policing practices

Michael Bloomberg at a 2019 gala in New York City. Photo: Ron Adar/SOPA Images/LightRocket via Getty Images

Former New York City Mayor Mike Bloomberg apologized at a black megachurch in Brooklyn on Sunday for implementing aggressive “stop-and-frisk” policing practices that disproportionately targeted black and Latino people across the city, the New York Times reports.

Why it matters: Bloomberg’s speech was his first since he filed paperwork to enter the 2020 presidential primary in Alabama, with the comments marking a surprising reversal on a core policy of the former mayor's tenure. Bloomberg in the past has strongly defended stop-and-frisk, which allowed police officers to stop and search anyone they suspected of a crime.

Go deeperArrowNov 17, 2019