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It's funny how convenient a giant crisis can be when you want to cling to elected office! Back in 2001, Rudy Giuliani argued that the events of September 11th necessitated bending term limits so he could remain in office an additional three months. It didn't happen, of course. (And now Rudy claims he really didn't want to stay in office, it was the public who pushed him to pursue the plan. Ha.) Now Michael Bloomberg is expected to announce shortly that he's going to push City Council legislation to change term limit laws so he can seek a third term. Mike's new rationale for staying put? According to his advisers, he "will argue that the worldwide financial crisis—with its potentially severe impact on New York City—demands his steady hand and business experience." We're not sure he really needs an excuse, though. (Just mentioning the names of some of his possible replacements seems like sufficient evidence.) But it also isn't clear how having Bloomberg remain in office will do much to help the economy.

Is the city going to, like, dissolve into chaos without Bloomberg's firm hand on the tiller? Are we going to all be unemployed and homeless if Christine Quinn or Anthony Weiner assume the top job at City Hall. Probably not! Although it is a nice insurance policy. Today's Wall street Journal mentions that the credit markets are so tight that some rich CEOs have been loaning their companies money since the businesses can't borrow from banks. So there you go! If we end up in a financial crisis along the lines of what New York experienced in the late '70s—and Bloomberg's own rep is on the line—perhaps some of his billions will come in handy.