Michael Bloomberg is completely misreading the American electorate

The last thing the American people want is a billionaire oligarch arguing for elite policies

Is Michael Bloomberg right about being the candidate who can save America from Donald Trump and Ted Cruz?
(Image credit: ALAIN JOCARD/AFP/Getty Images)

I speculated a while back that we might get more self-financed billionaire presidential candidates if Donald Trump proves the model. But it looks like Mike Bloomberg might not even wait that long.

The former mayor of New York City — who is worth an estimated $36.5 billion, thanks to founding the global financial data giant that bears his last name — has reportedly told his advisors to draw up plans for a potential independent run this year. According to a story in The New York Times, Bloomberg is disturbed by the rise of both Donald Trump and Ted Cruz in the GOP field, and Bernie Sanders on the Democratic side. He's anticlimactically toyed with presidential bids before, and has apparently set himself a March deadline to decide.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.