Mike Bloomberg on Technology

Mayor of New York City (Independent)


Invest in growth hubs to generate breakthroughs & jobs

Mike will launch a major R&D initiative to create up to 30 new growth hubs in regions that need good jobs the most. The investment--modeled on the federal programs that brought us the Internet and the biotech industry--will focus on generating scientific breakthroughs in areas such as public health, hydrogen power, green technology and sustainable agriculture.
Source: 2020 Presidential campaign website MikeBloomberg.com , Jan 20, 2020

Fix 240,000 miles of roads, 16,000 bridges in 4 years

Mike's plan will fix 240,000 miles of roads and 16,000 bridges in four years, and dedicate $850 billion over 10 years to building and upgrading roads, bridges, dams and other infrastructure--helping to create millions of jobs. Mike will also establish a $1 billion annual "pothole" fund to make emergency repairs and will triple annual federal investment in public transit, including $12 billion per year for a new operating assistance program to improve service and attract new users.
Source: 2020 Presidential campaign website MikeBloomberg.com , Jan 20, 2020

Crumbling infrastructure undermines global competitiveness

Bloomberg calls for investment in infrastructure and job training to boost U.S. competitiveness. He says "crumbling infrastructure," including roads, airports, and energy grids, is undermining U.S. global competitiveness.
Source: Council on Foreign Relations on 2019 Democratic primary , Dec 24, 2019

Raising deficits constrains federal infrastructure spending

The largest economic challenges we face include a skills crisis that our public schools are not addressing, crumbling infrastructure that imperils our global competitiveness, wage stagnation coupled with growing wealth inequality, and rising deficits that will worsen as more baby boomers retire.

The tax bill [passed by Congressional Republicans and signed by President Trump in December 2017] does nothing to address these challenges. In fact, it makes each of them worse.

INFRASTRUCTURE: Restricting state and local tax deductions will also mean less local investment for infrastructure, and by raising deficits, the bill will constrain federal infrastructure spending. Our airports, railways and roads are in desperate need of modernization, and our energy grids are vulnerable and inefficient. Yet spending on those and other needs, which acts as a catalyst for private investment, will become more difficult.

Source: OpEd by Michael Bloomberg in Bloomberg News , Dec 15, 2017

1979: On Wall Street at dawn of the computer age

Bloomberg was the firm's first Harvard MBA & as a result, in the vanguard of change at Salomon and on Wall Street.

13 years after he began at Salomon, Bloomberg was effectively demoted, transferred off the trading floor to the "information services" department, Tech Support. Bloomberg found himself literally isolated from the action.

Some Salomon traders expected Bloomberg to walk. He says he never considered resignation; he was a loyal Salomon man no matter what. So he stayed, and if the demotion was a blow it nonetheless turned into another of those Bloomberg strokes of good fortune.

The computer age was dawning. Few on Wall Street realized the transformations the machine would bring. But Bloomberg had an early insight. He understood that technology was going to make trading easier and faster, that with computers every trader's information would be more accurate, more timely. Though no one could know it then, Bloomberg had devised a prototype of the computer that would make him a mogul.

Source: Bloomberg: Money, Power, Politics, by J.Purnick, p. 31-34 , Sep 28, 2010

1981: Invented "The Bloomberg terminal" for financial news

Bloomberg recalls that at least a week's copies of the "Wall Street Journal" were always leaning against someone's desk leg on the floor because traders had to search them, to track the recent record of some security.

In 1981 the Philbro Corporation, a publicly-held commodities trading firm, acquired Salomon Brothers. Bloomberg was fired. Bloomberg used his $10 million in going-away money to start his own business, developing a unique computer terminal that assembles and digests financial information. The splashily handsome desktop became the machine that ate Wall Street.

Innovative Market Systems, as the company was called at first, began with 4 people and grew to 10,500 people working in 63 countries by 2008. "The Bloomberg," as it quickly became known, runs new stories produced by 2,300 journalists and editors working in 140 bureaus around the world. It can also be mined for other information, including relevant legal decisions, mounds of financial records and even celebrity gossip.

Source: Bloomberg: Money, Power, Politics, by J.Purnick, p. 36-40 , Sep 28, 2010

Teamed with Gov. Rendell on "Building America's Future"

Pennsylvania governor Ed Rendell in 2008 teamed up with California governor Arnold Schwarzenegger and New York City mayor Michael Bloomberg to form Building America's Future (BAF), a bipartisan coalition looking, in Rendell's words, to "deliver a message to Washington that if America is going to have a future, an economically viable future, a quality-of-life future, a future that involves public safety, we have to begin the business of repairing infrastructure." In a February 2010 speech at an economic conference, Rendell warned, "If we don't do something quickly, by the time 2030 rolls around, America will be a second-rate economic power." Telling the businessmen in the room that "nothing significant will change until the businessmen step up and say, 'Guys, we're having the living daylights beaten out of us. If we don't do something quickly, we're sunk--we're a cooked goose.'"
Source: Third World America, by Arianna Huffington, p. 97 , Sep 2, 2010

Wireless network for better NYPD and NYFD communications

This year, we’ll be launching the New York City wireless network--which allows first responders to get more information, more quickly. Maps, mugshots, rap sheets. It will move us from slow dial-up to high-speed broadband with 100 times the capacity of the old analog system.

At the same time, we’ll expand its functions to serve all of City government--even the more mundane things that influence our quality of life.

Source: 2008 State of the City Address , Jan 17, 2008

Investing in infrastructure critical to competitiveness

Investing in infrastructure is critical to a nation’s competitiveness. China is finishing what will be the world’s largest airport terminal in Beijing. It is building 20,000 km of railway lines and has already built the world’s fastest train, which runs at a top speed of 267 mph. These are the kinds of investments we need more of in America if we are to keep pace with our international competition.
Source: Bloomberg article in Financial Times, “Resist Protectionism” , Dec 11, 2007

Publicity helps business, but it's best to say it yourself

You'd think I'd be blase about publicity by now. But the truth is, recognition is heady stuff, and receiving even insincere adulation is a kick.

Let's not forget the business reason to have bookstores globally displaying our logo. Name recognition improves access for our salespeople. Building a widely recognized brand and a favorable image in consumers' minds takes decades and costs zillions. Every bit of publicity helps; you never know which imprint makes the difference. With radio, television, Internet access, and magazines competing for the public's attention, the old adage, "As long as they spell your name right," applies more than ever.

Another thought was more prophylactic. If we don't, someone else will. Having a rogue writer out there taking journalistic liberties to commercialize the truth is dangerous. I'd just as soon get in our best shot first.

In the end, though, there was only one compelling reason to go ahead. I wanted to say something.

Source: Bloomberg by Bloomberg, by Mike Bloomberg, p.252 , Aug 27, 2001

Technology makes our jobs different but more productive

[On Bloomberg News], some technology lets us do things just not possible manually: for example, reporting from all over the world, even when communications are poor. Digital transmission gives us perfect fidelity no matter from where we're broadcasting.

We prepare our broadcasts, turn our voices into data, save the data just the way print is stored, and have the computer air the programs off the hard disk while we go on to the next story. Instead of voicing our stories several times during a 2-hour rotation, we do it automatically. The computer, not our valuable people, wastes time doing the repetition.

When we first started, people challenged the notion that a computer would compete with a "live" person. Today, old-line practitioners feel threatened. Technology makes our job different but more productive and more interesting. Technology frees us to do more creative work. Technology is responsible for the employment of more and more people, not fewer and fewer.

Source: Bloomberg by Bloomberg, by Mike Bloomberg, p.126-7 , Aug 27, 2001

Political will has not kept pace with scientific advances

From the time civil engineers separated the sewage system from the water supply (causing the single biggest jump in life expectancy ever), technology has been a boon to humankind. Smallpox has been eradicated worldwide at a cost less than what we used to spend vaccinating kids in the United States alone. Now we cure childhood leukemia routinely where before there was no hope.
Source: Bloomberg by Bloomberg, by Mike Bloomberg, p.188 , Aug 27, 2001

Other candidates on Technology: Mike Bloomberg on other issues:
2020 Presidential Candidates:
Pres.Donald Trump (R-NY)
V.P.Mike Pence (R-IN)
V.P.Joe Biden (D-DE)
Sen.Kamala Harris (D-CA)
CEO Don Blankenship (Constitution-WV)
CEO Rocky De La Fuente (R-CA)
Howie Hawkins (Green-NY)
Jo Jorgensen (Libertarian-IL)
Gloria La Riva (Socialist-CA)
Kanye West (Birthday-CA)

2020 GOP and Independent primary candidates:
Rep.Justin Amash (Libertarian-MI)
Gov.Lincoln Chafee (Libertarian-RI)
Gov.Larry Hogan (R-MD)
Zoltan Istvan (Libertarian-CA)
Gov.John Kasich (R-OH)
Gov.Mark Sanford (R-SC)
Ian Schlackman (Green-MD)
CEO Howard Schultz (Independent-WA)
Gov.Jesse Ventura (Green-MN)
V.C.Arvin Vohra (Libertarian-MD)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld (Libertarian-NY,R-MA)

2020 Democratic Veepstakes Candidates:
State Rep.Stacey Abrams (D-GA)
Mayor Keisha Lance Bottoms (D-GA)
Rep.Val Demings (D-FL)
Sen.Amy Klobuchar (D-MN)
Sen.Kirsten Gillibrand (D-NY)
Sen.Maggie Hassan (D-NH)
Gov.Michelle Lujan-Grisham (D-NM)
Sen.Catherine Masto (D-NV)
Gov.Gina Raimondo (D-RI)
Amb.Susan Rice (D-ME)
Sen.Jeanne Shaheen (D-NH)
Sen.Elizabeth Warren (D-MA)
Gov.Gretchen Whitmer (D-MI)
A.G.Sally Yates (D-GA)
Civil Rights
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Social Security
Tax Reform

External Links about Mike Bloomberg:

2020 Withdrawn Democratic Candidates:
Sen.Michael Bennet (D-CO)
Mayor Mike Bloomberg (I-NYC)
Sen.Cory Booker (D-NJ)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Secy.Julian Castro (D-TX)
Mayor Bill de Blasio (D-NYC)
Rep.John Delaney (D-MD)
Rep.Tulsi Gabbard (D-HI)
Sen.Mike Gravel (D-AK)
Gov.John Hickenlooper (D-CO)
Gov.Jay Inslee (D-WA)
Mayor Wayne Messam (D-FL)
Rep.Seth Moulton (D-MA)
Rep.Beto O`Rourke (D-TX)
Gov.Deval Patrick (D-MA)
Rep.Tim Ryan (D-CA)
Sen.Bernie Sanders (I-VT)
Adm.Joe Sestak (D-PA)
CEO Tom Steyer (D-CA)
Rep.Eric Swalwell (D-CA)
Marianne Williamson (D-CA)
CEO Andrew Yang (D-NY)

Page last updated: Mar 20, 2021