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Oct 6, 2008 7:38 pm US/Eastern
Bloomberg Tackles Global Economy In Trip To London
By CBS News Reporter Charlie D'Agata
NEW YORK (CBS) ―
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With the banking crisis now a global problem, New York City Mayor Michael Bloomberg crossed the ocean to meet with European leaders who are desperate to stop the market madness. (File)
CBS
With the banking crisis now a global problem, New York City Mayor Michael Bloomberg crossed the ocean to meet with European leaders who are desperate to stop the market madness.
There is plenty of finger pointing as the economic crisis taking its toll on Europe, and the billionaire businessman says there is plenty of blame to go around.
"We are all guilty," Bloomberg said Monday. "The enemy is us. We have for a long time been willing to expand an economy around the world greater than everybody knew was sustainable."
Bloomberg addressed European bankers who are reeling over the market meltdown that's spreading around the world. One European country after another has been forced to prop up banks and guarantee customers' savings.
"The state of confidence is so fragile in the banking system at the moment that if the government don't do anything along these lines, then you have to worry about what the consequences could be," Economist Michael Taylor told CBS News.
Restoring that confidence is what Bloomberg says his visit in London is all about, and emphasized that it will be up to the world's two international capitols to steer through the crisis.
"The bonds between our two cities and our countries have never been stronger. Over the decades, we have both endured economic recessions and depressions and we both have come out stronger for it," he said.
It's the mayor's first major appearance since announcing he wants to eliminate term limits to run for a third term. The self-made billionaire says his Wall Street experience is crucial at a time of global financial crisis, which he says is the worst confidence crisis in our lifetime.
And whether on the campaign trail or the road to economic recovery, Bloomberg is always banking on success.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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