On November 1, 2011, during a "Town Hall" meeting in mid-town Manhattan, a reporter asked Mayor Michael Bloomberg for his thoughts on the "Occupy Wall Street" protests. Mayor Bloomberg responded by, in effect, saying the movement's focus on Wall Street was mis-directed, because in the mayor's words, ". . . . Plain and simple, Wall Street didn't cause the financial crisis, Congress did."
If you are unfamiliar with Michael Bloomberg’s credentials you might logically ask, “Does Michael Bloomberg have the background and experience to make judgment about financial matters?”. You be the judge:
Michael Bloomberg attended Johns Hopkins University. He graduated in 1964 with a Bachelor of Science in electrical engineering. In 1966 he received his Master of Business Administration from Harvard Business School
In 1973, Bloomberg became a general partner at Salomon Brothers, a bulge-bracket Wall Street investment bank, where he headed equity trading and, later, systems development. In 1981, Salomon Brothers was bought and Bloomberg was laid off from the investment bank and given a $10 million severance package. Using this money, Bloomberg went on to set up a company named Innovative Market Systems. His business plan was based on the realization that Wall Street (and the financial community generally) was willing to pay for high quality business information, delivered as quickly as possible and in as many usable forms possible, via technology (e.g., graphs of highly specific trends). In 1982, Merrill Lynch became the new company's first customer, installing 22 of the company's Market Master terminals and investing $30 million in the company. The company was renamed Bloomberg L.P. in 1987. By 1990, it had installed 8,000 terminals. Over the years, ancillary products including Bloomberg News, Bloomberg Message, and Bloomberg Tradebook were launched.
One year into his second term of office President Bill Clinton explained it this way: