Bloomberg Historical Quotes

Bloomberg weighed three hundred pounds. This itself was historical. I revered his weight. It was an affirmation of humanity's reckless potential; it went beyond legend and returned through mist to the lovely folly of history. To weigh three hundred pounds. What devout vulgarity.

Rather, the issue is whether it is right to have a mosque and Islamic center in virtually the exact spot where so many Americans were killed in the name of Islamic holy war. I don’t think it is right, any more than I would support the idea of a neo-Nazi recruiting center at Auschwitz. My sympathies in this case are not with religiously deprived Muslims, but rather with Debra Burlingame, a spokesperson for a 9/11 victims group. “Barack Obama has abandoned America at the place where America’s heart was broken nine years ago,” she said.5 Some supporters of the mosque, such as New York mayor Michael Bloomberg, clearly missed the distinction being made here between the right to worship and how and where that right is exercised. Fareed Zakaria, writer and CNN host, recognizes the distinction; even so, he argues in favor of the mosque on the grounds that the folks building it are traditional Muslims who have condemned terrorism.6 Still, it’s not clear why these moderate Muslims disregarded the sentiments of the 9/11 victims’ families and decided on a site so close to Ground Zero. Undoubtedly radical Muslims around the world will view the mosque as a kind of triumphal monument. There is historical precedent for this. Muslims have a long tradition of building monuments to commemorate triumphs over adversaries, as when they built the Dome of the Rock on the site of Solomon’s Temple, or when Mehmet the Conqueror rode his horse into the Byzantine church Hagia Sophia and declared that it would be turned into a mosque. Many Americans may not know this history, but the radical Muslims do, and Obama does as well. The radical Muslims would like the Ground Zero mosque built so it can stand as an enduring symbol of resistance to American power, and President Obama evidently agrees with them.

Let’s take the case of US law schools as an example. If you were to say to someone educated, “There are too many law schools producing too many lawyers in the US,” she would probably agree, in part because there have been dozens of articles over the past several years about the precipitous drop in positions at law firms and the many unemployed law school graduates.9 The general response to this problem is, “Well, people will figure it out and eventually stop applying to law school,” the suggestion being that the market will clear and self-correct if given enough time. On the surface it looks like this market magic is now happening. In 2013, law school applications are projected to be down to about 54,000 from a high of 98,700 in 2004.10 That’s a dramatic decrease of 45 percent. However, a closer look shows that the number of students who started law school in 2011 and are set to graduate in 2014 was 48,697, about 43,000 of whom will graduate, based on historical graduation rates.11 We’ll still be producing 36,000–43,000 newly minted law school grads a year, not far from the peak of 44,495 set in 2012, from now until the current entering class graduates in 2016. Meanwhile, in 2011, only 65.4 percent of law school graduates got jobs for which they needed to pass the bar exam, and estimates of the number of new legal jobs available run as low as 2,180 per year.12 Bloomberg Businessweek has projected a surplus of 176,000 unemployed or underemployed law school graduates by 2020.13 So even as applications plummet, there will not be dramatically fewer law school graduates produced in the coming several years, though it will have been easier to get in as acceptance rates rise due to the diminished applicant pool.14 We’ll still be producing many more lawyers than the market requires, but now they’ll be less talented. If anything, the situation is going to get worse before it gets better. Human capital markets don’t self-correct very quickly, if at all. At a minimum there’s a massive time lag that spans years, for several reasons.