The whole Bloomberg Putsch whereby term limits are arbitrarily set aside just this once was predicated on the belief by some (mainly Bloomberg) that Bloomberg, and ONLY Bloomberg, can save us all from economic collapse.

Bloomberg's Messianic delusions aside, the world pretty much doesn't care whether Bloomberg is made Tsar of New York or not. Far from being reassured by the green light given by City Council Lap Dogs to a third Bloomberg term, world markets plunged today:

The Dow Jones Industrial Average fell 5% in the first minutes of trading, while the hi-tech Nasdaq index plunged as much as 6% at one point.

On European markets, London was down 6% in afternoon trading, Frankfurt fell 8% and Paris was 6% lower.

So why was it that Bloomberg and the City Council spit on the will of the people?