Business, Finance & Economics

Mayor Bloomberg warns of rioting in U.S. streets


Buildings burn on Tottenham High Road, London after youths protested against the killing of a man by armed police in an attempted arrest, August 6, 2011 in London, England. Twenty-nine-year-old father-of-four Mark Duggan died August 4 after being shot by police in Tottenham, north London.


Matthew Lloyd

New York City Mayor Michael Bloomberg has issued a dire warning:

"We have a lot of kids graduating college, can't find jobs," Bloomberg said on his weekly radio show. "That's what happened in Cairo. That's what happened in Madrid. You don't want those kinds of riots here."

Here's how the New York Daily News put the mayor's comments:

Bloomberg's unusually alarmist pronouncement came as President Obama has been pressuring reluctant Republicans to pass his proposed job creation plan. "The damage to a generation that can't find jobs will go on for many, many years," the normally-measured mayor said. Bloomberg gave Obama kudos for coming up with a jobs plan. "At least he's got some ideas on the table, whether you like those or not," he said. "Now everybody's got to sit down and say we're actually gonna do something and you have to do something on both the revenue and the expense side."

Of course, Bloomberg has a point.

Clearly he's been reading up on the J-Curve.