Mayor Bloomberg Fears National Debt Crisis

The New York Post
September 18, 2008

The next issue for concern in the battered economy is whether there are going to be buyers for the nation’s billions in debt, Mayor Bloomberg said yesterday.

Speaking to students at Georgetown University, Bloomberg pointed out that Wall Street convulsions are being felt around the globe.

“Who’s buying our debt? It’s these overseas funds, these sovereign-wealth funds, these overseas hedge funds. They are in trouble now. So it’s not clear who is going to be buying” US Treasury bills, he said.

Bloomberg was planning to have breakfast in Washington today with Treasury Secretary Henry Paulson – whom he described as an old friend – and Christopher Cox, chairman of the Securities and Exchange Commission.

Meanwhile, city Comptroller Bill Thompson warned that many high-paying jobs on Wall Street may be gone for good.

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