Multibillionaire and former New York City Mayor Michael Bloomberg has some advice for the president when it comes to dealing with Congress.
“You trade, you bribe, you threaten, you cajole — you do all these sorts of things, the same way you run your kids,” Bloomberg said on Wednesday in an interview with Goldman Sachs chief Lloyd Blankfein and Bloomberg TV’s Stephanie Ruhle.
The former mayor, who many on Wall Street want to run for president in 2016, said that compromise means most people get a good percentage of what they want, while a handful of people on the fringes get less.
The responsibility to make that happen, he said, falls on the president.
“The executive’s job is to bring along the legislature,” Bloomberg said. “I don’t want to use the word manage … but it is the executive’s job to explain to the legislators why his or her policies are the right ones and bring them along.”
Goldman Sachs’ Blankfein likened political cycles to economic cycles.
“People are now saying, ‘Gosh, it’s been horrible, it’s never been this bad,'” he said. “Of course it was … We did have a civil war.”
He added that the fragmentation in Congress is not just the fault of the politicians. The electorate should also be blamed for putting people in office who commit to extreme positions.
Asked whether he would consider going into politics, Blankfein said, “I think it would be an attractive thing to do but a very unattractive place to get to.”
Here’s the clip:
NOW WATCH: The story behind the famously offensive twitter account that parodies Wall Street culture
Business Insider Emails & Alerts
Site highlights each day to your inbox.