Michael Bloomberg: Why does the stock market keep rising?

This is from a new interview with CBS News last night…

ANTHONY MASON: One of the first things that the president said in the speech today, which he often says, is that the stock market is at a record high.

BLOOMBERG: And it’s up today.

MASON: What is that a reflection of?

BLOOMBERG: I have absolutely no idea. I cannot for the life of me understand why the market keeps going up. Our economy has some real challenges. The infrastructure’s falling apart. We’re destroying jobs with technology. We are keeping the best and the brightest from around the world [from] coming to America to create new jobs and create new businesses. All of those things would give you pause to worry about the future.

MASON: You’ve said immigration reform is probably the most important issue in the U.S. How much do you think it’s costing us?

Bloomberg: Restricting immigration hurts U.S. economy

BLOOMBERG: Well, I don’t know how you put a number on it. What is clear, if you look at who starts new businesses, people that are innovative and risk takers. When you look at immigrants, you really have to be an innovator and a risk taker to leave everything you know in the old country and go to a new country. People that come here come here to work.

MASON: If we slow immigration, restrict immigration, what’s the price of that?

BLOOMBERG: We are hurting ourselves. We’re hurting jobs. We have less business, less business formation, less new ideas.

MASON: You’re afraid we’re falling behind.

BLOOMBERG: I’m not afraid, we are. You think about China … China used to be, made in China? A joke. Cheap stuff, I didn’t wanna use it. Today, made in China, quality.

MASON: You think they’re doing it better than we are?

BLOOMBERG: In some places, yes. I still think there’s no reason we have to fall behind. Unless we stop reaching out to the world, bringing the best and the brightest here, building good trading relationships with everybody. And you can’t do it alone.


CBS Evening News