We’ve had some major run-ins with Michael Bloomberg when he was New York City mayor, spreading climate change gloom and doom and taxing Big Gulps.  But his 12 years as mayor were a sanity-filled paradise compared to the “collectivism” agenda being promoted by Zohran Mamdani.

Bloomberg is sounding like Adam Smith these days ringing the alarm against government ownership of key business sectors.

Bloomberg warns that if government becomes a part owner of AI companies:

The positive effects of market competition can break down. Politics trump profits, favoritism and cronyism take root, innovation suffers, competitiveness erodes, and regulation is corrupted.

Instead of a meritocracy where the best products and services compete to win, the market becomes a smoke-filled backroom where success is determined by political connections, lobbying budgets and electoral considerations, all of which will corrupt regulatory decisions, stifle competition and diminish innovation… When the companies become too big and bloated to fail, the public will be on the hook for the bailouts.”

He concludes: “the potential for propaganda would make George Orwell blush… Marx would love it. The rest of us should demand that both parties reject it.”

We hope our friends in the Trump White House are listening.