In announcing his push for a third term, a somber Mayor Michael Bloomberg said he is motivated by a looming global financial meltdown that could have dire consequences for New York City.

He said the pending 700 billion dollar Wall Street bailout bill was no silver bullet and than invoked the 1920s as an historical equivalent to the present crisis.

He conceded that this move was a reversal from his own strong support of a two term limit for City officeholders. But, Bloomberg added, his staff would work on the details of the council legislation that would clear the way for a repeal of term limits, something voters have passed twice by referendum.

For WNYC from City Hall I'm Bob Hennelly.