Then Republicans in Congress pushed successfully for a constitutional amendment limiting Presidents to only two terms in office. That amendment, enacted in 1951, explicitly exempted President Harry Truman — because it was considered wrong to change the rules to affect a sitting official.
Some people who like Mike and don’t think much of the current field of replacements insist that the quality of the leader is more important than these principles. And given the Wall Street meltdown this week, his supporters are now arguing that his business skills justify continuation irrespective of City law. But that “indispensable man” argument holds no water. As Mike himself has repeatedly and self-effacingly noted, “I’ve always said that a new guy can do better.”
Earlier this year, his spokeswoman said that “he’s absolutely ruled out a third term.” Speaker Christine Quinn, his potential partner in any back-room deal, added, “I will not support the repeal or change of term limits through any mechanism, and I oppose aggressively any attempt to make any changes in the term limits law.” What’s changed?
Bloomberg has come to his fork in the road: One route ends with his reputation and legacy intact as an accomplished, nonpartisan mayor.

