Here is part of what former Labor Secretary Robert Reich (pictured) had to say about this:
Bad enough that a tyrant is destroying American democracy. Now an oligarch is trying to buy the presidency. Michael Bloomberg’s net worth is over $60 billion. The yearly return on $60 billion is at least $2 billion – which is what Bloomberg says he’ll pour into buying the highest office in the land. I’m not saying that great wealth should disqualify you from becoming president. America has had some talented and capable presidents who were enormously wealthy – Franklin D. Roosevelt, Teddy Roosevelt, John F. Kennedy, for example. The problem lies at the nexus of wealth and power, where those with great wealth use it to gain great power. This is how oligarchy destroys democracy. So far, Bloomberg spent over $380 million on campaign advertising. That’s more than Hillary Clinton spent on advertising during her entire presidential run. It’s multiples of what all other Democratic candidates have spent, including billionaire Tom Steyer. Encouraged by the murky outcome from the Iowa caucuses and New Hampshire primaries, Bloomberg has doubled his spending on TV commercials in every market where he is currently advertising and is expanding his campaign’s field staff to more than 2,000. That’s not the only way he’s using his billions to co-opt the election. He’s been endorsed by House Democrats and Democratic mayors who were the beneficiaries of his fortune during their campaigns. He’s also paying social-media “influencers” with large followings to promote his campaign. His paid staff is already three times as large as Trump’s, five times Joe Biden’s. He’s using his fortune to woo staffers awayfrom other campaigns. . . . The word “oligarchy” comes from the Greek word oligarkhes, meaning “few to rule or command.” It refers to a government of and by a few exceedingly rich people. Since 1980, the share of America’s wealth owned by the richest four hundred Americans has quadrupled while the share owned by the entire bottom half of America has declined. The richest 130,000 families now own nearly as much as the bottom 90 percent – 117 million families – combined. The three richest Americans own as much as the bottom half. Michael Bloomberg is the eighth richest. Big money inevitably engulfs politics, which is why a handful of extremely rich people like Bloomberg have more influence than any comparable group since the robber barons of the early 20th century. Unlike income or wealth, power is a zero-sum game. The more of it at the top, the less of it anywhere else. And as power and wealth have moved to the top, everyone else has become dis-empowered. Today the great divide is not between left and right. It’s between democracy and oligarchy. Bloomberg is indubitably part of that oligarchy. If the only way we can get rid of a sociopathic tyrant named Trump is with an oligarch named Bloomberg, we will be forced to choose the oligarch. But let’s hope it doesn’t come to that. Oligarchy is better than tyranny. But neither is as good as democracy.