New York Mayor Michael Bloomberg got his way last week when the city council voted to overturn term limits and allow him to run for a third term. He should be careful what he wishes for.

When Fiorello LaGuardia was elected to a third term in 1941, he was still widely considered New York’s greatest mayor ever. When Robert Wagner followed suit 20 years later, he won in a landslide. Ed Koch won a third term with 78 percent of the vote, at a time when he was being touted as a potential presidential candidate.

Four years later, each of them was gone in disgrace… [read more]