While six Democratic candidates for president were on stage in Iowa, another candidate, former New York City Mayor Michael Bloomberg, appeared on "The Late Show with Stephen Colbert."
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Bloomberg said he has so far spent several hundred million dollars on the campaign. He called it "his investment in getting rid of Donald Trump and getting a decent president."
While Bloomberg has not campaigned in the first four states that will hold contests, he said he has been to 20 states and 40 cities.
To participate in the debates, candidates need to hit certain donor quotas. Bloomberg says he only has one donor: himself.
When asked if he is qualified for the job, Bloomberg said he ran the biggest city in America.
"Nobody goes into the office with the experience of running 4 million employees which the president has," said Bloomberg. "But it's not an entry-level job that needs training wheels and I don't need training wheels."
Colbert asked about the war in Iraq and what the bar for military intervention.
"It has to really threaten America," said Bloomberg. "If other countries are threatened, we have an obligation to go and help."
Bloomberg said that Sen. Elizabeth Warren's wealth tax plan doesn't work.
"We have to raise taxes on the wealthy, that's how you fix income inequality. That's where we get the money to do the things we need to do to keep the country safe and keep the economy going."
Bloomberg had been criticized over his "stop-and-frisk" policy while mayor, which he apologized for when announcing his presidential candidacy.
"It started out with murder in the city. I had a responsibility to stop the carnage," said Bloomberg. "I realized we were doing it too much. I said let's try something. Stop doing the stop-and-frisk and we cut 95 percent out. I said I made a mistake and if you can't apologize, I don't know how you live with yourself. Apologize and get on with it."
On gun control, Bloomberg pointed to background checks.
"You don't want the wrong people to get guns. You don't want to sell guns to minors. We have the Second Amendment, we're not going to change the Constitution. You have the right to bear arms. But the courts let you say no guns to minors and no guns to people with psychiatric problems and no guns to people with criminal records."