Why do billionaires think they can be great presidents?

Former Mayor Michael Bloomberg speaking with attendees at the Presidential Gun Sense Forum hosted by Everytown for Gun Safety and Moms Demand Action at the Iowa Events Center in Des Moines, Iowa. Credit: Gage Skidmore. 

Former New York Mayor Michael Bloomberg is expected to file papers today to be on the Democratic presidential primary ballot in Alabama.

The other billionaire in the race is Tom Steyer, the California hedge fund manager and liberal activist. He’s in hot water after the AP reported a top aide was offering campaign contributions to Iowa politicians in exchange for endorsements.

Another billionaire wading into presidential politics: Bill Gates. He recently criticized Elizabeth Warren’s wealth tax.