They’re having a reverse political insurrection in New York City, with Mayor Michael Bloomberg teaming up with leaders of that city’s council to do away with term limits so they can run to stay in office for at least another four years.

Their main argument is that only one man in all of New York — Mayor Bloomberg — has the brains, experience, fortitude, etc, to lead New York through the tough times brought on by Wall Street’s current volatility.

Ironically, I was always a little envious of New York City precisely because it had term limits. In fact, if not for term limits, New Yorkers might have been stuck with a third term of Mayor Rudolph Giuliani, who, if you recall, tried to postpone his departure from office on the grounds that he was the only man with the brains/experience/fortitude/etc to lead New York through tough times brought on by 9/11.

Meanwhile, here in Chicago, we would never even dare to imagine term limits. It’s assumed that only one man — and you know who that is — can be mayor, which is why we we’re apparently willing to put up with, among other things, waste, scandal, and the selling off of assets.

Tread carefully, NYC.