On CBS this morning New York City Mayor Michael Bloomberg said both the Romney and Obama campaigns haven’t been specific on how they plan to fix the economy. But he understands why.

“Do you believe President Obama and Gov. Romney have laid out the specificities as to what they would do to avoid the crisis?” co-host Charlie Rose asked.

“No, I don’t think they have,” Bloomberg said. “Now, in all fairness to them, when you live and campaign in a world where the press reduces everything to a sound bite, I’m somewhat sympathetic to both of them that they can’t enunciate a comprehensive plan for any difficult problem. Having said that, they have not done in the past what they should have done when they had the opportunities.