Former New York City Mayor Michael Bloomberg Michael BloombergTop Democratic super PAC launches Florida ad blitz after Bloomberg donation The Hill's 12:30 Report - Presented by Facebook - Latest with the COVID-19 relief bill negotiations The Memo: 2020 is all about winning Florida MORE is calling the nation's two-party system "broken" amid speculation he may decide to enter the presidential race.

“Candidates sense that. … America has lost faith with its institutions, but instead of fixing it, they are trying to exploit it,” he said at a book party for columist Peggy Noonan, according to a trasncript provided by a source close to Bloomberg to MSNBC.

"The list of supposed villains we hear about is long — but the actual solutions that Americans seek have been in short supply.

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“The problems that we face are very real. We all know about them: There’s wage stagnation at home; American retreat around the world; and a corrupt, gridlocked and broken two-party system that answers to lobbyists and special interests instead of the American people.”

Bloomberg then detailed his vision for settling partisan strife and achieving harmony in the nation’s political climate.

“I know that you don’t solve problems by pointing fingers or making pie-in-the-sky promises,” he said. "You solve them by bringing people together around common goals, promoting innovation, demonstrating independence and recognizing that compromise is not a bad word.”

The former mayor added that the political frustration of everyday Americans “is why you see the current candidates out there doing well and not the conventional ones.”

Bloomberg first publicly revealed he is considering a third-party Oval Office bid earlier this month, arguing the public deserves “a lot better” than its current options.

Reports emerged late last month that he has set early March as the deadline for his decision and that he would spend at least $1 billion on his campaign.

MSNBC reported Friday that Bloomberg boasts an estimated net worth of at least $41.3 billion.