Few people know the experience of running against a popular billionaire incumbent mayor better than Freddy Ferrer. Every time the Bloomberg campaign fires off a press release criticizing Bill Thompson on education or leadership, Ferrer can say he has been there, that he too has felt those stings.

But New York has changed in the past four years. And Bloomberg has not, Ferrer says, leaving open the question of whether this time, an underfunded underdog candidate like Thompson can prevail.

Sitting in his office at Mercury Public Affairs, Ferrer discussed the race, the mob and Thompson’s advantages. And mustaches.

What follows is an edited transcript.

City Hall: What do you think is different about conditions now as opposed to 2005?

Freddy Ferrer: Eight years is the difference, and declining economic conditions. Look, I don’t think Mike Bloomberg can credibly make the argument in 2009 that, “I’m the guy with the plan for 400,000 new jobs, I’m the guy with the plan to relieve this, I’m the guy with the plan to build more housing,” when he hasn’t done the job in eight years. And it seems to me that this time around people are going, “If you haven’t done the job in eight years, what leads me to believe you should be trusted with it for another four? If you can’t do it in eight, you can’t do it!”

CH: How has the mayor changed as a candidate from four years ago?

FF: I don’t think he’s changed at all. I think his modus operandi for conducting the campaign is precisely the same. Spend everything you can, to nail down as much support as you can, because that kind of money buys a lot of support and even a considerable amount of people, and, you know, be a salesman. But I think after eight years New Yorkers are scratching their heads going, “Hey, wait a minute.” Not only was the term limits power grab objectionable enough, and it’s probably the straw that breaks the camel’s back in this case, but then we begin to look at all those policies. “I have an MTA plan.” Well, where have you been for the last eight years? “I have an economic development plan, I’m going to produce 400,000 jobs.” Again, where have you been for the last eight years? And by the way, the debacles! Let’s see, apart from the fact that cranes fell down on people, and how many people needed to be killed and property needed to be damaged before you figured out you needed a new commissioner at the department of buildings? As it turns out, the Luchese crime family got hold of a city agency? And this isn’t the cause of a major scandal in this city? Excuse me? But not only are apparently politicians at City Hall asleep on their jobs, but so are newspapers. This isn’t a major scandal in this city? Come on!

CH: So with all this at his disposal, what do you think Bill Thompson’s best strategy is?

FF: Husband his resources. He’s not going to outspend Mike. You know, it’s like trying to pick off multiple warhead missiles with a slingshot. You’ve got to husband your resources and spend it where it has the greatest effects, and count on your grassroots, and count on the fact that this is eight years later.

CH: Will he have grassroots support? There is some speculation that the Working Families Party does not see him as a priority candidate.

FF: Yeah I’ve read that. Look, I don’t know what to make of that. You know that’s chatter. It’s not like the ruling council of the Working Families Party doesn’t have Bloomberg people. Sometimes people spin this stuff in the media and expect New Yorkers to be taken for complete idiots. But I guess, you know, they do and they bet on short memories of New Yorkers.

CH: What kind of assets do you think the other citywide candidates can be for Thompson going forward?

FF: Oh, I’m very impressed with our ticket. It’s diverse, not only ethnically diverse but geographically diverse, and I think it’s something that offers new hope to the middle class in this city and to those who aspire to be, or remain in the middle class. I think Bill gets a lot of strength from it. But Bill is a mature, surefooted presence, and I think together with Bill and Bill de Blasio and with John Liu, I think that makes it a very good ticket, a very attractive ticket this year.

CH: Does he need to be more of a firebrand?

FF: I am the last guy you should ask about that. You know everybody’s style is their own style. But I know Bill, and I served with him, so I mean, you get to know somebody well when you serve with them. And you know what, we sat together and served in the same government, when he was deputy borough president to Brooklyn and when he was president of the Board of Education, this is an uncommonly decent and accomplished public servant, and I served with a great many people in government. He’s uncommonly decent and principled, and accomplished.

CH: Some of your endorsed candidates did not make it through the primaries…

FF: In a multi-candidate field, you pick somebody. David Weprin and I go back a very long time. I like him, he’s a decent guy, he wasn’t in the hunt. I happen to like and admire John Liu, so that was easy. And I’m glad he won. Look, Bill de Blasio and I have been friends a while, he was one of the first to support me in 2005, and I was very proud to be with him.

CH: What about the Council races in the Bronx?

FF: Look, I don’t know about the conflict, I mean I supported Maria [Baez] because that’s my home Council district, I know her. And I was frankly offended that what I smelled there was the odor of retribution, you know? I went to the leadership of the party and I told them, “Look, I’m going to go with Maria,” and they said, “Well we’ve been getting a lot of complaints about her.” More than [Larry] Seabrook? What are you talking about? You know, I knew what this was. And they threw the kitchen sink at her, for god’s sake. So, losing by 73 votes, it’s still a loss, but it’s not one where she needs to skulk away.

CH: There remains a lot of animosity in the Bronx, politicians literally getting into fights. Can the borough ever be unified?

FF: I truly don’t know. I didn’t get the wild inconsistency of having someone like Seabrook as your candidate and then going against Baez. I didn’t get it. Look, I just don’t think I understand it. But I’m not terribly active in party issues, and I haven’t been for quite some time. You can ask the last three or four county chairmen—I’m a pretty independent guy and always have been.

CH: Mark Green said he would never run again, yet this year he did. How about you?

FF: No, no. Look, the time I spent in public service was a great blessing to me and one of the biggest privileges anyone could ever have. Being borough president for almost 15 years is like being mayor of your home town. And it is still moving to me, to be on the subway and see people who respond to me and think I did a good job, and even those supporters that thank me for it all these years later. That was a thrill to be in public service and to try to accomplish some things. But my time in public service is done. If I can help others, like our new borough president, who I hope will be our new mayor, I’m more than happy to do it. And I think it’s a privilege to be able to assist in that way. But for me, public service, you know, there’s a time when you need to step away.

CH: Do you see yourself as an Ed Koch figure?

FF: No. I still love the game. I love watching it, I love commenting on it, I could even coach it. I fell out of love personally, like a lot of pro athletes, with playing it. And not because it wasn’t a worthy thing to do, but there comes a time when, hey, I’m into some other things. And it’s nice when, look, when you’re in public service and you’re in a position to get some things done, wow, there’s no better feeling in the world.

CH: Were you disappointed that Thompson shaved his mustache?

FF: I will not share with you what I told him. On matters large and small my conversations with public servants tend to remain confidential.