WEBVTT - NYC Mayor Adams Plots Comeback Off Of Mamdani's Win 0:00:02.520 --> 0:00:10.520 Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg Business 0:00:10.520 --> 0:00:14.680 Weekdaily reporting from the magazine that helps global leaders stay 0:00:14.720 --> 0:00:18.799 ahead with insight on the people, companies, and trends shaping 0:00:18.800 --> 0:00:23.760 today's complex economy, plus global business, finance and tech news 0:00:23.800 --> 0:00:28.240 as it happens. The Bloomberg Business Weekdaily Podcast with Carol 0:00:28.320 --> 0:00:31.720 Masser and Tim Stenebeck on Bloomberg Radio. 0:00:32.159 --> 0:00:34.320 A Republican planned to cut two hundred and fifty billion 0:00:34.360 --> 0:00:38.120 dollars in medicaid another healthcare spending hit a procedural roadblock 0:00:38.159 --> 0:00:41.560 in the Senate today. It complicates efforts to pass Donald 0:00:41.560 --> 0:00:44.880 Trump's massive tax and spending package. We go down to 0:00:44.920 --> 0:00:48.640 Katherine Lucy, Bloomberg News White House correspondent, Catherine, is this 0:00:48.760 --> 0:00:52.000 bill at risk as a result of cutting two hundred 0:00:52.040 --> 0:00:54.200 and fifty billion dollars in medicaid? 0:00:54.920 --> 0:00:58.279 It just certainly slows this bill down. It certainly complicates it. 0:00:59.640 --> 0:01:03.120 As you said said, what's an issue here is a 0:01:03.160 --> 0:01:05.160 plan to cut two hundred and fifty billion in medicaid 0:01:05.200 --> 0:01:09.200 and healthcare spending that the Senate parliamentarian has said they 0:01:09.240 --> 0:01:12.920 can't move in this bill with the processes that they 0:01:12.920 --> 0:01:16.160 are doing here. Leaders are saying they have time, that 0:01:16.240 --> 0:01:20.720 they have plans they can do this, and I think 0:01:20.800 --> 0:01:23.600 they are looking at ways to refashion this. But it 0:01:23.640 --> 0:01:27.160 does take time to rewrite legislation. It does take time 0:01:27.200 --> 0:01:30.840 to do this and to keep a sort of combative 0:01:31.520 --> 0:01:36.319 a group of Republicans on board. So trying to keep 0:01:36.360 --> 0:01:39.600 everyone rowing in the same direction is an issue. That said, 0:01:40.400 --> 0:01:42.959 the event at the White House today is Donald Trump 0:01:43.040 --> 0:01:45.640 trying to do just that. He is trying to rally 0:01:45.680 --> 0:01:49.240 support behind this bill. He is aggressively pushing for it 0:01:49.280 --> 0:01:53.920 to be passed by July fourth, He is personally a 0:01:53.960 --> 0:01:56.080 lobbying for it, and so I think he's going to 0:01:56.120 --> 0:01:58.560 pull out all the stops to try and make sure 0:01:58.600 --> 0:01:59.320 that this happens. 0:01:59.640 --> 0:02:04.000 So what's the time? What does this due to the timeline? Right, 0:02:04.040 --> 0:02:05.640 that's what everybody We know that there's a lot of 0:02:05.680 --> 0:02:08.519 pressure Catherine on the President in the next couple of 0:02:08.560 --> 0:02:11.600 weeks to get a bunch of stuff done, including trade 0:02:11.639 --> 0:02:15.360 tariffs and of course his tax and spending bill. So 0:02:15.880 --> 0:02:18.359 what's the timetable if there is a rewrite, how do 0:02:18.440 --> 0:02:21.200 they do it? You're right, that's complicated, it's complicated. 0:02:21.360 --> 0:02:24.400 You know they are now working to do this and 0:02:24.440 --> 0:02:26.440 we'll have to see how quickly they can come up with, 0:02:26.960 --> 0:02:28.880 you know, a new version of it. I mean, I 0:02:28.960 --> 0:02:32.160 think you guys know as well as anyone that Congress 0:02:32.440 --> 0:02:34.639 never does anything until they're up against a hard deadline. 0:02:34.760 --> 0:02:38.080 So things do happen when they feel like they're just 0:02:38.680 --> 0:02:43.440 against the wall. So there is a little bit of that. 0:02:43.600 --> 0:02:45.440 But I think you are really going to see an 0:02:45.440 --> 0:02:48.760 aggressive effort by the President who really wants to do 0:02:48.800 --> 0:02:50.400 this by July for them, and we'll see if he 0:02:50.400 --> 0:02:52.480 can make it happen. But it is I mean, this 0:02:52.639 --> 0:02:56.200 is his main legislative focus, you know that, you know, 0:02:56.280 --> 0:02:59.919 for this term, this is his top legislative priority, and 0:03:00.200 --> 0:03:03.160 he and Republicans really think that they need to pass 0:03:03.200 --> 0:03:05.760 this to have something to run on next year in 0:03:05.800 --> 0:03:08.440 the midterms, so it is a top priority. 0:03:08.800 --> 0:03:10.640 All right, good stuff. We wanted to check in and 0:03:10.639 --> 0:03:12.000 find out what kind of where we are on this, 0:03:12.080 --> 0:03:14.840 so really appreciate it. Catherine Lucy. She has Bloomberg News 0:03:14.880 --> 0:03:17.840 White House correspondent joining us from our bureau in the 0:03:17.919 --> 0:03:19.160 nation's capital. 0:03:19.200 --> 0:03:21.519 Well from the nation's capital to the financial capital of 0:03:21.560 --> 0:03:23.960 the world. We are of course talking about New York City, 0:03:24.360 --> 0:03:27.840 where Andrew Cuomo's loss is Eric adams game. Just days ago, 0:03:28.360 --> 0:03:31.840 the New York City mayor faced steep reelection odds, but Adams, 0:03:32.160 --> 0:03:34.359 who dropped out of the campaign as a Democrat to 0:03:34.440 --> 0:03:37.800 run as an independent, is suddenly looking less toxic to 0:03:37.880 --> 0:03:41.880 a class of moderate voters. Laura Namius is Bloomberg News 0:03:41.920 --> 0:03:43.520 New York politics reporter. She joins us here in the 0:03:43.520 --> 0:03:47.120 Bloomberg Interactive Brokers studio. Laura, you were honor with us 0:03:47.160 --> 0:03:51.720 earlier this week, and you said, don't count out Eric Adams, right, essentially, 0:03:51.760 --> 0:03:54.280 and that's what the strategists have been telling you. But 0:03:54.320 --> 0:03:56.760 I think a lot of the public had said, you know, 0:03:56.880 --> 0:03:59.240 after the challenges he faced and him dropping off the 0:03:59.280 --> 0:04:00.960 Democratic tick, he's kind of done. 0:04:01.000 --> 0:04:03.520 He's not so done now he's not so done, in 0:04:03.560 --> 0:04:07.640 part because of the drastic underperformance of Andrew Cuomo in 0:04:07.680 --> 0:04:11.880 the primary. I think toward then there, Cuomo backers were 0:04:11.920 --> 0:04:14.600 maybe expecting the race to be close. They didn't expect 0:04:14.640 --> 0:04:17.080 Andrew Cuomo to be losing on the first ballot in 0:04:17.160 --> 0:04:21.080 this contest by more than six percentage points, a gap 0:04:21.120 --> 0:04:23.680 that's likely to widen next week when all of the 0:04:23.720 --> 0:04:26.479 ballots are fully counted. Despite the fact that he had 0:04:26.520 --> 0:04:31.119 an insane money advantage over every other candidate in the race, 0:04:31.200 --> 0:04:34.960 including a twenty five million dollars super pack backing his candidacy. 0:04:35.200 --> 0:04:38.000 So they're wondering, if he couldn't win this, can he 0:04:38.080 --> 0:04:41.560 win the whole thing? And should Cuomo drop out and 0:04:41.920 --> 0:04:46.560 consolidate behind a different moderate candidate, maybe Eric Adams, so 0:04:46.600 --> 0:04:49.240 that he doesn't play spoiler in hand the election to 0:04:49.240 --> 0:04:52.279 Mom Donnie or a Republican Curtis Lee was running on 0:04:52.279 --> 0:04:53.920 the GOP line Laura. 0:04:54.120 --> 0:04:57.039 Eric Adams looking less toxic is still toxic. So I'm 0:04:57.040 --> 0:04:59.040 just curious, like how that plays politically. 0:05:00.160 --> 0:05:04.600 That remains to be seen. We haven't seen fresh polling 0:05:04.760 --> 0:05:08.400 that's non partisan post primary, but the most recent poll 0:05:08.520 --> 0:05:11.200 numbers for Eric Adams are terrible. He was polling in 0:05:11.240 --> 0:05:14.880 the teens. His favorability in New York City among voters 0:05:14.960 --> 0:05:17.599 was in the teens. Like seventy percent of New Yorker's 0:05:17.640 --> 0:05:19.400 disapproved of the job that he was doing as mayor 0:05:19.440 --> 0:05:20.880 as recently as a month ago. 0:05:21.279 --> 0:05:23.080 So it's not an. 0:05:22.920 --> 0:05:26.479 Easy path to victory. But there's some thinking that maybe 0:05:26.520 --> 0:05:28.960 if people are disenchanted enough with the idea of a 0:05:29.000 --> 0:05:32.240 Mom Donnie candidacy they could get behind in Eric Adams. 0:05:31.920 --> 0:05:35.480 One, have you heard anything? So there's the supporters of 0:05:36.560 --> 0:05:39.680 former Governor Cuomo. Yes, And we should note that Michael Bloomberg, 0:05:39.720 --> 0:05:42.679 the founder of Bloomberg LP, the parent company of Bloomberg Radio, 0:05:43.000 --> 0:05:48.440 did support Governor Cuomo ahead of the primary. Do you 0:05:48.520 --> 0:05:52.919 supporters of Have any supporters of Governor Cuomo come and said, 0:05:53.360 --> 0:05:56.280 wait a second, we can now support Mom Donnie. 0:05:56.880 --> 0:06:01.880 So here's what's going on. Donors are having a conversation. 0:06:02.200 --> 0:06:06.240 There are also some powerful backers of Andrew Cuomo who 0:06:06.279 --> 0:06:09.640 are labor unions, and right now conversations are happening with 0:06:09.720 --> 0:06:12.080 labor unions about who they are going to pivot toward 0:06:12.160 --> 0:06:14.800 backing in the general and we are hearing from some 0:06:14.880 --> 0:06:16.840 sources that it's likely that a lot of them are 0:06:16.880 --> 0:06:21.800 going to coalesce behind Mom Donnie. Their agenda largely dovetails 0:06:21.839 --> 0:06:24.000 with some of the things he said he wants. That's 0:06:24.080 --> 0:06:26.440 very different from some of the donors who backed Cuomo 0:06:26.520 --> 0:06:29.640 who are in finance or real estate, who are seeing 0:06:29.680 --> 0:06:33.240 some of Mom Donnie's policies around rent control, around taxes 0:06:33.360 --> 0:06:37.200 as like an existential threat. But those conversations are happening 0:06:37.279 --> 0:06:38.919 right now. It's fair to say that a lot of 0:06:38.960 --> 0:06:42.320 conversations are happening, and that there's maybe a panicked air 0:06:42.480 --> 0:06:45.119 to some of the conversations they're going on right now. 0:06:45.520 --> 0:06:48.400 It's likely or that the unions might back Mom Donnie 0:06:48.400 --> 0:06:49.719 than some of the big money backers. 0:06:49.800 --> 0:06:52.600 Yeah, no, that's really fascinating, right, Like, you know, where 0:06:52.640 --> 0:06:55.080 there's politics, there's money, and where there's money, there's politics. 0:06:55.080 --> 0:06:58.479 But it's just like you do wonder if ultimately Cuomo 0:06:58.680 --> 0:07:02.400 is out. You know, what's the assumption about a lot 0:07:02.440 --> 0:07:04.800 of those you know, a lot of the political donations. 0:07:04.880 --> 0:07:08.400 Does it automatically go to Adams like we could. 0:07:08.240 --> 0:07:11.280 See so in twenty thirteen, if people will remember back then, 0:07:11.800 --> 0:07:14.720 Christine Quinn was the favorite of moderates and a lot 0:07:14.720 --> 0:07:17.880 of people in finance in the Democratic mayoral primary. She lost, 0:07:18.120 --> 0:07:21.400 build a Blasio ultimately won. There was an effort to 0:07:21.440 --> 0:07:24.640 consolidate support behind Deblasio because it was thought that he 0:07:24.720 --> 0:07:27.920 was going to face a competitive general election against Joe Lodo, 0:07:28.000 --> 0:07:30.280 the Republican at the time, and a lot of people 0:07:30.320 --> 0:07:32.680 got behind Deblasio, and they also sort of talked to 0:07:32.760 --> 0:07:36.360 him about moderating his positions about his nominees and who 0:07:36.400 --> 0:07:38.960 he was going to bring into his administration, and there 0:07:39.000 --> 0:07:42.680 was this sort of a moderating force by people who 0:07:42.720 --> 0:07:45.200 had backed his opponents getting behind him at that point. 0:07:45.560 --> 0:07:50.040 Well, speaking of backers, prominent backer Bill Ackman, who was 0:07:50.160 --> 0:07:52.040 one of the most prominent backers in the super Pac 0:07:52.080 --> 0:07:57.680 supporting guests former Governor Cuomo. He has a very long 0:07:57.760 --> 0:08:01.280 post on x which is pretty typical for him. He 0:08:01.320 --> 0:08:07.440 writes very long messages on the platform, and he writes 0:08:07.480 --> 0:08:15.120 about crowdsourcing the next candidate. He's really worried about Mom Donnie. 0:08:15.240 --> 0:08:18.280 He said, who is your best centrist candidate who could 0:08:18.280 --> 0:08:21.160 go toe to toe with Mom Donnie on the campaign 0:08:21.200 --> 0:08:23.640 trail and on the debate stage. Let's crowdsource the names 0:08:23.680 --> 0:08:25.200 and then do a poll. If someone is ready to 0:08:25.280 --> 0:08:28.480 raise their hand, I will take care of the fundraising. 0:08:28.520 --> 0:08:29.200 Is it that easy. 0:08:29.440 --> 0:08:32.079 It is definitely not that easy. This is a little 0:08:32.080 --> 0:08:36.680 bit of inside baseball. But after tomorrow, Andrew Cuomo cannot 0:08:36.760 --> 0:08:39.800 get his name off of the November ballot. He's running 0:08:39.840 --> 0:08:42.280 on an independent line that he set up in case 0:08:42.280 --> 0:08:44.240 he lost the primary, which it looks like he did. 0:08:44.720 --> 0:08:47.920 After tomorrow, if he doesn't decline that nomination, it's impossible 0:08:47.960 --> 0:08:49.880 to get his name off the ballot. The ballot is 0:08:49.920 --> 0:08:53.520 basically set. In order to get someone off of the ballot, 0:08:53.559 --> 0:08:56.040 that person has to either be nominated to run for 0:08:56.080 --> 0:09:00.960 a vacant position somewhere else, or be disqualified by death, 0:09:01.360 --> 0:09:04.040 going to prison, or moving out of the state. Those 0:09:04.040 --> 0:09:08.559 are really significant events. You don't want to force someone 0:09:08.600 --> 0:09:11.040 to die or move out of the state or prison. 0:09:11.800 --> 0:09:15.319 So it's just not that easy. It's not a question 0:09:15.400 --> 0:09:18.200 of right candidate plus right money. There's rules, you know, 0:09:18.320 --> 0:09:19.600 in elections, and they've. 0:09:19.440 --> 0:09:21.800 Been said in I'm gonna say favorite quote of the day. 0:09:22.160 --> 0:09:25.800 We gotta put that one and send it out. It's 0:09:25.840 --> 0:09:27.960 still early. A lot can happen. 0:09:28.160 --> 0:09:31.080 Oh yes, I mean think about three months ago, if 0:09:31.120 --> 0:09:35.480 we were having this conversation, nobody in the general public 0:09:35.520 --> 0:09:38.280 really knew who Zoron mom Donnie was, And now he's 0:09:38.320 --> 0:09:40.880 looking like the next mayor we're talking about right now, 0:09:40.920 --> 0:09:42.439 possibly of the City of New York. 0:09:42.559 --> 0:09:47.880 Anecdotally speaking, I live in South Brooklyn. The ground game 0:09:47.920 --> 0:09:51.319 that Mom Donnie had was unbelievable. I would get notifications 0:09:51.360 --> 0:09:53.800 Carol saw him of like door knockers. Yes, you know, 0:09:53.920 --> 0:09:58.360 coming over to talk to different members of our building 0:09:58.800 --> 0:10:03.440 and it's kind of wild, like he built something really 0:10:03.440 --> 0:10:06.560 from the ground up. Do we see that happening during 0:10:06.600 --> 0:10:10.040 the general election from now until November? Does that continue 0:10:10.679 --> 0:10:11.160 for him? 0:10:11.440 --> 0:10:12.800 I think that that's plausible. 0:10:13.640 --> 0:10:15.680 It's too soon to say what will happen for the 0:10:15.679 --> 0:10:18.560 other candidates who are in the race. Curtis Leiwa, there's 0:10:18.600 --> 0:10:21.640 independent Jim Walden, an attorney, and Eric Adams of course 0:10:21.720 --> 0:10:24.280 running on his own ballot line. You know, we can't 0:10:24.280 --> 0:10:28.240 predict the future. But this enthusiasm that mom Donnie had 0:10:28.240 --> 0:10:31.600 and actually this sort of managerial competence that he did 0:10:31.640 --> 0:10:33.959 show in getting this campaign organization off the ground and 0:10:34.040 --> 0:10:37.880 ultimately looks like winning this primary is nothing to be 0:10:37.920 --> 0:10:40.840 trifled with. It's a serious operation. He had a huge 0:10:40.880 --> 0:10:43.480 get out the vote effort and the data is really 0:10:43.520 --> 0:10:46.440 showing us that he was able to convert people who 0:10:46.480 --> 0:10:49.800 had never voted before into voters in a New York primary, 0:10:49.920 --> 0:10:52.920 usually a very low turnout affair. He has shocked everyone. 0:10:53.040 --> 0:10:55.160 That's a big deal. Yeah, an indication that we would 0:10:55.200 --> 0:10:57.160 assume that that interest is going to carry all the 0:10:57.200 --> 0:10:59.680 way through or it depends like who's left in the race, 0:10:59.760 --> 0:11:03.920 right yes, definitely. I don't know you're the New Yorker. 0:11:05.760 --> 0:11:06.800 What's your last question? 0:11:07.240 --> 0:11:07.560 It is? 0:11:07.800 --> 0:11:09.840 Yeah, I mean, I'm just I'm still blown away by 0:11:09.840 --> 0:11:11.719 the ground game and the interest. I think he was 0:11:11.720 --> 0:11:14.000 seen as somebody literally twelve weeks ago that didn't have 0:11:14.080 --> 0:11:14.840 name recognition. 0:11:15.040 --> 0:11:19.360 Yes, and he also really lacks managerial experience or much 0:11:19.360 --> 0:11:22.240 experience in all money to be Yes. 0:11:22.000 --> 0:11:24.120 His opponent's made on the debate stage, right. 0:11:24.600 --> 0:11:26.880 But he has been saying, and I think people are 0:11:26.960 --> 0:11:29.560 really starting to take this more seriously now that his 0:11:29.640 --> 0:11:33.199 biggest qualification managerially is look at the campaign that I've 0:11:33.280 --> 0:11:36.760 runage built up from nowhere to more than twenty thousand 0:11:36.840 --> 0:11:42.439 individual donors, tons of volunteers, that converted enthusiasm into actual votes, 0:11:42.480 --> 0:11:45.120 a much more difficult thing to do than it looks like. 0:11:45.160 --> 0:11:46.560 And there's a leader, and then there's all the people 0:11:46.559 --> 0:11:48.559 that are around him too, right, it's not just the one. 0:11:48.679 --> 0:11:51.960 I mean, it obviously the candidate first and foremost, but 0:11:52.000 --> 0:11:54.800 it's his whole team or her team. Laura, thank you 0:11:54.880 --> 0:11:57.320 so much, Laura and Omius keeping us informed on New 0:11:57.400 --> 0:12:00.400 York City politics. She is Bloomberg New York, bloom News 0:12:00.440 --> 0:12:01.920 New York Politics reporter. 0:12:02.280 --> 0:12:06.240 You're listening to the Bloomberg Business Weekdaily Podcast. Catch us 0:12:06.320 --> 0:12:09.760 live weekday afternoons from two to five pm Eastern. Listen 0:12:09.800 --> 0:12:13.400 on Applecarplay and Android Auto with the Bloomberg Business app, 0:12:13.520 --> 0:12:17.280 or watch us live on YouTube. 0:12:18.000 --> 0:12:21.000 There's a lot we want to talk about with Mark Moriol. 0:12:20.840 --> 0:12:23.880 Yeah, we certainly do. He is, of course, president and 0:12:23.920 --> 0:12:27.000 CEO of the National Urban League. It is called itself 0:12:27.040 --> 0:12:30.760 the nation's largest historic civil rights and urban advocacy organization, 0:12:30.840 --> 0:12:34.120 devoted to empowering communities and changing lives since nineteen ten. 0:12:34.160 --> 0:12:37.160 He's also a former state senator in Louisiana and the 0:12:37.160 --> 0:12:39.839 former mayor of New Orleans. When he was elected, he 0:12:39.920 --> 0:12:42.319 was the youngest mayor of New Orleans in fifty years. 0:12:42.320 --> 0:12:44.559 He jones us from Atlanta. Hey, that's where we want 0:12:44.600 --> 0:12:44.920 to start. 0:12:44.960 --> 0:12:45.200 Mark. 0:12:45.240 --> 0:12:47.640 First of all, great to be talking with you again. 0:12:47.840 --> 0:12:49.520 Thank you, Greg to be with you this afternoon. 0:12:49.559 --> 0:12:52.000 Well, thank you. You were thirty six when you were 0:12:52.000 --> 0:12:57.960 elected mayor. If our math is right, age, how is 0:12:57.960 --> 0:13:01.000 that like? How do you don't know when is age? 0:13:01.120 --> 0:13:03.520 It could be a problem for someone when isn't it not? 0:13:04.360 --> 0:13:08.120 So every thirty six year old is not the same age. 0:13:08.880 --> 0:13:12.880 Sometimes gives you energy or willingness to innovate, But the 0:13:12.960 --> 0:13:16.560 question is really a question of maturity and the ability 0:13:16.600 --> 0:13:20.480 to deal with a difficult and demanding job, pressure on 0:13:20.679 --> 0:13:24.959 all fronts, and the ability to make decisions under pressure. 0:13:25.000 --> 0:13:28.400 So age can be both a asset, but it also 0:13:28.440 --> 0:13:32.040 can be a liability if you've never experienced pressure, you've 0:13:32.080 --> 0:13:35.240 never been in a decision making position before, and then 0:13:35.280 --> 0:13:37.480 all of a sudden you find yourself leading a major 0:13:37.480 --> 0:13:39.800 American city, So you. 0:13:39.760 --> 0:13:41.840 Know, the jury is out. 0:13:41.880 --> 0:13:45.439 It was out on me when I first got elected, 0:13:45.559 --> 0:13:49.120 although I had a political career as a state senator 0:13:49.160 --> 0:13:51.840 and a very successful state senator who had passed at 0:13:51.840 --> 0:13:54.679 that time some fifty bills, and a career as an 0:13:54.720 --> 0:13:58.560 active lawyer doing a lot of high profile cases. So 0:13:59.240 --> 0:14:02.560 when I got elected, certainly the city of New Orleans 0:14:02.640 --> 0:14:06.920 was in a great crisis of murder and police corruption. 0:14:06.640 --> 0:14:08.760 And economic stagnation for the for the. 0:14:08.679 --> 0:14:12.600 Busting of the oil bust, and uh, you know, I 0:14:12.640 --> 0:14:14.160 think at the end of the day, I proved all 0:14:14.200 --> 0:14:18.480 my critics wrong and and and and had an incredibly 0:14:18.520 --> 0:14:21.880 successful career turning the city around in those days. 0:14:21.880 --> 0:14:24.880 So you know, in the New York situation, with my 0:14:25.240 --> 0:14:25.880 mam Donnie. 0:14:26.360 --> 0:14:28.720 Uh. You know, he is a new face, not a 0:14:28.800 --> 0:14:32.200 very well known face, but pulled off a very important 0:14:32.400 --> 0:14:36.200 and spectacular upset. But forty four percent of the Democratic 0:14:36.240 --> 0:14:41.520 primary does not achieve a consensus of New York voters. 0:14:41.920 --> 0:14:44.320 And there's a general election ahead, and I think although 0:14:44.320 --> 0:14:47.200 he has momentum, I don't think he can pop the 0:14:47.240 --> 0:14:49.360 cork and say I'm going to be the next mayor 0:14:49.480 --> 0:14:49.840 just yet. 0:14:50.200 --> 0:14:52.600 What do you think it's that is? That is so clear? 0:14:52.640 --> 0:14:55.680 And we had a conversation with one of our colleagues here, 0:14:56.160 --> 0:15:00.080 Laura Naimus, earlier in the day, about the challenges that 0:15:00.120 --> 0:15:05.000 he still faces. Lornamias, you know, Mark, the question that 0:15:05.080 --> 0:15:07.560 I have for you is a bigger question about the 0:15:07.560 --> 0:15:12.760 Democratic Party and what this says about if anything, If 0:15:12.760 --> 0:15:15.920 it says anything about the identity of the Democratic Party 0:15:15.920 --> 0:15:19.400 on a national level, can you extrapolate from New York City. 0:15:19.520 --> 0:15:23.240 Though some people want to focus on this sort of 0:15:24.520 --> 0:15:30.040 what I call an idiological distinction between progressives and moderates, 0:15:30.360 --> 0:15:32.440 I think maybe one way to look at it is 0:15:32.440 --> 0:15:38.280 that there may be an generational shift that this represents 0:15:38.400 --> 0:15:41.560 in many respects, A younger candidate who ran an aggressive 0:15:41.560 --> 0:15:46.040 grassroots campaign and used the taxic to social media, running 0:15:46.080 --> 0:15:50.360 against candidates who ran more traditional campaigns that focus heavily 0:15:50.400 --> 0:15:56.920 on television and indeed endorsements and so underneath that, for Mamdanie, 0:15:57.320 --> 0:16:00.520 he has to demonstrate that he. 0:16:00.440 --> 0:16:02.160 Can expand his coalition. 0:16:02.800 --> 0:16:07.880 He has to demonstrate that he can govern govern right. 0:16:08.320 --> 0:16:13.120 Govern is not an ideological thing. Governing does bring into 0:16:13.160 --> 0:16:18.240 play one's values and one's philosophy, but it is The 0:16:18.320 --> 0:16:25.040 mayor is the local chief executive officer. Basic services, public safety, education, 0:16:26.480 --> 0:16:30.680 the condition and cleanliness of streets and neighborhoods, affordable housing. 0:16:31.640 --> 0:16:33.120 Those are the issues. It's not a. 0:16:35.640 --> 0:16:39.840 Job of foreign affairs, although because it is New York, 0:16:40.600 --> 0:16:43.480 there are global issues that the mayor of New York 0:16:43.520 --> 0:16:45.640 has to deal with. So to me, one of his 0:16:45.760 --> 0:16:50.120 challenges is can he expand that coalition in an effort 0:16:50.200 --> 0:16:52.760 to win a general election and build a kind of 0:16:52.800 --> 0:16:55.480 coalition it will require to govern. I can say this, 0:16:56.440 --> 0:17:01.360 I learned that getting elected. I had a decisive win, 0:17:01.480 --> 0:17:04.880 but I had a win in a somewhat racially polarized situation. 0:17:05.800 --> 0:17:08.520 I got ninety five percent of the African American vote. 0:17:08.520 --> 0:17:10.320 At the time, I got less than ten percent of 0:17:10.320 --> 0:17:13.520 the white vote. I had to expand my coalition home 0:17:13.600 --> 0:17:16.280 my base, but expand my coalition to be able to 0:17:16.359 --> 0:17:21.680 effectively govern, get things done, make things happen, reform the police, 0:17:22.000 --> 0:17:25.960 expand you services, put together a coherent economic development plan. 0:17:26.520 --> 0:17:29.440 And that indeed is a challenge that is in front 0:17:29.440 --> 0:17:32.040 of him. So I think people need to watch his 0:17:32.160 --> 0:17:36.000 early moves and what he does. But Andrew Como right 0:17:36.040 --> 0:17:38.120 now is on the ballot in the general election. Eric 0:17:38.160 --> 0:17:40.600 Adams is on the ballot in the general election. There's 0:17:40.640 --> 0:17:43.240 a Republican candidate on the ballot in the general election. 0:17:43.680 --> 0:17:45.920 And as I understand it, in the general election there's 0:17:45.920 --> 0:17:49.680 no rank choice voting. So obstensibly someone could get elected 0:17:50.400 --> 0:17:54.480 with twenty eight percent of the vote in a general 0:17:54.520 --> 0:17:57.600 election in a four way general election. So it remains 0:17:57.600 --> 0:18:00.280 to be seen. You know, the Democratic Party, like the 0:18:00.320 --> 0:18:03.960 Republican Party, is a coalition. I think that using the 0:18:04.040 --> 0:18:07.199 term party may be outmoded and outdated, and for it 0:18:07.280 --> 0:18:11.400 to achieve success in local elections like mayor of New York, 0:18:11.480 --> 0:18:14.960 or mayor of Philadelphia, mayor of Chicago, mayor Detroit may 0:18:14.960 --> 0:18:18.879 be different than what is required in a national election. 0:18:19.880 --> 0:18:22.880 So someone that may be successful in a New York 0:18:22.960 --> 0:18:25.080 where there's a strong progressive base. 0:18:25.280 --> 0:18:25.879 May not be. 0:18:25.960 --> 0:18:27.760 And so I don't tape the Mayor of New York 0:18:28.560 --> 0:18:32.880 or who wins the mayoralty in New York as a 0:18:32.920 --> 0:18:36.840 stalking horse on the Democratic Party on a national basis. 0:18:37.160 --> 0:18:38.440 It never has been. 0:18:38.680 --> 0:18:41.800 It wasn't that way with Mayor Bloomberg, who turned who 0:18:41.880 --> 0:18:44.600 was a Republican term Democratic. Wasn't that way with Mayor Kacha, 0:18:44.640 --> 0:18:47.240 Mayor Dinkins or Mayor Adams, even though they may have 0:18:47.240 --> 0:18:49.400 said I'm the future of the Democratic Party, I don't 0:18:49.400 --> 0:18:53.080 think who the Mayor of New York is represents necessarily 0:18:53.160 --> 0:18:57.040 the future of a party that exists in fifty states 0:18:57.480 --> 0:19:00.320 and what may happen in a national election. 0:19:00.560 --> 0:19:03.840 But having said that, like the Republican. 0:19:03.280 --> 0:19:07.640 Party has to unite its far conservative wing and its 0:19:07.680 --> 0:19:11.560 more moderate wing, a Democratic candidate running nationally in a 0:19:11.600 --> 0:19:14.200 presidential election, right, he has to do the same thing. 0:19:14.600 --> 0:19:16.560 Well, we should point out right now we are talking 0:19:16.560 --> 0:19:18.960 with Mark Moril, he's president and chief executive officer of 0:19:19.000 --> 0:19:22.720 the National Urban League, joining us remotely. At the same time, 0:19:22.720 --> 0:19:25.960 we're keeping an eye on Washington, DC and the White 0:19:26.000 --> 0:19:31.159 House specifically where Republicans are gathering as they expect the 0:19:31.200 --> 0:19:34.760 president to participate in what his press office calls one big, 0:19:34.880 --> 0:19:37.679 beautiful event. So we do assume he is going to 0:19:37.680 --> 0:19:40.840 talk about that spending and tax bill that he is 0:19:40.880 --> 0:19:43.920 trying to get through in the next couple of weeks. 0:19:43.960 --> 0:19:45.840 So there's some pressure on that. And we also do 0:19:45.960 --> 0:19:49.680 have some earnings out that have crossed the Bloomberg and 0:19:49.720 --> 0:19:52.640 we're talking about Nike, and that's docked him. We are 0:19:52.680 --> 0:19:55.199 seeing it trend a little bit lower right now in 0:19:55.200 --> 0:19:57.240 the aftermarket, down about one and a half percent. 0:19:57.520 --> 0:19:59.760 Yeah, the company did report revenue for the fourth quarter 0:19:59.840 --> 0:20:03.359 that beat the average analyst estimate. The estimate was for 0:20:03.400 --> 0:20:05.960 ten point seven billion dollars. It came in at eleven 0:20:06.000 --> 0:20:11.320 point one billion dollars. North America revenue was higher than 0:20:11.400 --> 0:20:15.600 analysts expected. EMEA revenue came in at three billion dollars 0:20:15.640 --> 0:20:19.199 that was higher than estimates. Greater China revenue came in 0:20:19.280 --> 0:20:21.440 right in line with estimates at one point four eight 0:20:21.480 --> 0:20:23.879 billion dollars. We're going to be speaking with Punamguyl of 0:20:23.880 --> 0:20:27.280 Bloomberg Intelligence a little later to break down these Nike earnings. 0:20:27.320 --> 0:20:29.120 Yeah, it does seem like investors are trying to make 0:20:29.160 --> 0:20:31.960 sense of it because the stock has been down a 0:20:31.960 --> 0:20:34.840 few percentage points. Now it's relatively flat, but still a 0:20:34.840 --> 0:20:39.120 little bit lower, So we're going to continue to track it. 0:20:39.560 --> 0:20:43.439 We should point out that the company did say the 0:20:43.480 --> 0:20:47.480 results are in line with expectations, but not what we want. 0:20:47.960 --> 0:20:48.960 This is really interesting. 0:20:49.000 --> 0:20:52.200 Elliott Hill in the press release saying, our financial results 0:20:52.240 --> 0:20:54.880 are in line with our expectations, they are not where 0:20:54.880 --> 0:20:57.040 we want them to be moving forward, we expect our 0:20:57.080 --> 0:20:59.480 business to improve as a result of the progress we're making. 0:20:59.760 --> 0:21:01.359 Three are win now actions. 0:21:01.560 --> 0:21:04.920 Yeah, so kind of interesting. I will point out that 0:21:05.040 --> 0:21:07.840 the gross margin was forty point three percent versus forty 0:21:07.840 --> 0:21:11.040 four point seven percent a year ago. The estudent was 0:21:11.080 --> 0:21:12.919 forty point two percent, so it did beat that. But 0:21:12.960 --> 0:21:14.919 again and now this stocks up about half a percent, 0:21:15.000 --> 0:21:18.840 So continue to track that, watching and waiting for the 0:21:18.840 --> 0:21:21.760 President to make some comments. And we're talking with Mark Morel, 0:21:21.840 --> 0:21:24.440 president and CEO at the National Urban League, and Mark, 0:21:24.720 --> 0:21:27.320 you know, we are awaiting comments from the President when 0:21:27.320 --> 0:21:31.840 it comes to this massive spending and tax bill. What 0:21:31.960 --> 0:21:33.120 do you want to see? 0:21:34.119 --> 0:21:36.879