1 00:00:02,520 --> 00:00:13,760 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg 2 00:00:13,840 --> 00:00:17,920 Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern 3 00:00:18,200 --> 00:00:21,240 Speaker 1: on Apple car Play or Android Auto with the Bloomberg 4 00:00:21,320 --> 00:00:24,880 Speaker 1: Business App. Listen on demand wherever you get your podcasts, 5 00:00:25,280 --> 00:00:27,040 Speaker 1: or watch us live on YouTube. 6 00:00:27,280 --> 00:00:31,120 Speaker 2: Demon shivererbu Fedator has perfect to speak to you this morning. 7 00:00:31,280 --> 00:00:32,680 Speaker 2: Is there a melt up out there? 8 00:00:33,320 --> 00:00:35,239 Speaker 3: I think we're headed higher. I mean, I'll start there. 9 00:00:35,280 --> 00:00:37,840 Speaker 3: I mean, I think there's a couple of things going on. One, 10 00:00:38,080 --> 00:00:40,720 Speaker 3: you know, on the tech front, people have been waiting 11 00:00:40,840 --> 00:00:43,320 Speaker 3: or worrying about when tech capax is going to peak, 12 00:00:43,360 --> 00:00:47,120 Speaker 3: and I think the amald the AMD deal today is 13 00:00:47,159 --> 00:00:49,559 Speaker 3: another reminder that we're not there yet. And then I 14 00:00:49,600 --> 00:00:51,440 Speaker 3: think when you look at the rest of the market, 15 00:00:51,520 --> 00:00:56,400 Speaker 3: and we just did this exercise, earnings estimates are not 16 00:00:56,440 --> 00:00:58,560 Speaker 3: only holding in and rising, but we think they're still 17 00:00:58,600 --> 00:01:00,880 Speaker 3: too low and likely to have even higher. And I 18 00:01:00,880 --> 00:01:03,920 Speaker 3: think that is driving markets higher. When you have an 19 00:01:04,040 --> 00:01:07,720 Speaker 3: environment tom when rates are coming down and earnings are accelerating, 20 00:01:08,280 --> 00:01:09,240 Speaker 3: equities go higher. 21 00:01:10,160 --> 00:01:12,080 Speaker 4: So okay, so equities go higher. 22 00:01:12,120 --> 00:01:15,000 Speaker 5: One of the underpinnings of that bullish call here is 23 00:01:15,040 --> 00:01:16,600 Speaker 5: the Federal reserve. How do you think the Fed's going 24 00:01:16,640 --> 00:01:18,640 Speaker 5: to proceed from here? We got that one twenty five 25 00:01:18,640 --> 00:01:21,200 Speaker 5: basis point cut, which was welcomed. 26 00:01:21,360 --> 00:01:22,160 Speaker 4: Where do we go from here? 27 00:01:22,160 --> 00:01:24,759 Speaker 3: Do you think, well, they can't very well be data dependent, right, Yeah, 28 00:01:25,040 --> 00:01:27,760 Speaker 3: that's right, we're not. We're not getting a whole bunch. Look, 29 00:01:27,800 --> 00:01:29,520 Speaker 3: you know, what we've said is that you've had kind 30 00:01:29,560 --> 00:01:32,120 Speaker 3: of two economies. You've had the high end consumer, you've 31 00:01:32,120 --> 00:01:34,479 Speaker 3: had tech, and you've had tech gaffex and it's doing fine. 32 00:01:34,920 --> 00:01:37,400 Speaker 3: The rest of the economy has essentially been in a recession, 33 00:01:37,480 --> 00:01:40,720 Speaker 3: whether it's shipping, whether it's small business, whether it's housing, 34 00:01:40,760 --> 00:01:43,360 Speaker 3: whether it's autos, whether it's the low and mid end consumer. 35 00:01:44,000 --> 00:01:47,160 Speaker 3: And I think that that is becoming the primary focus 36 00:01:47,160 --> 00:01:49,600 Speaker 3: of the FED, particularly as it's affecting labor markets and 37 00:01:49,640 --> 00:01:52,160 Speaker 3: they're slowing. So, you know, we've always been of the 38 00:01:52,200 --> 00:01:55,760 Speaker 3: belief that a slow, steady path to neutral made the 39 00:01:55,800 --> 00:01:58,560 Speaker 3: most sense. We thought they would start that or continue 40 00:01:58,560 --> 00:02:00,760 Speaker 3: that path in the first part of this year. They 41 00:02:00,760 --> 00:02:03,280 Speaker 3: took a six month break. We think they're now resuming 42 00:02:03,320 --> 00:02:06,240 Speaker 3: that path. So we expect twenty five in October, twenty 43 00:02:06,240 --> 00:02:08,600 Speaker 3: five of December, and then three twenty fives next year. 44 00:02:08,720 --> 00:02:12,440 Speaker 2: If we stay, we don't see exuberance. Is it just 45 00:02:12,600 --> 00:02:17,120 Speaker 2: one big overt or subtle short cover that's going on 46 00:02:17,240 --> 00:02:20,519 Speaker 2: right now? And even if it wasn't a blatant shorts, 47 00:02:20,680 --> 00:02:23,519 Speaker 2: people that said I'm not going to participate, and here 48 00:02:23,560 --> 00:02:26,440 Speaker 2: they are in October going damn, I got to get in. 49 00:02:27,360 --> 00:02:29,760 Speaker 3: We said back in April that what we would see 50 00:02:30,080 --> 00:02:34,960 Speaker 3: is a slow, soul crushing grind higher. And what you 51 00:02:35,040 --> 00:02:38,240 Speaker 3: had is you had this kind of perfect mix of 52 00:02:38,320 --> 00:02:41,960 Speaker 3: extreme and sudden bearishness that hit in April. Kind of 53 00:02:41,960 --> 00:02:45,280 Speaker 3: folks that are always bearish that finally saw come upance, 54 00:02:45,600 --> 00:02:48,840 Speaker 3: people that are bearished for political reasons, people that were 55 00:02:48,880 --> 00:02:52,840 Speaker 3: bearish on tech, and when they jumped into that bearish 56 00:02:52,919 --> 00:02:55,440 Speaker 3: kind of pond in April, and then you started to 57 00:02:55,480 --> 00:02:57,720 Speaker 3: see things get better. You started to see progress on 58 00:02:57,720 --> 00:03:00,800 Speaker 3: one big beautiful bill. You saw some certainty around tariffs. 59 00:03:00,800 --> 00:03:03,919 Speaker 3: We said that they would slowly be drawn in as 60 00:03:03,919 --> 00:03:06,639 Speaker 3: the fundamentals took over. I think that's just what we're seeing, Tom, 61 00:03:06,680 --> 00:03:09,080 Speaker 3: is that you can't be wrong all year. 62 00:03:09,919 --> 00:03:12,720 Speaker 5: How about this market in terms of concentration, Steve on 63 00:03:12,760 --> 00:03:15,359 Speaker 5: the equity side, here, is that a concern too, that 64 00:03:15,760 --> 00:03:18,880 Speaker 5: we've had that concentration seemingly for several years now. 65 00:03:20,080 --> 00:03:22,720 Speaker 3: Yes, But what I'd say is, if you look underneath 66 00:03:22,760 --> 00:03:25,639 Speaker 3: the hood, particularly over the last couple of months, you've 67 00:03:25,639 --> 00:03:27,200 Speaker 3: seen small caps assert themselves. 68 00:03:27,240 --> 00:03:29,279 Speaker 4: Small caps out performed by six percent. 69 00:03:28,960 --> 00:03:30,520 Speaker 3: In August and are holding their own again. 70 00:03:30,960 --> 00:03:32,000 Speaker 4: You know here as we get into. 71 00:03:31,919 --> 00:03:34,440 Speaker 3: October, I think you see some of the early cyclicals, 72 00:03:34,440 --> 00:03:36,200 Speaker 3: whether it's the home builders, whether it's some of the 73 00:03:36,240 --> 00:03:40,800 Speaker 3: shipping names, the market is acting early cycle. There's elements 74 00:03:40,840 --> 00:03:43,560 Speaker 3: of the market that are early cycle beat up plays 75 00:03:43,960 --> 00:03:45,000 Speaker 3: that are starting. 76 00:03:44,640 --> 00:03:45,400 Speaker 4: To get off the mat. 77 00:03:45,480 --> 00:03:48,240 Speaker 3: So am I worried about concentration, not now, but I 78 00:03:48,280 --> 00:03:50,560 Speaker 3: do want to see it broad now within the. 79 00:03:50,160 --> 00:03:54,600 Speaker 2: Core federated approach, which is the iconic images of Steve 80 00:03:54,800 --> 00:03:59,240 Speaker 2: Us and Steve Chiver. It's about free cash flow growth rate. 81 00:04:00,160 --> 00:04:03,520 Speaker 2: Here anybody telling me it's broken. It is the financial 82 00:04:03,640 --> 00:04:08,880 Speaker 2: system that generates free cash flow still in place. It is. 83 00:04:09,680 --> 00:04:11,400 Speaker 3: And I think the question is, and this is where 84 00:04:11,400 --> 00:04:14,480 Speaker 3: it gets interesting, Tom, is you know, the story for 85 00:04:14,520 --> 00:04:16,320 Speaker 3: the last couple of years has been about pre cash 86 00:04:16,320 --> 00:04:20,560 Speaker 3: flow generation and asset light businesses. What we've seen is 87 00:04:20,600 --> 00:04:23,000 Speaker 3: amongst these mag seven all of a sudden they're becoming 88 00:04:23,040 --> 00:04:26,640 Speaker 3: capex heavy, right they're not as asset light as they were, 89 00:04:26,680 --> 00:04:29,080 Speaker 3: and now the market's been willing to reward that. 90 00:04:29,440 --> 00:04:29,920 Speaker 6: Right now. 91 00:04:30,520 --> 00:04:33,560 Speaker 3: We'll see if that continues. It's incumbent upon them to 92 00:04:33,640 --> 00:04:36,320 Speaker 3: continue to demonstrate, and they have the last couple of 93 00:04:36,400 --> 00:04:39,120 Speaker 3: quarters that there's a return on that invested capital. And 94 00:04:39,160 --> 00:04:41,680 Speaker 3: as long as that's the case, I think these names 95 00:04:41,720 --> 00:04:42,719 Speaker 3: continue to power higher. 96 00:04:42,760 --> 00:04:45,000 Speaker 2: One more question, what do the Yankees need to do to. 97 00:04:45,040 --> 00:04:45,760 Speaker 4: Get back home? 98 00:04:46,160 --> 00:04:48,839 Speaker 3: I think the Yankees need to get organizationally, back to 99 00:04:48,880 --> 00:04:52,880 Speaker 3: playing good baseball, moving runners over, having productive outs, getting 100 00:04:52,880 --> 00:04:55,960 Speaker 3: ahead in the count. I think they need more changes 101 00:04:56,000 --> 00:04:58,320 Speaker 3: than what's going to happen over the says. 102 00:04:58,120 --> 00:05:00,000 Speaker 2: This is pre gardener you're talking about. 103 00:05:00,240 --> 00:05:03,719 Speaker 3: I'd like to see some good old fashioned, fundamental baseball 104 00:05:03,760 --> 00:05:06,040 Speaker 3: allah the Joe Tory Don Zimmer years, But I don't 105 00:05:06,040 --> 00:05:06,919 Speaker 3: think it's in the career. 106 00:05:06,960 --> 00:05:09,240 Speaker 2: Go see he said that because he saw how I 107 00:05:09,279 --> 00:05:12,560 Speaker 2: fit my buss. Yeah, it sucks. Checker like dun Zimber, 108 00:05:12,600 --> 00:05:15,800 Speaker 2: Steve Shivone, go away, Steve Shiver over. This is federated. 109 00:05:16,880 --> 00:05:21,080 Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this. 110 00:05:28,320 --> 00:05:31,880 Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live 111 00:05:31,960 --> 00:05:35,120 Speaker 1: weekday afternoons from seven to ten am Eastern. Listen on 112 00:05:35,200 --> 00:05:38,880 Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or 113 00:05:39,000 --> 00:05:40,480 Speaker 1: watch us live on YouTube. 114 00:05:40,640 --> 00:05:42,800 Speaker 2: First name I requested here with a blow up in 115 00:05:42,880 --> 00:05:48,680 Speaker 2: Japan of LDP shocking with the reaffirmation of abbe politics. 116 00:05:49,000 --> 00:05:51,760 Speaker 2: Yes she's the first woman, but far more she loves 117 00:05:51,839 --> 00:05:58,239 Speaker 2: Iron Maiden and black Sabbath. Wow, A conservative members looks 118 00:05:58,240 --> 00:06:00,480 Speaker 2: like they'll be appointed here in a couple weeks. Minister 119 00:06:00,560 --> 00:06:04,680 Speaker 2: Suna Takichi. Jordan Rochester joins us with the return, let 120 00:06:04,720 --> 00:06:07,200 Speaker 2: me get this out of the way as quick as 121 00:06:07,240 --> 00:06:09,960 Speaker 2: I can. Can you give a target on yen right now? 122 00:06:10,080 --> 00:06:13,279 Speaker 2: Is this an opportunity for strong yen at one fifty? 123 00:06:14,400 --> 00:06:16,280 Speaker 6: I think that is a good A good question, Tom. 124 00:06:16,320 --> 00:06:18,320 Speaker 7: I think it is so that this is going to 125 00:06:18,360 --> 00:06:21,880 Speaker 7: be counterintuitive to many people who've been listening channelists. 126 00:06:21,920 --> 00:06:22,280 Speaker 6: Probably. 127 00:06:22,720 --> 00:06:27,240 Speaker 7: Sanae Takeichi is a disciple of armenomics, and armenomics typically 128 00:06:27,320 --> 00:06:30,560 Speaker 7: means higher dolly En. However, she's been neutralized in terms 129 00:06:30,560 --> 00:06:32,760 Speaker 7: of her pulsive views because the LDP have lost a 130 00:06:32,800 --> 00:06:35,480 Speaker 7: lot of seats the ARME faction itself has lost a 131 00:06:35,520 --> 00:06:37,279 Speaker 7: lot of seats, so I don't think she's going to 132 00:06:37,320 --> 00:06:40,200 Speaker 7: be the big fiscal spender, the big monetary eas that 133 00:06:40,320 --> 00:06:43,000 Speaker 7: Abe was. Japan has an inflation problem, so I think 134 00:06:43,000 --> 00:06:45,120 Speaker 7: we actually go back down to one forty two in 135 00:06:45,200 --> 00:06:47,520 Speaker 7: dolly En. The timing of that has been delayed, of course, 136 00:06:47,760 --> 00:06:49,400 Speaker 7: but I think that that's still going to be a 137 00:06:49,480 --> 00:06:50,840 Speaker 7: late Q four Q one story. 138 00:06:50,880 --> 00:06:52,760 Speaker 2: Okay, so there's the fair Fax. We're going to switch 139 00:06:52,760 --> 00:06:55,279 Speaker 2: gears here today and talk about politics of Japan and 140 00:06:55,360 --> 00:06:59,120 Speaker 2: what it means for Americans, and I quite Jordan Rochester 141 00:06:59,200 --> 00:07:02,800 Speaker 2: of Mizuo with Robert Feldman and Morgan Stanley with an 142 00:07:02,800 --> 00:07:08,160 Speaker 2: extraordinary perspective on Japan. The bottom line, Jordan is I 143 00:07:08,200 --> 00:07:13,360 Speaker 2: see price down in bonds, yield up. What does that 144 00:07:13,520 --> 00:07:16,520 Speaker 2: mean for the financial system of Japan. 145 00:07:18,160 --> 00:07:20,760 Speaker 7: Well, it's the ultra long end where the yields have 146 00:07:20,760 --> 00:07:22,760 Speaker 7: gone up the most. This is the part of the 147 00:07:22,840 --> 00:07:25,560 Speaker 7: JDB curb which has probably the least amount of demand 148 00:07:25,560 --> 00:07:29,400 Speaker 7: now from domestic investors. For the first time in the history. 149 00:07:29,600 --> 00:07:31,720 Speaker 7: I've been watching this part of the curb. And who's 150 00:07:31,760 --> 00:07:35,120 Speaker 7: buying it? Tom, it's actually foreign investors. A large amounts 151 00:07:35,120 --> 00:07:37,920 Speaker 7: of American investment into this long end over fifty to 152 00:07:38,040 --> 00:07:40,920 Speaker 7: nearly sixty percent of the trading volume in the ultra 153 00:07:40,960 --> 00:07:43,200 Speaker 7: long end, which is anything that's from around twenty to 154 00:07:43,200 --> 00:07:47,320 Speaker 7: thirty year JGBS is traded by foreigners, and what they 155 00:07:47,360 --> 00:07:50,240 Speaker 7: demand when they have this uncertainty, they demand a high yield, 156 00:07:50,560 --> 00:07:53,000 Speaker 7: lower price. So that's been a big driver of that. 157 00:07:53,360 --> 00:07:54,840 Speaker 7: But for the front end of the curve and for 158 00:07:54,880 --> 00:07:57,800 Speaker 7: the Japanese financial stability, I don't think it's going to 159 00:07:57,800 --> 00:07:59,920 Speaker 7: be too big of a risk right now because the 160 00:08:00,840 --> 00:08:03,320 Speaker 7: sort of front end has been much more well behaved 161 00:08:03,360 --> 00:08:06,120 Speaker 7: and the market is treating this as a cautious Bank 162 00:08:06,160 --> 00:08:10,080 Speaker 7: of Japan hiking cycle rather than being two behind the curve. 163 00:08:10,280 --> 00:08:12,160 Speaker 7: At one point the market might start to say that, 164 00:08:12,200 --> 00:08:14,200 Speaker 7: and indeed the long end it might be implying that. 165 00:08:14,520 --> 00:08:16,520 Speaker 7: But right now, the market's been very kind to the 166 00:08:16,560 --> 00:08:20,000 Speaker 7: BOJ and Japan. And yes we've lowered the pricing for 167 00:08:20,440 --> 00:08:23,240 Speaker 7: BOJ redwigs, but you've got the nickeye at the historical highs. 168 00:08:23,360 --> 00:08:26,880 Speaker 2: I was shocked at the reporting today and the immigration 169 00:08:27,240 --> 00:08:31,520 Speaker 2: into Japan. The delta here, thank you CFR Sheila Smith. 170 00:08:31,520 --> 00:08:35,359 Speaker 2: Over it's comes on foreign relations. Is there a seismic 171 00:08:36,000 --> 00:08:41,360 Speaker 2: immigration migrant change in Japan that underpins this Jordan Rochester. 172 00:08:42,920 --> 00:08:45,360 Speaker 7: You've actually seen a big increase in the number of 173 00:08:45,440 --> 00:08:48,240 Speaker 7: foreign workers in Japan. So it's close to three point 174 00:08:48,280 --> 00:08:51,040 Speaker 7: eight percent four percent of total employees in Japan are 175 00:08:51,120 --> 00:08:54,160 Speaker 7: foreign born, and this is because of the demographic problem. 176 00:08:54,240 --> 00:08:57,719 Speaker 7: Roughly around six hundred thousand people less in Japan due 177 00:08:57,760 --> 00:09:01,800 Speaker 7: to more deaths than births is right here and now, 178 00:09:02,000 --> 00:09:04,280 Speaker 7: and that could be rising to a million in a 179 00:09:04,320 --> 00:09:07,400 Speaker 7: decade or so. So Japan needs immigration to fix that gap. 180 00:09:07,440 --> 00:09:10,560 Speaker 7: But you have now elected a conservative PM. She's conservative 181 00:09:10,600 --> 00:09:13,960 Speaker 7: in her ideals. And there's also another party called the 182 00:09:14,000 --> 00:09:17,480 Speaker 7: Sansato Party in Japan, which is essentially a position which 183 00:09:17,520 --> 00:09:19,959 Speaker 7: is not as pro immigration as the other parties are. 184 00:09:20,000 --> 00:09:22,320 Speaker 7: So there is a back clash to the rise in immigration. 185 00:09:22,400 --> 00:09:24,640 Speaker 7: There is a backlash to the rise in tourism as 186 00:09:24,640 --> 00:09:28,040 Speaker 7: well culturally, and that's taking place in Japanese politics. 187 00:09:28,520 --> 00:09:30,560 Speaker 5: So, Jordan, I'd love for you to just to kind 188 00:09:30,600 --> 00:09:34,880 Speaker 5: of summarize or synthesize for our listeners, our viewers who 189 00:09:34,920 --> 00:09:39,960 Speaker 5: aren't really familiar with Japanese politics what this win by 190 00:09:40,880 --> 00:09:43,200 Speaker 5: Miss Tagichi means for Japan. 191 00:09:44,960 --> 00:09:48,520 Speaker 7: Pretty much for most of Japanese modern history. The LDP party, 192 00:09:48,600 --> 00:09:50,959 Speaker 7: which is she is now the leader of, has been 193 00:09:50,960 --> 00:09:53,880 Speaker 7: in charge only for a few periods, have they not, 194 00:09:54,559 --> 00:09:57,440 Speaker 7: And it's usually between the different factions of the LDP 195 00:09:57,920 --> 00:10:01,240 Speaker 7: that policy agendas are determined which which faction is larger 196 00:10:01,559 --> 00:10:04,640 Speaker 7: in the vote share and take she stands out as 197 00:10:04,640 --> 00:10:07,280 Speaker 7: soon who's quite different. She's not from a political dynasty. 198 00:10:07,720 --> 00:10:09,800 Speaker 7: She is more of an ordinary person in terms of 199 00:10:09,840 --> 00:10:12,400 Speaker 7: she doesn't naturally belong to any of those factions, so 200 00:10:12,440 --> 00:10:15,800 Speaker 7: she has the ability to negotiate between them all. But 201 00:10:15,840 --> 00:10:20,679 Speaker 7: she does have very strong opinions on her political policy front, 202 00:10:21,000 --> 00:10:24,600 Speaker 7: such as higher fiscal spending. She said it was essentially 203 00:10:24,720 --> 00:10:27,360 Speaker 7: going to be inevitable that there'll be high levels of 204 00:10:27,400 --> 00:10:31,800 Speaker 7: deficit financing bonds. She also is more dubbish on monetary policy. 205 00:10:31,880 --> 00:10:34,520 Speaker 7: She said it was foolish last year for the Bankpan 206 00:10:34,600 --> 00:10:37,079 Speaker 7: to raise rates. So you have a leader who regards 207 00:10:37,080 --> 00:10:39,600 Speaker 7: her south now as the Iron Lady of Japan. 208 00:10:40,280 --> 00:10:42,640 Speaker 6: She's a big fan of Margaret Thatcher in the UK. 209 00:10:42,960 --> 00:10:47,200 Speaker 7: As a result, Take she so sane nomics you'll hear 210 00:10:47,200 --> 00:10:50,400 Speaker 7: a lot more about is very similar to arb nomics, 211 00:10:50,720 --> 00:10:53,560 Speaker 7: but she doesn't have a mandate. So the LDP is 212 00:10:53,559 --> 00:10:56,640 Speaker 7: actually struggling in the polls. They had an election last year, 213 00:10:56,640 --> 00:10:58,559 Speaker 7: they had an Upper House election this year, they lost 214 00:10:58,640 --> 00:11:02,560 Speaker 7: a lot of seats. Their usual ability to pass policy 215 00:11:02,679 --> 00:11:05,600 Speaker 7: based on the leader who's in charge, it's not possible 216 00:11:05,760 --> 00:11:08,240 Speaker 7: without a coalition partner. So they're looking at all these 217 00:11:08,280 --> 00:11:10,960 Speaker 7: smaller parties who are much smaller in size than the 218 00:11:11,040 --> 00:11:15,200 Speaker 7: LDP to try and find a sort of cohabitation. But 219 00:11:15,280 --> 00:11:18,440 Speaker 7: I think the endgame really is that Takeichi will hope 220 00:11:18,480 --> 00:11:20,600 Speaker 7: that she has a bounce in her polling and she 221 00:11:20,640 --> 00:11:23,400 Speaker 7: will probably look to call an election, probably not this year, 222 00:11:23,640 --> 00:11:25,400 Speaker 7: but if the polls bounce for her, it will be 223 00:11:25,440 --> 00:11:27,679 Speaker 7: next year and hopefully she gets that majority will be 224 00:11:27,720 --> 00:11:31,040 Speaker 7: the aim for that Prime Minister. Sheba, the outgoing prime minister, 225 00:11:31,520 --> 00:11:35,600 Speaker 7: tried the same trick and failed. Unfortunately, they lost seats 226 00:11:35,679 --> 00:11:37,760 Speaker 7: in that snap election that was called, so it's not 227 00:11:38,200 --> 00:11:42,880 Speaker 7: guaranteed that election equals seats gained, but takichbu following the 228 00:11:42,880 --> 00:11:44,000 Speaker 7: polls to see if that could happen. 229 00:11:44,760 --> 00:11:47,080 Speaker 5: Let's go to the other side of the world here, Jordan. 230 00:11:47,480 --> 00:11:50,560 Speaker 5: What's going on in France. We see the euro a 231 00:11:50,559 --> 00:11:53,280 Speaker 5: little bit weaker here and what are you hearing from 232 00:11:53,280 --> 00:11:56,600 Speaker 5: your clients about maybe some of the turmoil or just 233 00:11:56,679 --> 00:12:00,360 Speaker 5: unsettled nature of the French politics. 234 00:12:00,600 --> 00:12:04,200 Speaker 7: In French, you'd say, alapubel in the trash, goes one 235 00:12:04,240 --> 00:12:06,000 Speaker 7: prime minister and here comes another. 236 00:12:06,080 --> 00:12:07,720 Speaker 6: We don't know who the next prime minister will be. 237 00:12:09,520 --> 00:12:11,920 Speaker 7: I think France is now in their fifth primester, fifth 238 00:12:11,920 --> 00:12:12,959 Speaker 7: prime minister in just a few years. 239 00:12:12,960 --> 00:12:16,760 Speaker 6: I'm struggling to keep count. We're having a mixture of ideas. 240 00:12:16,440 --> 00:12:19,199 Speaker 7: Being floated around by clients and in the market there 241 00:12:19,240 --> 00:12:22,240 Speaker 7: is obviously the idea that another prime minister will be chosen, 242 00:12:22,640 --> 00:12:26,800 Speaker 7: another technocratic choice. The problem is that the parliament is 243 00:12:26,880 --> 00:12:30,400 Speaker 7: very divided, the public is very divided, and it feels 244 00:12:30,400 --> 00:12:32,240 Speaker 7: like this is boiling up to the need to have 245 00:12:32,320 --> 00:12:35,480 Speaker 7: another election. And that's what's adding to the risk premium 246 00:12:35,520 --> 00:12:38,520 Speaker 7: in the French oats. This parliament doesn't really have a mandate. 247 00:12:38,679 --> 00:12:41,920 Speaker 7: The parties within the parliament can't agree to with each other. 248 00:12:42,240 --> 00:12:43,719 Speaker 6: You need the public to decide. 249 00:12:44,480 --> 00:12:47,120 Speaker 7: And whilst the frustrating thing is we look at opinion 250 00:12:47,120 --> 00:12:49,640 Speaker 7: polling and the opinion polling suggests that we'll roughly get 251 00:12:49,679 --> 00:12:52,319 Speaker 7: the exact same outcome for the parliament, but that's now. 252 00:12:52,440 --> 00:12:54,400 Speaker 7: It might be the case that once this election is triggered, 253 00:12:54,440 --> 00:12:56,600 Speaker 7: the polls change and we do get a sort of 254 00:12:56,679 --> 00:12:58,760 Speaker 7: direction in which way they want to leave. Do they 255 00:12:58,800 --> 00:13:01,360 Speaker 7: want to lean center left or center right. But in 256 00:13:01,440 --> 00:13:03,720 Speaker 7: answer to the question, I think that it's very difficult 257 00:13:03,720 --> 00:13:05,920 Speaker 7: for oats to perform here when you don't hear the 258 00:13:05,920 --> 00:13:07,920 Speaker 7: primester is and you don't know if there's going to 259 00:13:07,920 --> 00:13:09,480 Speaker 7: be an election, and I think that we'll be down 260 00:13:09,480 --> 00:13:10,040 Speaker 7: the line. 261 00:13:09,960 --> 00:13:12,760 Speaker 2: Brilliant joining us, just brilliant. Thank you so much, greatly 262 00:13:12,800 --> 00:13:16,439 Speaker 2: appreciate it, Stay with us. More from Bloomberg Surveillance coming 263 00:13:16,520 --> 00:13:24,560 Speaker 2: up after this. 264 00:13:24,559 --> 00:13:28,480 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 265 00:13:28,520 --> 00:13:31,920 Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto 266 00:13:31,960 --> 00:13:34,920 Speaker 1: with the Bloomberg Business app. You can also listen live 267 00:13:35,000 --> 00:13:38,560 Speaker 1: on Amazon Alexa from our flagship New York station, Just 268 00:13:38,600 --> 00:13:41,160 Speaker 1: say Alexa play Bloomberg eleven thirty. 269 00:13:41,440 --> 00:13:45,760 Speaker 2: We digress here to a really important interview, and I 270 00:13:45,800 --> 00:13:50,560 Speaker 2: would suggest an important national interview if we assume that 271 00:13:50,640 --> 00:13:53,680 Speaker 2: we have fractured politics, as it were some France or Japan. 272 00:13:54,000 --> 00:13:57,560 Speaker 2: Hello man, Okay, maybe New York City's are templated for 273 00:13:57,679 --> 00:14:02,520 Speaker 2: US joining is someone who is the all within New 274 00:14:02,600 --> 00:14:07,640 Speaker 2: York City Courtiously, what joins us now candidate for mayor, always, always, 275 00:14:07,679 --> 00:14:12,200 Speaker 2: forever affiliated with the GOP and the Republican candidate. First 276 00:14:12,240 --> 00:14:14,880 Speaker 2: of all, I look at any kind of polling and 277 00:14:14,920 --> 00:14:18,360 Speaker 2: I'm sort of surprised that you're just sub twenty percent. 278 00:14:18,880 --> 00:14:22,400 Speaker 2: Have you ever polled this high? Is this a normal polling? 279 00:14:23,000 --> 00:14:24,000 Speaker 4: I think at this point. 280 00:14:24,160 --> 00:14:26,600 Speaker 8: I think at this point of the election cycle, yes, 281 00:14:26,800 --> 00:14:31,080 Speaker 8: because they're just polling Republicans who are only ten percent 282 00:14:31,480 --> 00:14:35,240 Speaker 8: of the electorate. So we're talking independence that they don't poll. 283 00:14:35,440 --> 00:14:38,880 Speaker 8: Sometimes they do, and I do incredibly well with them, 284 00:14:39,000 --> 00:14:41,800 Speaker 8: some moderate Democrats. And then remember I have an independent 285 00:14:41,880 --> 00:14:45,200 Speaker 8: line that nobody has factored in, Protect animals, no kill, 286 00:14:45,280 --> 00:14:49,360 Speaker 8: shelter's animal abuses in jail, very popular with women who 287 00:14:49,440 --> 00:14:53,040 Speaker 8: rescue animals, and naturally they're not heard from in the polls. 288 00:14:53,200 --> 00:14:55,000 Speaker 2: I look at the New York Times. They got fancy 289 00:14:55,000 --> 00:14:58,680 Speaker 2: buttons I can press. I'm not a sophisticated this curtis 290 00:14:58,720 --> 00:15:02,800 Speaker 2: like Paul Sweeney is. But if I x Adams, think 291 00:15:02,840 --> 00:15:04,680 Speaker 2: of a tab where I can take him out, ye, 292 00:15:05,000 --> 00:15:08,760 Speaker 2: and I do the math Courtislee what plus Andrew Cuomo. 293 00:15:09,400 --> 00:15:13,000 Speaker 2: Guess what. It doesn't equal Zeri Mandami, but it comes 294 00:15:13,040 --> 00:15:16,600 Speaker 2: pretty close. What's the tension you see now of the 295 00:15:16,640 --> 00:15:21,320 Speaker 2: summation of the governor and you were the upstart candidate 296 00:15:21,360 --> 00:15:21,880 Speaker 2: of the left. 297 00:15:21,960 --> 00:15:24,160 Speaker 8: We all know the polls have been wrong every step 298 00:15:24,160 --> 00:15:25,600 Speaker 8: of the way, been totally wrong. 299 00:15:25,720 --> 00:15:28,840 Speaker 4: Remember two months go back to Iowa. Oh no, no, 300 00:15:28,920 --> 00:15:29,400 Speaker 4: that's just. 301 00:15:29,360 --> 00:15:32,200 Speaker 8: Two months into the Democratic primary they were preparing the 302 00:15:32,200 --> 00:15:35,760 Speaker 8: coronation of Andrew cmo as our next mayor. Forty points 303 00:15:35,760 --> 00:15:38,960 Speaker 8: ahead is Johann Mondami. He lost by thirteen points. I 304 00:15:38,960 --> 00:15:42,160 Speaker 8: look at my mentor in this rate, George Bataki on 305 00:15:42,320 --> 00:15:47,400 Speaker 8: November two of nineteen ninety four against the better Cuomo Mario. 306 00:15:47,920 --> 00:15:50,880 Speaker 8: They had him down by twelve points. He won by 307 00:15:50,920 --> 00:15:54,240 Speaker 8: three points. The day before the election was no early 308 00:15:54,360 --> 00:15:56,920 Speaker 8: voting back then. It was either a vote November fourth, 309 00:15:57,000 --> 00:15:59,720 Speaker 8: raps seen the team valor or that's it. Look at 310 00:15:59,720 --> 00:16:02,160 Speaker 8: the Trump election over Harris, it was supposed to be 311 00:16:02,160 --> 00:16:04,280 Speaker 8: neck and neck. He not only won the popular vote, 312 00:16:04,280 --> 00:16:07,840 Speaker 8: he won the seven battleground states. I don't put any 313 00:16:08,240 --> 00:16:11,520 Speaker 8: any trust in these polls. I know what I feel 314 00:16:11,560 --> 00:16:14,200 Speaker 8: in the streets. I'm in the outer boroughs. You look, 315 00:16:14,240 --> 00:16:17,480 Speaker 8: I have ten headquarters. I have signage everywhere. I don't 316 00:16:17,480 --> 00:16:20,720 Speaker 8: see signage at all for Cuomo. So Cuomo's whole vote 317 00:16:20,760 --> 00:16:24,520 Speaker 8: is based on fear. Nobody likes this guy. Everybody knows 318 00:16:24,560 --> 00:16:26,640 Speaker 8: he was the author of no cash bail, raised the 319 00:16:26,720 --> 00:16:29,520 Speaker 8: age he wants to close, right because he and Zoron 320 00:16:29,600 --> 00:16:31,640 Speaker 8: Mondami when it comes to law and order are two 321 00:16:31,680 --> 00:16:34,680 Speaker 8: peas in a pod. And then he talks about prostitution. 322 00:16:35,200 --> 00:16:38,840 Speaker 8: Zoron is in favor of legalized prostitution, but the governor 323 00:16:38,880 --> 00:16:43,240 Speaker 8: at the time, CuMo signed the legislation to enable people 324 00:16:43,240 --> 00:16:45,440 Speaker 8: to go out into the streets and sell their bodies. 325 00:16:45,720 --> 00:16:46,960 Speaker 4: So I don't see any. 326 00:16:46,800 --> 00:16:50,080 Speaker 8: Differentiation at all between Cuomo and Johan Mondami. 327 00:16:50,240 --> 00:16:53,680 Speaker 5: What is your message New York City residents these last 328 00:16:53,760 --> 00:16:54,520 Speaker 5: days of the campaign. 329 00:16:54,920 --> 00:16:57,640 Speaker 8: I am the only candidate GOP candidate that wants to 330 00:16:57,720 --> 00:17:03,280 Speaker 8: slash taxes, corporate tax, income tax, especially the property tax, 331 00:17:03,320 --> 00:17:07,320 Speaker 8: which a mayor does hold sway over and the Citizens 332 00:17:07,359 --> 00:17:10,520 Speaker 8: Budget Commission said, I'm the only one who's talking about 333 00:17:10,560 --> 00:17:14,600 Speaker 8: fiscal constraint one hundred and eighteen dollars billion budget for 334 00:17:14,640 --> 00:17:17,640 Speaker 8: the city and there are no cuts. Cuomo and Zoron 335 00:17:17,720 --> 00:17:20,520 Speaker 8: would actually increase it. I would take ten billion dollars 336 00:17:20,560 --> 00:17:23,120 Speaker 8: right out of the Department of Education, which is all 337 00:17:23,280 --> 00:17:26,840 Speaker 8: being spent on the bureaucracy, start cutting the Department of 338 00:17:26,840 --> 00:17:31,880 Speaker 8: Buildings and get fiscally reliant on people like Larry Kudler, 339 00:17:31,920 --> 00:17:35,200 Speaker 8: who's my advisor, George Bataki who did that as governor, 340 00:17:35,880 --> 00:17:38,080 Speaker 8: and then Rudy Giuliani, who is the best law and 341 00:17:38,200 --> 00:17:40,040 Speaker 8: or a mayor we've ever had in the City of 342 00:17:40,080 --> 00:17:40,440 Speaker 8: New York. 343 00:17:40,480 --> 00:17:42,639 Speaker 4: Now those are three titans. 344 00:17:42,920 --> 00:17:44,800 Speaker 2: This came up this weekend. I said, I got sleeve 345 00:17:44,840 --> 00:17:46,840 Speaker 2: on Monday. They said, you got to ask him his question, 346 00:17:46,960 --> 00:17:50,359 Speaker 2: Mayor Sliwa with the city council, can you get along 347 00:17:50,440 --> 00:17:53,720 Speaker 2: with the city council to get things done? 348 00:17:54,280 --> 00:17:54,440 Speaker 7: Well? 349 00:17:54,440 --> 00:17:56,760 Speaker 8: The benefit of my life is that I spent thirteen 350 00:17:56,840 --> 00:17:59,600 Speaker 8: years raising two boys with Melinda Katz, who was a 351 00:17:59,680 --> 00:18:02,440 Speaker 8: city council person for twelve years, head of land Use. 352 00:18:02,760 --> 00:18:06,360 Speaker 8: She's now the Queen's Democratic DA. She taught me how 353 00:18:06,400 --> 00:18:08,480 Speaker 8: you get along with city councils. To do that, it's 354 00:18:08,480 --> 00:18:11,840 Speaker 8: called discretionary funds. You go into the district, they beat 355 00:18:11,920 --> 00:18:14,800 Speaker 8: you up. You meet with the staff because the staff 356 00:18:14,840 --> 00:18:20,080 Speaker 8: does all the work. Remember the elected officiacys. Because the 357 00:18:20,160 --> 00:18:23,240 Speaker 8: electeds are always dialing for dollars, shaking people down for 358 00:18:23,280 --> 00:18:26,680 Speaker 8: political contributions, and then you say, I just want one 359 00:18:26,760 --> 00:18:29,720 Speaker 8: vote from you, and I get you your discretionary funds. 360 00:18:29,720 --> 00:18:31,800 Speaker 8: You're looking for a new park, you're looking for a 361 00:18:31,840 --> 00:18:33,679 Speaker 8: new playground, you're looking. 362 00:18:33,440 --> 00:18:36,399 Speaker 4: For capitalist politics, a trade. 363 00:18:36,880 --> 00:18:39,840 Speaker 8: I get one vote that I desperately need to show 364 00:18:39,880 --> 00:18:44,040 Speaker 8: that there is dialogue even with those who are considered liberal, progressive, 365 00:18:44,080 --> 00:18:47,760 Speaker 8: democratic socialists of America. If you don't do that, no 366 00:18:47,800 --> 00:18:50,280 Speaker 8: matter who the mayor is, you're not going to be 367 00:18:50,359 --> 00:18:53,440 Speaker 8: able to get the City Council in a majority way 368 00:18:53,480 --> 00:18:55,280 Speaker 8: to back any of your initiatives. 369 00:18:55,400 --> 00:18:56,760 Speaker 4: You'll be impotent. 370 00:18:56,960 --> 00:18:59,920 Speaker 8: As Eric Adams says, now, because Adrian Adams, to speak 371 00:19:00,160 --> 00:19:02,480 Speaker 8: of the Council is the real mayor of the City 372 00:19:02,520 --> 00:19:03,000 Speaker 8: of New York. 373 00:19:03,640 --> 00:19:07,960 Speaker 5: What's your policy for which is an issue that's very 374 00:19:07,960 --> 00:19:10,960 Speaker 5: closely intertwined homelessness and crime in New York City. What's 375 00:19:10,960 --> 00:19:11,480 Speaker 5: your policy? 376 00:19:11,720 --> 00:19:14,760 Speaker 8: Well, homelessness, I deal with emotionally disturbed in the subways 377 00:19:14,760 --> 00:19:18,400 Speaker 8: because I'm the only candidate that actually rides the subways, campaigns, 378 00:19:18,720 --> 00:19:22,080 Speaker 8: takes the buses, the express buses that six million New 379 00:19:22,160 --> 00:19:24,840 Speaker 8: Yorkers and others who at one point of the day 380 00:19:25,000 --> 00:19:27,359 Speaker 8: or night are using mass Trandsit I've been dubbed by 381 00:19:27,359 --> 00:19:30,520 Speaker 8: the Staten Island Advance the mayor of mass transportation. We 382 00:19:30,600 --> 00:19:33,159 Speaker 8: need to get the homeless into the shelters, but we 383 00:19:33,280 --> 00:19:35,960 Speaker 8: have to make the shelters safe now they're not. It's 384 00:19:36,080 --> 00:19:38,840 Speaker 8: like Darwinian survival or the fittest. And we need to 385 00:19:38,840 --> 00:19:42,040 Speaker 8: get the emotionally disturbed in state mental hospitals, the very 386 00:19:42,080 --> 00:19:46,800 Speaker 8: hospitals that Andrew Como cleared from forty thousand beds down 387 00:19:46,840 --> 00:19:50,720 Speaker 8: to four thousand before he fled fearing impeachment to the hamptage. 388 00:19:50,960 --> 00:19:54,200 Speaker 2: For you, courteously, for all of you across America, good morning. 389 00:19:54,240 --> 00:19:57,280 Speaker 2: He is a Republican candidate in a fractured New York 390 00:19:57,320 --> 00:20:01,159 Speaker 2: City mayoral contests. Let me quote exact actly from AI, 391 00:20:01,280 --> 00:20:04,480 Speaker 2: because that's the way we roll Curtis. In the twenty 392 00:20:04,760 --> 00:20:09,760 Speaker 2: twenty one New York City mayoral election, Curtis Leewa received 393 00:20:09,840 --> 00:20:13,840 Speaker 2: twenty one percent of the vote in the Bronx. I 394 00:20:13,840 --> 00:20:18,840 Speaker 2: would suggest President Trump stunned the nation with his minority 395 00:20:19,000 --> 00:20:22,560 Speaker 2: success in the last election. Do you need that to win? 396 00:20:22,960 --> 00:20:25,480 Speaker 2: How are you going to get the minority vote? And 397 00:20:25,600 --> 00:20:27,840 Speaker 2: everybody thinks they don't go near you. Come on, you 398 00:20:27,840 --> 00:20:30,520 Speaker 2: get twenty one percent in the Bronx. How do you 399 00:20:30,560 --> 00:20:31,160 Speaker 2: improve that? 400 00:20:31,320 --> 00:20:34,440 Speaker 8: Everybody knows that Curtis Leewa is a Republican who can 401 00:20:34,520 --> 00:20:37,320 Speaker 8: go into a three hundred and fifty neighborhoods in some 402 00:20:37,400 --> 00:20:39,880 Speaker 8: of which the only Republican they've ever seen is Abraham 403 00:20:39,920 --> 00:20:42,359 Speaker 8: Lincoln on a fight dollar bill. I've led a group 404 00:20:42,359 --> 00:20:45,560 Speaker 8: of Guardian Angels in a predominantly plaque in Hispanic. I'm 405 00:20:45,600 --> 00:20:48,800 Speaker 8: polling now at about thirty percent in the Bronx. Remember, 406 00:20:48,920 --> 00:20:51,280 Speaker 8: Eric Adams was supposed to be the new face of 407 00:20:51,400 --> 00:20:53,680 Speaker 8: the Democratic Party that I ran again. 408 00:20:53,600 --> 00:20:56,439 Speaker 2: Is moum Donnie the new face of the Democratic Party? 409 00:20:56,760 --> 00:20:59,800 Speaker 8: Well, let's face it, the Democrats allowed the fox into 410 00:20:59,800 --> 00:21:02,560 Speaker 8: the she can coop, first with Bernie Sanders and AOC 411 00:21:02,800 --> 00:21:06,680 Speaker 8: and now Johann Mandami. I blame Adams, I blame Cuomo. 412 00:21:06,840 --> 00:21:10,800 Speaker 8: I blame the Democratic establishment because they have surrendered their 413 00:21:10,880 --> 00:21:14,880 Speaker 8: party to socialism, and I am the only one who 414 00:21:14,960 --> 00:21:20,200 Speaker 8: is advocating capitalistic policies, cutting taxes, cutting the budget, law 415 00:21:20,320 --> 00:21:23,200 Speaker 8: and order. We live in a city where we're best 416 00:21:23,280 --> 00:21:25,879 Speaker 8: known around the world for locking up toothpaste and not 417 00:21:26,040 --> 00:21:28,120 Speaker 8: locking up criminals, now, who does that? 418 00:21:28,119 --> 00:21:29,000 Speaker 4: That's the Democrats. 419 00:21:29,080 --> 00:21:30,959 Speaker 2: You got to run like fifteen times to get a 420 00:21:30,960 --> 00:21:33,400 Speaker 2: line like that. I mean that's great, locking. 421 00:21:33,160 --> 00:21:38,520 Speaker 5: Up toothpaste immigration. What's your views on immigration here? This 422 00:21:38,560 --> 00:21:42,400 Speaker 5: is a city that's got a history of supportive of immigration. 423 00:21:42,480 --> 00:21:45,160 Speaker 5: We've got a statue out there in the bay there. 424 00:21:45,720 --> 00:21:46,280 Speaker 4: What's your view? 425 00:21:46,440 --> 00:21:49,359 Speaker 8: Well, many of the migrants now are essential workers in 426 00:21:49,400 --> 00:21:53,159 Speaker 8: the restaurant industry and the hospitality industry. If you start 427 00:21:53,520 --> 00:21:57,080 Speaker 8: snatching them up because they're not wanted for crimes committee 428 00:21:57,080 --> 00:21:59,840 Speaker 8: either the country or origin or here, then you're going 429 00:21:59,880 --> 00:22:03,199 Speaker 8: to depleting that workforce. I have three sons. None of 430 00:22:03,200 --> 00:22:05,240 Speaker 8: my three sons would do that kind of work. Now 431 00:22:05,440 --> 00:22:08,280 Speaker 8: you go after, as Trump call them, the bad ombrage, 432 00:22:08,440 --> 00:22:13,600 Speaker 8: the drug dealers, the sex track case, the cartel runners. Yes, 433 00:22:13,960 --> 00:22:16,280 Speaker 8: and Ice was being applointed when they first did that. 434 00:22:16,320 --> 00:22:19,479 Speaker 2: But your card here, maybe Adams could say the same thing. 435 00:22:19,520 --> 00:22:22,040 Speaker 2: I don't buy it. But your card is you've got 436 00:22:22,040 --> 00:22:26,320 Speaker 2: a special relationship with President Trump. With what we see 437 00:22:26,359 --> 00:22:30,440 Speaker 2: in Chicago, Portland, LA. Give me some other towns. 438 00:22:30,160 --> 00:22:34,240 Speaker 4: Paul, they're out piling all people, Memphis, people in New York. 439 00:22:34,359 --> 00:22:39,360 Speaker 2: I know from personal experience, are scared if they're migrants, immigrants, 440 00:22:39,600 --> 00:22:42,800 Speaker 2: Green card holders to go out in the street. What's 441 00:22:42,840 --> 00:22:46,360 Speaker 2: your relationship with President Trump that will make New York 442 00:22:46,440 --> 00:22:48,639 Speaker 2: City not Chicago. 443 00:22:48,520 --> 00:22:50,919 Speaker 8: Not La First of all, I'm leader of the Guardian 444 00:22:50,960 --> 00:22:53,800 Speaker 8: Angels with groups in every one of those cities you mentioned, 445 00:22:53,840 --> 00:22:55,320 Speaker 8: and they need the National Guard. 446 00:22:55,480 --> 00:22:55,880 Speaker 2: We don't. 447 00:22:56,280 --> 00:22:59,960 Speaker 8: Kathy Hulkel, the Governess sent a thousand National guardsmen into 448 00:23:00,080 --> 00:23:02,560 Speaker 8: the subway last year when we had a crime crisis. 449 00:23:03,000 --> 00:23:05,840 Speaker 8: We're okay in that regards. Focus on the really crime 450 00:23:05,920 --> 00:23:10,280 Speaker 8: ridden cities. I would have dialogue when not only President Trump, respectfully, 451 00:23:10,600 --> 00:23:14,240 Speaker 8: but the members of his cabinet preemptively, when you see 452 00:23:14,280 --> 00:23:17,400 Speaker 8: something is coming in your direction, you've got to meet. 453 00:23:17,640 --> 00:23:21,159 Speaker 8: You're not gonna win, You're gonna try to sort of 454 00:23:21,200 --> 00:23:24,040 Speaker 8: as we would say in Italian medici me poco poco 455 00:23:24,119 --> 00:23:27,040 Speaker 8: half and half. The Trump administration will get some of 456 00:23:27,080 --> 00:23:30,000 Speaker 8: what they want, hopefully the city will get some of 457 00:23:30,040 --> 00:23:32,960 Speaker 8: what they want. But when you have Zoran Mandami and 458 00:23:32,960 --> 00:23:36,200 Speaker 8: Andrew Comos saying I'm gonna fight Donald Trump, guess what 459 00:23:36,400 --> 00:23:38,639 Speaker 8: you're gonna lose if you fight the President of the 460 00:23:38,720 --> 00:23:40,840 Speaker 8: United States, because he holds the purse strings. 461 00:23:41,119 --> 00:23:43,520 Speaker 5: What do you make of the rise ofs from Mamdani here. 462 00:23:44,200 --> 00:23:47,719 Speaker 8: It is simply because the Democrats were asleep, like Rumphel 463 00:23:47,840 --> 00:23:48,320 Speaker 8: still skin. 464 00:23:48,920 --> 00:23:50,320 Speaker 4: I saw Zoron Mandami. 465 00:23:50,400 --> 00:23:54,400 Speaker 8: He was out organizing votes for Democratic Socialist candidates. 466 00:23:54,840 --> 00:23:56,520 Speaker 4: They know how to get their vote out. 467 00:23:56,840 --> 00:24:01,560 Speaker 8: The moderate Democrats are now dependent on Republicans, Conservatives and independence. 468 00:24:02,160 --> 00:24:05,879 Speaker 8: It's over for the moderate Democrats. They've sacrificed, They've waved 469 00:24:05,880 --> 00:24:09,560 Speaker 8: the white fleck. They don't even primary the liberals, Progressives 470 00:24:09,560 --> 00:24:12,440 Speaker 8: and the Democratic Socialists of America. They're afraid of them. 471 00:24:12,520 --> 00:24:14,760 Speaker 8: I'm not afraid of them. I stand up to them. 472 00:24:14,800 --> 00:24:18,520 Speaker 2: If we assume that mister Mumdami is getting out an 473 00:24:18,560 --> 00:24:21,920 Speaker 2: original vote, I mean he's getting out people. You know, 474 00:24:21,920 --> 00:24:25,040 Speaker 2: there's a stereotype have never voted before. How do you 475 00:24:25,160 --> 00:24:28,520 Speaker 2: get out the sleeve of vote of Democrats? You can't 476 00:24:28,520 --> 00:24:31,120 Speaker 2: do this, just unders How do you get out that 477 00:24:31,240 --> 00:24:34,080 Speaker 2: vote like Mamdami's getting out these first time. 478 00:24:33,960 --> 00:24:36,280 Speaker 8: Voters because I'm out in the streets. You see the 479 00:24:36,320 --> 00:24:39,320 Speaker 8: headquarters in ten neighborhoods, you see the plackage everywhere. I'm 480 00:24:39,359 --> 00:24:41,760 Speaker 8: the law and order candidate. A lot of moderate Democrats 481 00:24:41,800 --> 00:24:44,400 Speaker 8: of the law and order. They're not for Angel camel 482 00:24:44,600 --> 00:24:45,000 Speaker 8: I was in. 483 00:24:45,200 --> 00:24:48,679 Speaker 2: I want you to do this one zero zero two nine, 484 00:24:48,840 --> 00:24:52,720 Speaker 2: one hundred and tenth Street, Spanish Harlem. That post office 485 00:24:52,760 --> 00:24:56,280 Speaker 2: between Third and Les. You walk in that post office, 486 00:24:56,480 --> 00:24:59,640 Speaker 2: everybody in there is some form of first or second 487 00:24:59,720 --> 00:25:02,399 Speaker 2: General regent Immigrant. What do you say to those people 488 00:25:02,640 --> 00:25:05,439 Speaker 2: to get them to vote for Lincoln's party? 489 00:25:05,640 --> 00:25:06,000 Speaker 4: Wow? 490 00:25:06,480 --> 00:25:09,760 Speaker 8: Law and order right, they're against no cash bail. They 491 00:25:09,800 --> 00:25:13,359 Speaker 8: want to raise the age lowered back to sixteen because 492 00:25:13,400 --> 00:25:16,160 Speaker 8: now we have all these juveniles doing drive by shootings, 493 00:25:16,280 --> 00:25:17,760 Speaker 8: and they want Rikers. 494 00:25:17,320 --> 00:25:18,280 Speaker 4: Island kept open. 495 00:25:18,720 --> 00:25:22,440 Speaker 8: Why is Cuomo and Zorahan Mandami wanting to close Rykers Island? 496 00:25:22,480 --> 00:25:23,840 Speaker 4: Where are they going to put inmates. 497 00:25:24,240 --> 00:25:26,040 Speaker 8: They're going to be cut loose and they're going to 498 00:25:26,160 --> 00:25:29,040 Speaker 8: just terrorize people in the streets. And remember the number 499 00:25:29,080 --> 00:25:31,440 Speaker 8: one number of workers in New York City of women. 500 00:25:31,840 --> 00:25:33,679 Speaker 8: Talk to the women. They're going the subway, they're being 501 00:25:33,720 --> 00:25:36,639 Speaker 8: sexually harassed, they're being perved on. They're afraid to go 502 00:25:36,720 --> 00:25:40,200 Speaker 8: out at night. They can't afford taking yellow cabs, ubers 503 00:25:40,240 --> 00:25:43,399 Speaker 8: and lyfts, and nobody is talking about what women have 504 00:25:43,440 --> 00:25:45,320 Speaker 8: to go through in New York City. I know because 505 00:25:45,359 --> 00:25:48,359 Speaker 8: my wife, who's an e attorney, has explained it and 506 00:25:48,400 --> 00:25:51,520 Speaker 8: has done my very first commercial about the plight of 507 00:25:51,600 --> 00:25:55,560 Speaker 8: women being victims of random attacks? What random attacks? This 508 00:25:55,720 --> 00:25:58,400 Speaker 8: is being directed at women and they're not being protected. 509 00:25:58,680 --> 00:26:02,120 Speaker 2: There's a lot of talk aboutancial support. What financial support 510 00:26:02,200 --> 00:26:04,240 Speaker 2: do you have for the next twenty day dash to 511 00:26:04,280 --> 00:26:04,720 Speaker 2: the election? 512 00:26:05,040 --> 00:26:08,680 Speaker 8: I have collected actually in the three the last three 513 00:26:08,760 --> 00:26:13,000 Speaker 8: quarters average donation one hundred and nineteen dollars more matching 514 00:26:13,160 --> 00:26:17,680 Speaker 8: funds than Johann Mandami, Cuomo and Eric Adams combined. We're 515 00:26:17,720 --> 00:26:21,280 Speaker 8: talking about donations from New York City residents. The others 516 00:26:21,280 --> 00:26:23,720 Speaker 8: are getting their money from out of state. I would 517 00:26:23,760 --> 00:26:27,359 Speaker 8: take the money of the local New Yorker who obviously 518 00:26:27,440 --> 00:26:30,560 Speaker 8: is putting their reputation on the line. When I'm getting 519 00:26:30,560 --> 00:26:33,040 Speaker 8: an eight to one match, and I'm on TV, and 520 00:26:33,119 --> 00:26:35,399 Speaker 8: I'm in the neighborhoods and have the money to run 521 00:26:35,440 --> 00:26:36,639 Speaker 8: a campaign, people. 522 00:26:36,359 --> 00:26:38,800 Speaker 2: Want our news reporters want to know, are you even 523 00:26:38,840 --> 00:26:41,600 Speaker 2: considering dropping out the shift this campaign? 524 00:26:41,720 --> 00:26:42,040 Speaker 4: You know what? 525 00:26:42,160 --> 00:26:45,320 Speaker 8: Talk to the dropout King who dropped out against Carmacall 526 00:26:45,400 --> 00:26:48,600 Speaker 8: running for governor Andrew Cuomo, who dropped out and fled 527 00:26:48,640 --> 00:26:52,160 Speaker 8: to the Hamptons because he feared impeachment Andrew Cuomo. Did 528 00:26:52,200 --> 00:26:55,399 Speaker 8: Donald Trump flee to mar A Lago because he feed impeachment? 529 00:26:55,640 --> 00:26:57,400 Speaker 4: Did Donald Trump flee to. 530 00:26:57,359 --> 00:26:59,720 Speaker 8: Mari A Lago because he was the victim of law 531 00:26:59,760 --> 00:27:02,720 Speaker 8: fair by Alvin Bragg and Tiss James. 532 00:27:02,800 --> 00:27:05,160 Speaker 4: No, he showed up in Caught each and every day. 533 00:27:05,760 --> 00:27:08,720 Speaker 4: Camo is a coward. He's the only one who's ever 534 00:27:08,800 --> 00:27:09,280 Speaker 4: dropped out. 535 00:27:09,440 --> 00:27:12,400 Speaker 2: Thank you for joining Bloomberg this morning, Curtis Leiwa. Of course, 536 00:27:12,480 --> 00:27:14,919 Speaker 2: may Earl Kennedy here. We hope to get all of 537 00:27:14,960 --> 00:27:17,760 Speaker 2: the candidates in here as we dashed the first Tuesday 538 00:27:18,240 --> 00:27:22,720 Speaker 2: of November. Stay with us. More from Bloomberg Surveillance coming 539 00:27:22,800 --> 00:27:31,199 Speaker 2: up after this. 540 00:27:31,200 --> 00:27:35,120 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 541 00:27:35,160 --> 00:27:38,160 Speaker 1: starting at seven am Eastern on Apple Corplay and Android 542 00:27:38,200 --> 00:27:41,160 Speaker 1: Auto with the Bloomberg Business app. You can also watch 543 00:27:41,280 --> 00:27:44,199 Speaker 1: us live every weekday on YouTube and always on the 544 00:27:44,240 --> 00:27:45,280 Speaker 1: Bloomberg Terminal. 545 00:27:45,400 --> 00:27:49,320 Speaker 2: Foundational Today, Lisa Mateo doing newspapers way too early, Lisa, 546 00:27:49,359 --> 00:27:49,680 Speaker 2: what do you have? 547 00:27:49,880 --> 00:27:50,159 Speaker 4: All right? 548 00:27:50,200 --> 00:27:52,240 Speaker 9: I want to start in the weight loss drug space. Okay, 549 00:27:52,240 --> 00:27:55,000 Speaker 9: did you know you can now get ozembic and we 550 00:27:55,119 --> 00:27:59,479 Speaker 9: go vi at costco I'm telling you it's happening. You 551 00:27:59,480 --> 00:28:02,280 Speaker 9: can get toilet paper and your weight loss drug is 552 00:28:02,320 --> 00:28:03,560 Speaker 9: all in one shopping trip. 553 00:28:03,640 --> 00:28:04,000 Speaker 4: Okay. 554 00:28:04,200 --> 00:28:06,719 Speaker 9: Their drugs are being sold at pharmacies in the US 555 00:28:06,760 --> 00:28:11,320 Speaker 9: at Costco blow sticker prices. How much will they cost? Okay, 556 00:28:11,400 --> 00:28:13,119 Speaker 9: so Costco members are going to pay an out of 557 00:28:13,160 --> 00:28:15,680 Speaker 9: pocket price at about four hundred and ninety nine dollars 558 00:28:15,760 --> 00:28:16,160 Speaker 9: a month. 559 00:28:16,600 --> 00:28:17,400 Speaker 4: Now, if you go to. 560 00:28:17,359 --> 00:28:19,800 Speaker 9: Novo's website, you can get it for the same price. 561 00:28:19,840 --> 00:28:21,680 Speaker 9: You can also get it for that price at CBS 562 00:28:21,760 --> 00:28:24,800 Speaker 9: and Walmart. But this is just adding another way that 563 00:28:24,840 --> 00:28:27,720 Speaker 9: people can get their hands on these weight loss drugs. 564 00:28:27,720 --> 00:28:30,840 Speaker 4: So no longer is it still prescription though? Right? Yes? Correct, 565 00:28:30,920 --> 00:28:32,480 Speaker 4: prescription still prescription. 566 00:28:32,640 --> 00:28:35,480 Speaker 2: If you come in you can load up on six 567 00:28:35,600 --> 00:28:37,360 Speaker 2: or seven hot dogs, yes. 568 00:28:39,320 --> 00:28:42,840 Speaker 4: But you won't be friends exactly. Maybe they're the hot dog. 569 00:28:42,920 --> 00:28:46,120 Speaker 9: Things might go down because people are taking more zip scovi. 570 00:28:46,320 --> 00:28:46,760 Speaker 9: I don't know. 571 00:28:47,000 --> 00:28:48,040 Speaker 4: Attention to the next. 572 00:28:48,360 --> 00:28:51,400 Speaker 9: Okay, more housing could be coming to your New York City. 573 00:28:51,440 --> 00:28:54,600 Speaker 9: This one's interesting. So New York City proposing this huge 574 00:28:54,680 --> 00:28:57,800 Speaker 9: rezoning in an area of western Queens Long Island City. 575 00:28:58,240 --> 00:29:00,880 Speaker 9: It was once later for this big am on warehouse 576 00:29:01,000 --> 00:29:04,480 Speaker 9: that got shot down. Okay, So now look ahead seven 577 00:29:04,560 --> 00:29:08,480 Speaker 9: years later to today, and it's a bigger project. Rezoning 578 00:29:08,480 --> 00:29:12,360 Speaker 9: would allow private developers to build fifteen thousand apartments across 579 00:29:12,440 --> 00:29:16,000 Speaker 9: fifty four blocks. Right now, it's filled with warehouses and 580 00:29:16,040 --> 00:29:18,479 Speaker 9: a parking lot. But a vote on the city Council 581 00:29:18,480 --> 00:29:21,000 Speaker 9: expected at the end of the month. So we're going 582 00:29:21,040 --> 00:29:23,440 Speaker 9: to see pretty soon how much more housing can come 583 00:29:23,480 --> 00:29:24,280 Speaker 9: to New York City. 584 00:29:24,520 --> 00:29:26,840 Speaker 5: And the city needs it, right, I mean, it just 585 00:29:26,840 --> 00:29:29,400 Speaker 5: seems like there's just the every story I see is 586 00:29:29,440 --> 00:29:32,360 Speaker 5: rents up, up, up, up, and never go down, except 587 00:29:32,400 --> 00:29:34,680 Speaker 5: for like fifteen minutes during the pandemic, right went down, 588 00:29:34,720 --> 00:29:35,480 Speaker 5: and then that was it. 589 00:29:35,600 --> 00:29:37,160 Speaker 4: Okay, all right, And. 590 00:29:37,240 --> 00:29:39,880 Speaker 9: This last one it took me back to my I 591 00:29:39,880 --> 00:29:41,360 Speaker 9: guess elementary school years. 592 00:29:41,560 --> 00:29:43,640 Speaker 4: I used to love field day, Okay. It was a 593 00:29:43,640 --> 00:29:44,200 Speaker 4: big thing. 594 00:29:44,720 --> 00:29:47,560 Speaker 9: You pit one class against another, you go against you know, 595 00:29:47,720 --> 00:29:51,240 Speaker 9: track races and hopscotch and tuger war in Ductukso so okay, 596 00:29:51,280 --> 00:29:53,720 Speaker 9: you get it now. Okay, So the Wall Street Journal 597 00:29:53,800 --> 00:29:58,200 Speaker 9: is saying a lot more adults instead of Happy Hour, 598 00:29:58,560 --> 00:30:02,600 Speaker 9: they're doing these field days. That's so they're going to parks. Okay, 599 00:30:02,640 --> 00:30:05,920 Speaker 9: they're tauntsing water balloons. They're hopping around with sack races. 600 00:30:06,160 --> 00:30:07,960 Speaker 9: It's a hot new thing for like birthday parties and 601 00:30:08,000 --> 00:30:12,440 Speaker 9: bachelorette parties. They're happening all over. Alcohol is involved. I 602 00:30:12,480 --> 00:30:14,360 Speaker 9: just want to put it out there. But the problem 603 00:30:14,400 --> 00:30:16,960 Speaker 9: is a lot of people are getting hurt because they're. 604 00:30:17,560 --> 00:30:20,200 Speaker 2: Weekend Well yeah, but it's like weekend warriors. 605 00:30:20,400 --> 00:30:20,760 Speaker 4: Correct. 606 00:30:20,800 --> 00:30:22,479 Speaker 5: We look at this quote here. A lot of my 607 00:30:22,520 --> 00:30:25,360 Speaker 5: friends talk about how we just feel old. This person 608 00:30:25,400 --> 00:30:31,880 Speaker 5: says he's twenty five. Twenty five, Sit down, geez all right. 609 00:30:31,880 --> 00:30:35,520 Speaker 4: I just put it on a word for jarts charts. 610 00:30:35,040 --> 00:30:36,600 Speaker 2: You don't know what charts is? 611 00:30:36,800 --> 00:30:37,520 Speaker 4: Which charts? 612 00:30:38,360 --> 00:30:44,920 Speaker 2: Oh? No, charts two rings And it's like you just 613 00:30:44,960 --> 00:30:46,680 Speaker 2: throw the jart thing up in the air of the 614 00:30:46,680 --> 00:30:48,400 Speaker 2: weight and you try to get it in the hole 615 00:30:48,520 --> 00:30:51,280 Speaker 2: like Corse, and then you take a sip of genesee cream. 616 00:30:53,320 --> 00:30:53,600 Speaker 4: Again. 617 00:30:53,960 --> 00:30:58,000 Speaker 9: That's what they did back in the Please Squeeze one. Okay, 618 00:30:58,120 --> 00:31:00,880 Speaker 9: gotta do it. Taylor Swifts album Least Party. We talked 619 00:31:00,880 --> 00:31:04,120 Speaker 9: about it on a Friday. It topped the box office, 620 00:31:04,680 --> 00:31:08,200 Speaker 9: the highest grossing picture in North America this weekend, thirty 621 00:31:08,200 --> 00:31:12,520 Speaker 9: three million ticket sales, additional thirteen million internationally. Do you 622 00:31:12,560 --> 00:31:14,640 Speaker 9: know what it beat out in its debut, Dwayne the 623 00:31:14,720 --> 00:31:21,080 Speaker 9: Rock Johnson's The Small Machine. And I couldn't even bring 624 00:31:21,120 --> 00:31:25,720 Speaker 9: those tickets sales up myself. But yeah, she she, I'm 625 00:31:25,720 --> 00:31:26,720 Speaker 9: telling you, thank you. 626 00:31:26,680 --> 00:31:29,240 Speaker 2: For doing the newspapers. Get back to the news. The businesses, 627 00:31:29,320 --> 00:31:31,360 Speaker 2: Lisa just extraordinary. 628 00:31:31,880 --> 00:31:36,719 Speaker 1: This is the Bloomberg Surveillance Podcast, available on Apple, Spotify, 629 00:31:36,840 --> 00:31:41,120 Speaker 1: and anywhere else you get your podcasts. Listen live each weekday, 630 00:31:41,240 --> 00:31:44,760 Speaker 1: seven to ten am Eastern on Bloomberg dot com, the 631 00:31:44,800 --> 00:31:48,800 Speaker 1: iHeartRadio app, tune In, and the Bloomberg Business app. You 632 00:31:48,840 --> 00:31:52,200 Speaker 1: can also watch us live every weekday on YouTube and 633 00:31:52,400 --> 00:31:54,160 Speaker 1: always on the Bloomberg terminal