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Speaker 2: Demon shivererbu Fedator has perfect to speak to you this morning.
Speaker 2: Is there a melt up out there?
Speaker 3: I think we're headed higher. I mean, I'll start there.
Speaker 3: I mean, I think there's a couple of things going on. One,
Speaker 3: you know, on the tech front, people have been waiting
Speaker 3: or worrying about when tech capax is going to peak,
Speaker 3: and I think the amald the AMD deal today is
Speaker 3: another reminder that we're not there yet. And then I
Speaker 3: think when you look at the rest of the market,
Speaker 3: and we just did this exercise, earnings estimates are not
Speaker 3: only holding in and rising, but we think they're still
Speaker 3: too low and likely to have even higher. And I
Speaker 3: think that is driving markets higher. When you have an
Speaker 3: environment tom when rates are coming down and earnings are accelerating,
Speaker 3: equities go higher.
Speaker 4: So okay, so equities go higher.
Speaker 5: One of the underpinnings of that bullish call here is
Speaker 5: the Federal reserve. How do you think the Fed's going
Speaker 5: to proceed from here? We got that one twenty five
Speaker 5: basis point cut, which was welcomed.
Speaker 4: Where do we go from here?
Speaker 3: Do you think, well, they can't very well be data dependent, right, Yeah,
Speaker 3: that's right, we're not. We're not getting a whole bunch. Look,
Speaker 3: you know, what we've said is that you've had kind
Speaker 3: of two economies. You've had the high end consumer, you've
Speaker 3: had tech, and you've had tech gaffex and it's doing fine.
Speaker 3: The rest of the economy has essentially been in a recession,
Speaker 3: whether it's shipping, whether it's small business, whether it's housing,
Speaker 3: whether it's autos, whether it's the low and mid end consumer.
Speaker 3: And I think that that is becoming the primary focus
Speaker 3: of the FED, particularly as it's affecting labor markets and
Speaker 3: they're slowing. So, you know, we've always been of the
Speaker 3: belief that a slow, steady path to neutral made the
Speaker 3: most sense. We thought they would start that or continue
Speaker 3: that path in the first part of this year. They
Speaker 3: took a six month break. We think they're now resuming
Speaker 3: that path. So we expect twenty five in October, twenty
Speaker 3: five of December, and then three twenty fives next year.
Speaker 2: If we stay, we don't see exuberance. Is it just
Speaker 2: one big overt or subtle short cover that's going on
Speaker 2: right now? And even if it wasn't a blatant shorts,
Speaker 2: people that said I'm not going to participate, and here
Speaker 2: they are in October going damn, I got to get in.
Speaker 3: We said back in April that what we would see
Speaker 3: is a slow, soul crushing grind higher. And what you
Speaker 3: had is you had this kind of perfect mix of
Speaker 3: extreme and sudden bearishness that hit in April. Kind of
Speaker 3: folks that are always bearish that finally saw come upance,
Speaker 3: people that are bearished for political reasons, people that were
Speaker 3: bearish on tech, and when they jumped into that bearish
Speaker 3: kind of pond in April, and then you started to
Speaker 3: see things get better. You started to see progress on
Speaker 3: one big beautiful bill. You saw some certainty around tariffs.
Speaker 3: We said that they would slowly be drawn in as
Speaker 3: the fundamentals took over. I think that's just what we're seeing, Tom,
Speaker 3: is that you can't be wrong all year.
Speaker 5: How about this market in terms of concentration, Steve on
Speaker 5: the equity side, here, is that a concern too, that
Speaker 5: we've had that concentration seemingly for several years now.
Speaker 3: Yes, But what I'd say is, if you look underneath
Speaker 3: the hood, particularly over the last couple of months, you've
Speaker 3: seen small caps assert themselves.
Speaker 4: Small caps out performed by six percent.
Speaker 3: In August and are holding their own again.
Speaker 4: You know here as we get into.
Speaker 3: October, I think you see some of the early cyclicals,
Speaker 3: whether it's the home builders, whether it's some of the
Speaker 3: shipping names, the market is acting early cycle. There's elements
Speaker 3: of the market that are early cycle beat up plays
Speaker 3: that are starting.
Speaker 4: To get off the mat.
Speaker 3: So am I worried about concentration, not now, but I
Speaker 3: do want to see it broad now within the.
Speaker 2: Core federated approach, which is the iconic images of Steve
Speaker 2: Us and Steve Chiver. It's about free cash flow growth rate.
Speaker 2: Here anybody telling me it's broken. It is the financial
Speaker 2: system that generates free cash flow still in place. It is.
Speaker 3: And I think the question is, and this is where
Speaker 3: it gets interesting, Tom, is you know, the story for
Speaker 3: the last couple of years has been about pre cash
Speaker 3: flow generation and asset light businesses. What we've seen is
Speaker 3: amongst these mag seven all of a sudden they're becoming
Speaker 3: capex heavy, right they're not as asset light as they were,
Speaker 3: and now the market's been willing to reward that.
Speaker 6: Right now.
Speaker 3: We'll see if that continues. It's incumbent upon them to
Speaker 3: continue to demonstrate, and they have the last couple of
Speaker 3: quarters that there's a return on that invested capital. And
Speaker 3: as long as that's the case, I think these names
Speaker 3: continue to power higher.
Speaker 2: One more question, what do the Yankees need to do to.
Speaker 4: Get back home?
Speaker 3: I think the Yankees need to get organizationally, back to
Speaker 3: playing good baseball, moving runners over, having productive outs, getting
Speaker 3: ahead in the count. I think they need more changes
Speaker 3: than what's going to happen over the says.
Speaker 2: This is pre gardener you're talking about.
Speaker 3: I'd like to see some good old fashioned, fundamental baseball
Speaker 3: allah the Joe Tory Don Zimmer years, But I don't
Speaker 3: think it's in the career.
Speaker 2: Go see he said that because he saw how I
Speaker 2: fit my buss. Yeah, it sucks. Checker like dun Zimber,
Speaker 2: Steve Shivone, go away, Steve Shiver over. This is federated.
Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.
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Speaker 2: First name I requested here with a blow up in
Speaker 2: Japan of LDP shocking with the reaffirmation of abbe politics.
Speaker 2: Yes she's the first woman, but far more she loves
Speaker 2: Iron Maiden and black Sabbath. Wow, A conservative members looks
Speaker 2: like they'll be appointed here in a couple weeks. Minister
Speaker 2: Suna Takichi. Jordan Rochester joins us with the return, let
Speaker 2: me get this out of the way as quick as
Speaker 2: I can. Can you give a target on yen right now?
Speaker 2: Is this an opportunity for strong yen at one fifty?
Speaker 6: I think that is a good A good question, Tom.
Speaker 7: I think it is so that this is going to
Speaker 7: be counterintuitive to many people who've been listening channelists.
Speaker 6: Probably.
Speaker 7: Sanae Takeichi is a disciple of armenomics, and armenomics typically
Speaker 7: means higher dolly En. However, she's been neutralized in terms
Speaker 7: of her pulsive views because the LDP have lost a
Speaker 7: lot of seats the ARME faction itself has lost a
Speaker 7: lot of seats, so I don't think she's going to
Speaker 7: be the big fiscal spender, the big monetary eas that
Speaker 7: Abe was. Japan has an inflation problem, so I think
Speaker 7: we actually go back down to one forty two in
Speaker 7: dolly En. The timing of that has been delayed, of course,
Speaker 7: but I think that that's still going to be a
Speaker 7: late Q four Q one story.
Speaker 2: Okay, so there's the fair Fax. We're going to switch
Speaker 2: gears here today and talk about politics of Japan and
Speaker 2: what it means for Americans, and I quite Jordan Rochester
Speaker 2: of Mizuo with Robert Feldman and Morgan Stanley with an
Speaker 2: extraordinary perspective on Japan. The bottom line, Jordan is I
Speaker 2: see price down in bonds, yield up. What does that
Speaker 2: mean for the financial system of Japan.
Speaker 7: Well, it's the ultra long end where the yields have
Speaker 7: gone up the most. This is the part of the
Speaker 7: JDB curb which has probably the least amount of demand
Speaker 7: now from domestic investors. For the first time in the history.
Speaker 7: I've been watching this part of the curb. And who's
Speaker 7: buying it? Tom, it's actually foreign investors. A large amounts
Speaker 7: of American investment into this long end over fifty to
Speaker 7: nearly sixty percent of the trading volume in the ultra
Speaker 7: long end, which is anything that's from around twenty to
Speaker 7: thirty year JGBS is traded by foreigners, and what they
Speaker 7: demand when they have this uncertainty, they demand a high yield,
Speaker 7: lower price. So that's been a big driver of that.
Speaker 7: But for the front end of the curve and for
Speaker 7: the Japanese financial stability, I don't think it's going to
Speaker 7: be too big of a risk right now because the
Speaker 7: sort of front end has been much more well behaved
Speaker 7: and the market is treating this as a cautious Bank
Speaker 7: of Japan hiking cycle rather than being two behind the curve.
Speaker 7: At one point the market might start to say that,
Speaker 7: and indeed the long end it might be implying that.
Speaker 7: But right now, the market's been very kind to the
Speaker 7: BOJ and Japan. And yes we've lowered the pricing for
Speaker 7: BOJ redwigs, but you've got the nickeye at the historical highs.
Speaker 2: I was shocked at the reporting today and the immigration
Speaker 2: into Japan. The delta here, thank you CFR Sheila Smith.
Speaker 2: Over it's comes on foreign relations. Is there a seismic
Speaker 2: immigration migrant change in Japan that underpins this Jordan Rochester.
Speaker 7: You've actually seen a big increase in the number of
Speaker 7: foreign workers in Japan. So it's close to three point
Speaker 7: eight percent four percent of total employees in Japan are
Speaker 7: foreign born, and this is because of the demographic problem.
Speaker 7: Roughly around six hundred thousand people less in Japan due
Speaker 7: to more deaths than births is right here and now,
Speaker 7: and that could be rising to a million in a
Speaker 7: decade or so. So Japan needs immigration to fix that gap.
Speaker 7: But you have now elected a conservative PM. She's conservative
Speaker 7: in her ideals. And there's also another party called the
Speaker 7: Sansato Party in Japan, which is essentially a position which
Speaker 7: is not as pro immigration as the other parties are.
Speaker 7: So there is a back clash to the rise in immigration.
Speaker 7: There is a backlash to the rise in tourism as
Speaker 7: well culturally, and that's taking place in Japanese politics.
Speaker 5: So, Jordan, I'd love for you to just to kind
Speaker 5: of summarize or synthesize for our listeners, our viewers who
Speaker 5: aren't really familiar with Japanese politics what this win by
Speaker 5: Miss Tagichi means for Japan.
Speaker 7: Pretty much for most of Japanese modern history. The LDP party,
Speaker 7: which is she is now the leader of, has been
Speaker 7: in charge only for a few periods, have they not,
Speaker 7: And it's usually between the different factions of the LDP
Speaker 7: that policy agendas are determined which which faction is larger
Speaker 7: in the vote share and take she stands out as
Speaker 7: soon who's quite different. She's not from a political dynasty.
Speaker 7: She is more of an ordinary person in terms of
Speaker 7: she doesn't naturally belong to any of those factions, so
Speaker 7: she has the ability to negotiate between them all. But
Speaker 7: she does have very strong opinions on her political policy front,
Speaker 7: such as higher fiscal spending. She said it was essentially
Speaker 7: going to be inevitable that there'll be high levels of
Speaker 7: deficit financing bonds. She also is more dubbish on monetary policy.
Speaker 7: She said it was foolish last year for the Bankpan
Speaker 7: to raise rates. So you have a leader who regards
Speaker 7: her south now as the Iron Lady of Japan.
Speaker 6: She's a big fan of Margaret Thatcher in the UK.
Speaker 7: As a result, Take she so sane nomics you'll hear
Speaker 7: a lot more about is very similar to arb nomics,
Speaker 7: but she doesn't have a mandate. So the LDP is
Speaker 7: actually struggling in the polls. They had an election last year,
Speaker 7: they had an Upper House election this year, they lost
Speaker 7: a lot of seats. Their usual ability to pass policy
Speaker 7: based on the leader who's in charge, it's not possible
Speaker 7: without a coalition partner. So they're looking at all these
Speaker 7: smaller parties who are much smaller in size than the
Speaker 7: LDP to try and find a sort of cohabitation. But
Speaker 7: I think the endgame really is that Takeichi will hope
Speaker 7: that she has a bounce in her polling and she
Speaker 7: will probably look to call an election, probably not this year,
Speaker 7: but if the polls bounce for her, it will be
Speaker 7: next year and hopefully she gets that majority will be
Speaker 7: the aim for that Prime Minister. Sheba, the outgoing prime minister,
Speaker 7: tried the same trick and failed. Unfortunately, they lost seats
Speaker 7: in that snap election that was called, so it's not
Speaker 7: guaranteed that election equals seats gained, but takichbu following the
Speaker 7: polls to see if that could happen.
Speaker 5: Let's go to the other side of the world here, Jordan.
Speaker 5: What's going on in France. We see the euro a
Speaker 5: little bit weaker here and what are you hearing from
Speaker 5: your clients about maybe some of the turmoil or just
Speaker 5: unsettled nature of the French politics.
Speaker 7: In French, you'd say, alapubel in the trash, goes one
Speaker 7: prime minister and here comes another.
Speaker 6: We don't know who the next prime minister will be.
Speaker 7: I think France is now in their fifth primester, fifth
Speaker 7: prime minister in just a few years.
Speaker 6: I'm struggling to keep count. We're having a mixture of ideas.
Speaker 7: Being floated around by clients and in the market there
Speaker 7: is obviously the idea that another prime minister will be chosen,
Speaker 7: another technocratic choice. The problem is that the parliament is
Speaker 7: very divided, the public is very divided, and it feels
Speaker 7: like this is boiling up to the need to have
Speaker 7: another election. And that's what's adding to the risk premium
Speaker 7: in the French oats. This parliament doesn't really have a mandate.
Speaker 7: The parties within the parliament can't agree to with each other.
Speaker 6: You need the public to decide.
Speaker 7: And whilst the frustrating thing is we look at opinion
Speaker 7: polling and the opinion polling suggests that we'll roughly get
Speaker 7: the exact same outcome for the parliament, but that's now.
Speaker 7: It might be the case that once this election is triggered,
Speaker 7: the polls change and we do get a sort of
Speaker 7: direction in which way they want to leave. Do they
Speaker 7: want to lean center left or center right. But in
Speaker 7: answer to the question, I think that it's very difficult
Speaker 7: for oats to perform here when you don't hear the
Speaker 7: primester is and you don't know if there's going to
Speaker 7: be an election, and I think that we'll be down
Speaker 7: the line.
Speaker 2: Brilliant joining us, just brilliant. Thank you so much, greatly
Speaker 2: appreciate it, Stay with us. More from Bloomberg Surveillance coming
Speaker 2: up after this.
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday
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Speaker 2: We digress here to a really important interview, and I
Speaker 2: would suggest an important national interview if we assume that
Speaker 2: we have fractured politics, as it were some France or Japan.
Speaker 2: Hello man, Okay, maybe New York City's are templated for
Speaker 2: US joining is someone who is the all within New
Speaker 2: York City Courtiously, what joins us now candidate for mayor, always, always,
Speaker 2: forever affiliated with the GOP and the Republican candidate. First
Speaker 2: of all, I look at any kind of polling and
Speaker 2: I'm sort of surprised that you're just sub twenty percent.
Speaker 2: Have you ever polled this high? Is this a normal polling?
Speaker 4: I think at this point.
Speaker 8: I think at this point of the election cycle, yes,
Speaker 8: because they're just polling Republicans who are only ten percent
Speaker 8: of the electorate. So we're talking independence that they don't poll.
Speaker 8: Sometimes they do, and I do incredibly well with them,
Speaker 8: some moderate Democrats. And then remember I have an independent
Speaker 8: line that nobody has factored in, Protect animals, no kill,
Speaker 8: shelter's animal abuses in jail, very popular with women who
Speaker 8: rescue animals, and naturally they're not heard from in the polls.
Speaker 2: I look at the New York Times. They got fancy
Speaker 2: buttons I can press. I'm not a sophisticated this curtis
Speaker 2: like Paul Sweeney is. But if I x Adams, think
Speaker 2: of a tab where I can take him out, ye,
Speaker 2: and I do the math Courtislee what plus Andrew Cuomo.
Speaker 2: Guess what. It doesn't equal Zeri Mandami, but it comes
Speaker 2: pretty close. What's the tension you see now of the
Speaker 2: summation of the governor and you were the upstart candidate
Speaker 2: of the left.
Speaker 8: We all know the polls have been wrong every step
Speaker 8: of the way, been totally wrong.
Speaker 4: Remember two months go back to Iowa. Oh no, no,
Speaker 4: that's just.
Speaker 8: Two months into the Democratic primary they were preparing the
Speaker 8: coronation of Andrew cmo as our next mayor. Forty points
Speaker 8: ahead is Johann Mondami. He lost by thirteen points. I
Speaker 8: look at my mentor in this rate, George Bataki on
Speaker 8: November two of nineteen ninety four against the better Cuomo Mario.
Speaker 8: They had him down by twelve points. He won by
Speaker 8: three points. The day before the election was no early
Speaker 8: voting back then. It was either a vote November fourth,
Speaker 8: raps seen the team valor or that's it. Look at
Speaker 8: the Trump election over Harris, it was supposed to be
Speaker 8: neck and neck. He not only won the popular vote,
Speaker 8: he won the seven battleground states. I don't put any
Speaker 8: any trust in these polls. I know what I feel
Speaker 8: in the streets. I'm in the outer boroughs. You look,
Speaker 8: I have ten headquarters. I have signage everywhere. I don't
Speaker 8: see signage at all for Cuomo. So Cuomo's whole vote
Speaker 8: is based on fear. Nobody likes this guy. Everybody knows
Speaker 8: he was the author of no cash bail, raised the
Speaker 8: age he wants to close, right because he and Zoron
Speaker 8: Mondami when it comes to law and order are two
Speaker 8: peas in a pod. And then he talks about prostitution.
Speaker 8: Zoron is in favor of legalized prostitution, but the governor
Speaker 8: at the time, CuMo signed the legislation to enable people
Speaker 8: to go out into the streets and sell their bodies.
Speaker 4: So I don't see any.
Speaker 8: Differentiation at all between Cuomo and Johan Mondami.
Speaker 5: What is your message New York City residents these last
Speaker 5: days of the campaign.
Speaker 8: I am the only candidate GOP candidate that wants to
Speaker 8: slash taxes, corporate tax, income tax, especially the property tax,
Speaker 8: which a mayor does hold sway over and the Citizens
Speaker 8: Budget Commission said, I'm the only one who's talking about
Speaker 8: fiscal constraint one hundred and eighteen dollars billion budget for
Speaker 8: the city and there are no cuts. Cuomo and Zoron
Speaker 8: would actually increase it. I would take ten billion dollars
Speaker 8: right out of the Department of Education, which is all
Speaker 8: being spent on the bureaucracy, start cutting the Department of
Speaker 8: Buildings and get fiscally reliant on people like Larry Kudler,
Speaker 8: who's my advisor, George Bataki who did that as governor,
Speaker 8: and then Rudy Giuliani, who is the best law and
Speaker 8: or a mayor we've ever had in the City of
Speaker 8: New York.
Speaker 4: Now those are three titans.
Speaker 2: This came up this weekend. I said, I got sleeve
Speaker 2: on Monday. They said, you got to ask him his question,
Speaker 2: Mayor Sliwa with the city council, can you get along
Speaker 2: with the city council to get things done?
Speaker 7: Well?
Speaker 8: The benefit of my life is that I spent thirteen
Speaker 8: years raising two boys with Melinda Katz, who was a
Speaker 8: city council person for twelve years, head of land Use.
Speaker 8: She's now the Queen's Democratic DA. She taught me how
Speaker 8: you get along with city councils. To do that, it's
Speaker 8: called discretionary funds. You go into the district, they beat
Speaker 8: you up. You meet with the staff because the staff
Speaker 8: does all the work. Remember the elected officiacys. Because the
Speaker 8: electeds are always dialing for dollars, shaking people down for
Speaker 8: political contributions, and then you say, I just want one
Speaker 8: vote from you, and I get you your discretionary funds.
Speaker 8: You're looking for a new park, you're looking for a
Speaker 8: new playground, you're looking.
Speaker 4: For capitalist politics, a trade.
Speaker 8: I get one vote that I desperately need to show
Speaker 8: that there is dialogue even with those who are considered liberal, progressive,
Speaker 8: democratic socialists of America. If you don't do that, no
Speaker 8: matter who the mayor is, you're not going to be
Speaker 8: able to get the City Council in a majority way
Speaker 8: to back any of your initiatives.
Speaker 4: You'll be impotent.
Speaker 8: As Eric Adams says, now, because Adrian Adams, to speak
Speaker 8: of the Council is the real mayor of the City
Speaker 8: of New York.
Speaker 5: What's your policy for which is an issue that's very
Speaker 5: closely intertwined homelessness and crime in New York City. What's
Speaker 5: your policy?
Speaker 8: Well, homelessness, I deal with emotionally disturbed in the subways
Speaker 8: because I'm the only candidate that actually rides the subways, campaigns,
Speaker 8: takes the buses, the express buses that six million New
Speaker 8: Yorkers and others who at one point of the day
Speaker 8: or night are using mass Trandsit I've been dubbed by
Speaker 8: the Staten Island Advance the mayor of mass transportation. We
Speaker 8: need to get the homeless into the shelters, but we
Speaker 8: have to make the shelters safe now they're not. It's
Speaker 8: like Darwinian survival or the fittest. And we need to
Speaker 8: get the emotionally disturbed in state mental hospitals, the very
Speaker 8: hospitals that Andrew Como cleared from forty thousand beds down
Speaker 8: to four thousand before he fled fearing impeachment to the hamptage.
Speaker 2: For you, courteously, for all of you across America, good morning.
Speaker 2: He is a Republican candidate in a fractured New York
Speaker 2: City mayoral contests. Let me quote exact actly from AI,
Speaker 2: because that's the way we roll Curtis. In the twenty
Speaker 2: twenty one New York City mayoral election, Curtis Leewa received
Speaker 2: twenty one percent of the vote in the Bronx. I
Speaker 2: would suggest President Trump stunned the nation with his minority
Speaker 2: success in the last election. Do you need that to win?
Speaker 2: How are you going to get the minority vote? And
Speaker 2: everybody thinks they don't go near you. Come on, you
Speaker 2: get twenty one percent in the Bronx. How do you
Speaker 2: improve that?
Speaker 8: Everybody knows that Curtis Leewa is a Republican who can
Speaker 8: go into a three hundred and fifty neighborhoods in some
Speaker 8: of which the only Republican they've ever seen is Abraham
Speaker 8: Lincoln on a fight dollar bill. I've led a group
Speaker 8: of Guardian Angels in a predominantly plaque in Hispanic. I'm
Speaker 8: polling now at about thirty percent in the Bronx. Remember,
Speaker 8: Eric Adams was supposed to be the new face of
Speaker 8: the Democratic Party that I ran again.
Speaker 2: Is moum Donnie the new face of the Democratic Party?
Speaker 8: Well, let's face it, the Democrats allowed the fox into
Speaker 8: the she can coop, first with Bernie Sanders and AOC
Speaker 8: and now Johann Mandami. I blame Adams, I blame Cuomo.
Speaker 8: I blame the Democratic establishment because they have surrendered their
Speaker 8: party to socialism, and I am the only one who
Speaker 8: is advocating capitalistic policies, cutting taxes, cutting the budget, law
Speaker 8: and order. We live in a city where we're best
Speaker 8: known around the world for locking up toothpaste and not
Speaker 8: locking up criminals, now, who does that?
Speaker 4: That's the Democrats.
Speaker 2: You got to run like fifteen times to get a
Speaker 2: line like that. I mean that's great, locking.
Speaker 5: Up toothpaste immigration. What's your views on immigration here? This
Speaker 5: is a city that's got a history of supportive of immigration.
Speaker 5: We've got a statue out there in the bay there.
Speaker 4: What's your view?
Speaker 8: Well, many of the migrants now are essential workers in
Speaker 8: the restaurant industry and the hospitality industry. If you start
Speaker 8: snatching them up because they're not wanted for crimes committee
Speaker 8: either the country or origin or here, then you're going
Speaker 8: to depleting that workforce. I have three sons. None of
Speaker 8: my three sons would do that kind of work. Now
Speaker 8: you go after, as Trump call them, the bad ombrage,
Speaker 8: the drug dealers, the sex track case, the cartel runners. Yes,
Speaker 8: and Ice was being applointed when they first did that.
Speaker 2: But your card here, maybe Adams could say the same thing.
Speaker 2: I don't buy it. But your card is you've got
Speaker 2: a special relationship with President Trump. With what we see
Speaker 2: in Chicago, Portland, LA. Give me some other towns.
Speaker 4: Paul, they're out piling all people, Memphis, people in New York.
Speaker 2: I know from personal experience, are scared if they're migrants, immigrants,
Speaker 2: Green card holders to go out in the street. What's
Speaker 2: your relationship with President Trump that will make New York
Speaker 2: City not Chicago.
Speaker 8: Not La First of all, I'm leader of the Guardian
Speaker 8: Angels with groups in every one of those cities you mentioned,
Speaker 8: and they need the National Guard.
Speaker 2: We don't.
Speaker 8: Kathy Hulkel, the Governess sent a thousand National guardsmen into
Speaker 8: the subway last year when we had a crime crisis.
Speaker 8: We're okay in that regards. Focus on the really crime
Speaker 8: ridden cities. I would have dialogue when not only President Trump, respectfully,
Speaker 8: but the members of his cabinet preemptively, when you see
Speaker 8: something is coming in your direction, you've got to meet.
Speaker 8: You're not gonna win, You're gonna try to sort of
Speaker 8: as we would say in Italian medici me poco poco
Speaker 8: half and half. The Trump administration will get some of
Speaker 8: what they want, hopefully the city will get some of
Speaker 8: what they want. But when you have Zoran Mandami and
Speaker 8: Andrew Comos saying I'm gonna fight Donald Trump, guess what
Speaker 8: you're gonna lose if you fight the President of the
Speaker 8: United States, because he holds the purse strings.
Speaker 5: What do you make of the rise ofs from Mamdani here.
Speaker 8: It is simply because the Democrats were asleep, like Rumphel
Speaker 8: still skin.
Speaker 4: I saw Zoron Mandami.
Speaker 8: He was out organizing votes for Democratic Socialist candidates.
Speaker 4: They know how to get their vote out.
Speaker 8: The moderate Democrats are now dependent on Republicans, Conservatives and independence.
Speaker 8: It's over for the moderate Democrats. They've sacrificed, They've waved
Speaker 8: the white fleck. They don't even primary the liberals, Progressives
Speaker 8: and the Democratic Socialists of America. They're afraid of them.
Speaker 8: I'm not afraid of them. I stand up to them.
Speaker 2: If we assume that mister Mumdami is getting out an
Speaker 2: original vote, I mean he's getting out people. You know,
Speaker 2: there's a stereotype have never voted before. How do you
Speaker 2: get out the sleeve of vote of Democrats? You can't
Speaker 2: do this, just unders How do you get out that
Speaker 2: vote like Mamdami's getting out these first time.
Speaker 8: Voters because I'm out in the streets. You see the
Speaker 8: headquarters in ten neighborhoods, you see the plackage everywhere. I'm
Speaker 8: the law and order candidate. A lot of moderate Democrats
Speaker 8: of the law and order. They're not for Angel camel
Speaker 8: I was in.
Speaker 2: I want you to do this one zero zero two nine,
Speaker 2: one hundred and tenth Street, Spanish Harlem. That post office
Speaker 2: between Third and Les. You walk in that post office,
Speaker 2: everybody in there is some form of first or second
Speaker 2: General regent Immigrant. What do you say to those people
Speaker 2: to get them to vote for Lincoln's party?
Speaker 4: Wow?
Speaker 8: Law and order right, they're against no cash bail. They
Speaker 8: want to raise the age lowered back to sixteen because
Speaker 8: now we have all these juveniles doing drive by shootings,
Speaker 8: and they want Rikers.
Speaker 4: Island kept open.
Speaker 8: Why is Cuomo and Zorahan Mandami wanting to close Rykers Island?
Speaker 4: Where are they going to put inmates.
Speaker 8: They're going to be cut loose and they're going to
Speaker 8: just terrorize people in the streets. And remember the number
Speaker 8: one number of workers in New York City of women.
Speaker 8: Talk to the women. They're going the subway, they're being
Speaker 8: sexually harassed, they're being perved on. They're afraid to go
Speaker 8: out at night. They can't afford taking yellow cabs, ubers
Speaker 8: and lyfts, and nobody is talking about what women have
Speaker 8: to go through in New York City. I know because
Speaker 8: my wife, who's an e attorney, has explained it and
Speaker 8: has done my very first commercial about the plight of
Speaker 8: women being victims of random attacks? What random attacks? This
Speaker 8: is being directed at women and they're not being protected.
Speaker 2: There's a lot of talk aboutancial support. What financial support
Speaker 2: do you have for the next twenty day dash to
Speaker 2: the election?
Speaker 8: I have collected actually in the three the last three
Speaker 8: quarters average donation one hundred and nineteen dollars more matching
Speaker 8: funds than Johann Mandami, Cuomo and Eric Adams combined. We're
Speaker 8: talking about donations from New York City residents. The others
Speaker 8: are getting their money from out of state. I would
Speaker 8: take the money of the local New Yorker who obviously
Speaker 8: is putting their reputation on the line. When I'm getting
Speaker 8: an eight to one match, and I'm on TV, and
Speaker 8: I'm in the neighborhoods and have the money to run
Speaker 8: a campaign, people.
Speaker 2: Want our news reporters want to know, are you even
Speaker 2: considering dropping out the shift this campaign?
Speaker 4: You know what?
Speaker 8: Talk to the dropout King who dropped out against Carmacall
Speaker 8: running for governor Andrew Cuomo, who dropped out and fled
Speaker 8: to the Hamptons because he feared impeachment Andrew Cuomo. Did
Speaker 8: Donald Trump flee to mar A Lago because he feed impeachment?
Speaker 4: Did Donald Trump flee to.
Speaker 8: Mari A Lago because he was the victim of law
Speaker 8: fair by Alvin Bragg and Tiss James.
Speaker 4: No, he showed up in Caught each and every day.
Speaker 4: Camo is a coward. He's the only one who's ever
Speaker 4: dropped out.
Speaker 2: Thank you for joining Bloomberg this morning, Curtis Leiwa. Of course,
Speaker 2: may Earl Kennedy here. We hope to get all of
Speaker 2: the candidates in here as we dashed the first Tuesday
Speaker 2: of November. Stay with us. More from Bloomberg Surveillance coming
Speaker 2: up after this.
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday
Speaker 1: starting at seven am Eastern on Apple Corplay and Android
Speaker 1: Auto with the Bloomberg Business app. You can also watch
Speaker 1: us live every weekday on YouTube and always on the
Speaker 1: Bloomberg Terminal.
Speaker 2: Foundational Today, Lisa Mateo doing newspapers way too early, Lisa,
Speaker 2: what do you have?
Speaker 4: All right?
Speaker 9: I want to start in the weight loss drug space. Okay,
Speaker 9: did you know you can now get ozembic and we
Speaker 9: go vi at costco I'm telling you it's happening. You
Speaker 9: can get toilet paper and your weight loss drug is
Speaker 9: all in one shopping trip.
Speaker 4: Okay.
Speaker 9: Their drugs are being sold at pharmacies in the US
Speaker 9: at Costco blow sticker prices. How much will they cost? Okay,
Speaker 9: so Costco members are going to pay an out of
Speaker 9: pocket price at about four hundred and ninety nine dollars
Speaker 9: a month.
Speaker 4: Now, if you go to.
Speaker 9: Novo's website, you can get it for the same price.
Speaker 9: You can also get it for that price at CBS
Speaker 9: and Walmart. But this is just adding another way that
Speaker 9: people can get their hands on these weight loss drugs.
Speaker 4: So no longer is it still prescription though? Right? Yes? Correct,
Speaker 4: prescription still prescription.
Speaker 2: If you come in you can load up on six
Speaker 2: or seven hot dogs, yes.
Speaker 4: But you won't be friends exactly. Maybe they're the hot dog.
Speaker 9: Things might go down because people are taking more zip scovi.
Speaker 9: I don't know.
Speaker 4: Attention to the next.
Speaker 9: Okay, more housing could be coming to your New York City.
Speaker 9: This one's interesting. So New York City proposing this huge
Speaker 9: rezoning in an area of western Queens Long Island City.
Speaker 9: It was once later for this big am on warehouse
Speaker 9: that got shot down. Okay, So now look ahead seven
Speaker 9: years later to today, and it's a bigger project. Rezoning
Speaker 9: would allow private developers to build fifteen thousand apartments across
Speaker 9: fifty four blocks. Right now, it's filled with warehouses and
Speaker 9: a parking lot. But a vote on the city Council
Speaker 9: expected at the end of the month. So we're going
Speaker 9: to see pretty soon how much more housing can come
Speaker 9: to New York City.
Speaker 5: And the city needs it, right, I mean, it just
Speaker 5: seems like there's just the every story I see is
Speaker 5: rents up, up, up, up, and never go down, except
Speaker 5: for like fifteen minutes during the pandemic, right went down,
Speaker 5: and then that was it.
Speaker 4: Okay, all right, And.
Speaker 9: This last one it took me back to my I
Speaker 9: guess elementary school years.
Speaker 4: I used to love field day, Okay. It was a
Speaker 4: big thing.
Speaker 9: You pit one class against another, you go against you know,
Speaker 9: track races and hopscotch and tuger war in Ductukso so okay,
Speaker 9: you get it now. Okay, So the Wall Street Journal
Speaker 9: is saying a lot more adults instead of Happy Hour,
Speaker 9: they're doing these field days. That's so they're going to parks. Okay,
Speaker 9: they're tauntsing water balloons. They're hopping around with sack races.
Speaker 9: It's a hot new thing for like birthday parties and
Speaker 9: bachelorette parties. They're happening all over. Alcohol is involved. I
Speaker 9: just want to put it out there. But the problem
Speaker 9: is a lot of people are getting hurt because they're.
Speaker 2: Weekend Well yeah, but it's like weekend warriors.
Speaker 4: Correct.
Speaker 5: We look at this quote here. A lot of my
Speaker 5: friends talk about how we just feel old. This person
Speaker 5: says he's twenty five. Twenty five, Sit down, geez all right.
Speaker 4: I just put it on a word for jarts charts.
Speaker 2: You don't know what charts is?
Speaker 4: Which charts?
Speaker 2: Oh? No, charts two rings And it's like you just
Speaker 2: throw the jart thing up in the air of the
Speaker 2: weight and you try to get it in the hole
Speaker 2: like Corse, and then you take a sip of genesee cream.
Speaker 4: Again.
Speaker 9: That's what they did back in the Please Squeeze one. Okay,
Speaker 9: gotta do it. Taylor Swifts album Least Party. We talked
Speaker 9: about it on a Friday. It topped the box office,
Speaker 9: the highest grossing picture in North America this weekend, thirty
Speaker 9: three million ticket sales, additional thirteen million internationally. Do you
Speaker 9: know what it beat out in its debut, Dwayne the
Speaker 9: Rock Johnson's The Small Machine. And I couldn't even bring
Speaker 9: those tickets sales up myself. But yeah, she she, I'm
Speaker 9: telling you, thank you.
Speaker 2: For doing the newspapers. Get back to the news. The businesses,
Speaker 2: Lisa just extraordinary.
Speaker 1: This is the Bloomberg Surveillance Podcast, available on Apple, Spotify,
Speaker 1: and anywhere else you get your podcasts. Listen live each weekday,
Speaker 1: seven to ten am Eastern on Bloomberg dot com, the
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