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 --> 00:00:22,000 Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business app. 4 00:00:22,360 --> 00:00:25,680 Speaker 1: Listen on demand wherever you get your podcasts, or watch 5 00:00:25,760 --> 00:00:27,200 Speaker 1: us live on YouTube. 6 00:00:27,520 --> 00:00:30,560 Speaker 2: Maybe we made a real commitment here at Bloomberg Surveillance 7 00:00:30,600 --> 00:00:33,440 Speaker 2: that we would speak to the mayoral candidates. We're now 8 00:00:33,479 --> 00:00:37,320 Speaker 2: in the habit of repeating conversations. We spoke earlier to 9 00:00:37,479 --> 00:00:40,000 Speaker 2: Andrew Cromo, of course, the former governor of the state 10 00:00:40,040 --> 00:00:43,720 Speaker 2: of New York. This for the mayor's race and a 11 00:00:43,800 --> 00:00:46,800 Speaker 2: vote in November. Governor Clomo, thank you so much for 12 00:00:46,880 --> 00:00:50,320 Speaker 2: joining us again at Bloomberg this morning. I'm going to 13 00:00:50,360 --> 00:00:52,720 Speaker 2: cut to the chase. I talked to my number one advisor, 14 00:00:52,800 --> 00:00:57,920 Speaker 2: Martin Schenker this morning, decades of five Borough experience. Here's 15 00:00:57,960 --> 00:01:02,240 Speaker 2: his question, how do you get the younger voter. You've 16 00:01:02,280 --> 00:01:05,520 Speaker 2: got the older voters in the outer burroughs, You've got 17 00:01:05,520 --> 00:01:09,040 Speaker 2: a lot of Manhattan voting for you, Ander Cromo, How 18 00:01:09,040 --> 00:01:11,520 Speaker 2: do you get the younger voter in this election? 19 00:01:12,840 --> 00:01:15,000 Speaker 3: Yeah, I know it's a very good question, and thank 20 00:01:15,040 --> 00:01:19,000 Speaker 3: you and good morning. Thank you for having me what 21 00:01:19,080 --> 00:01:21,880 Speaker 3: we learned in the primaries. You had a tremendous vote 22 00:01:21,959 --> 00:01:25,320 Speaker 3: of the under thirty, which is really a national phenomenon. 23 00:01:26,200 --> 00:01:29,280 Speaker 3: They're highly energized. It started as a political movement that 24 00:01:29,400 --> 00:01:38,520 Speaker 3: was anti Trump. It's now further energized by socialism, income equality, 25 00:01:39,720 --> 00:01:42,040 Speaker 3: and this situation in the Middle East. 26 00:01:42,040 --> 00:01:42,600 Speaker 4: Gozam. 27 00:01:43,400 --> 00:01:45,600 Speaker 3: But my point to the under thirty years. Look, I 28 00:01:45,640 --> 00:01:50,000 Speaker 3: agree with your statement of the problems. Yes, affordability is 29 00:01:50,000 --> 00:01:54,240 Speaker 3: a major issue. Yes, your rent is a major issue. 30 00:01:55,160 --> 00:02:01,240 Speaker 3: But the solutions being offered by Assemblyman Mom are not 31 00:02:01,360 --> 00:02:05,960 Speaker 3: real solutions. The answer is not freezing the rent for 32 00:02:06,080 --> 00:02:10,320 Speaker 3: four years. Economically, that doesn't work. Landlords are not going 33 00:02:10,360 --> 00:02:15,800 Speaker 3: to subsidize buildings. They'll walk away from buildings. So, yes, 34 00:02:16,680 --> 00:02:22,000 Speaker 3: the problems they have identified are correct. Know the solutions 35 00:02:22,000 --> 00:02:27,920 Speaker 3: offered by Assemblyman Mam Donnie will not solve the problem. 36 00:02:27,960 --> 00:02:32,000 Speaker 5: Governor, what is your path to victory? As you sit 37 00:02:32,040 --> 00:02:35,000 Speaker 5: here today? Can you still win if Mayor Adams does 38 00:02:35,080 --> 00:02:36,399 Speaker 5: not drop out. 39 00:02:37,400 --> 00:02:41,760 Speaker 3: In a multi candidate race. Yes, you can theoretically win. 40 00:02:42,120 --> 00:02:47,160 Speaker 3: The math is much more difficult. I think reality will 41 00:02:47,280 --> 00:02:53,160 Speaker 3: set in at one point because the existential threat is 42 00:02:54,200 --> 00:02:58,640 Speaker 3: I think Assemblyman Mam Donnie as mayor of New York 43 00:02:59,440 --> 00:03:03,040 Speaker 3: and many Democratic leaders feel that the business community feels 44 00:03:03,040 --> 00:03:09,920 Speaker 3: that people feel that this is a radical form of socialism, socialism, 45 00:03:10,200 --> 00:03:14,760 Speaker 3: economic socialism in New York City, which is the heart 46 00:03:15,080 --> 00:03:21,360 Speaker 3: of business and corporate America. And how does socialism work 47 00:03:21,480 --> 00:03:23,799 Speaker 3: in New York City? How do you have a socialist 48 00:03:23,919 --> 00:03:30,119 Speaker 3: city in a capitalist nation? The Assemblyman is anti police, 49 00:03:30,760 --> 00:03:34,480 Speaker 3: both for defunding the police, dismantling the police. Said the 50 00:03:34,560 --> 00:03:38,920 Speaker 3: police are wicked and corrupt as an institution, said the 51 00:03:39,000 --> 00:03:44,880 Speaker 3: police are racists. How do you provide public safety? How 52 00:03:44,880 --> 00:03:47,920 Speaker 3: do you recruit police officers? How do you keep police officers? 53 00:03:48,560 --> 00:03:52,200 Speaker 3: If that's your position visa e. The police, So he 54 00:03:52,560 --> 00:03:55,520 Speaker 3: is the threat. You have several candidates who are now running, 55 00:03:56,800 --> 00:04:00,880 Speaker 3: and senior Democrats have said, look, you get to September. 56 00:04:00,920 --> 00:04:05,400 Speaker 3: The strongest candidate should go forward one on one to 57 00:04:05,440 --> 00:04:08,400 Speaker 3: try to beat Mamdani, and the other candidate should defer. 58 00:04:08,520 --> 00:04:11,320 Speaker 3: And I've agreed to that. I said, if I'm not 59 00:04:11,440 --> 00:04:14,720 Speaker 3: the strongest candidate in September, then i will defer. 60 00:04:17,040 --> 00:04:20,040 Speaker 5: Well, Governor with a little bit of hindsight, Now, what 61 00:04:20,160 --> 00:04:24,680 Speaker 5: is Mam Donnie's success in the primary. Tell you about 62 00:04:24,680 --> 00:04:28,480 Speaker 5: the New York City electorate right now. 63 00:04:28,640 --> 00:04:30,880 Speaker 3: What it says is, first, you did have an aberration 64 00:04:31,000 --> 00:04:33,560 Speaker 3: in the primary turnout. You had an explosion of this 65 00:04:33,680 --> 00:04:37,200 Speaker 3: under thirty that actually distorted the turnout. That's why the 66 00:04:37,200 --> 00:04:40,159 Speaker 3: polls were all wrong. Right, The polls all had me 67 00:04:41,160 --> 00:04:46,200 Speaker 3: way ahead fifteen twenty points. They did not account for 68 00:04:47,000 --> 00:04:50,679 Speaker 3: this aberration in the turnout, which was the under thirty 69 00:04:51,120 --> 00:04:57,479 Speaker 3: year olds who voted at an extraordinary historic proportion. Everyone 70 00:04:57,520 --> 00:04:59,920 Speaker 3: else voted sort of at the same level of ti 71 00:05:00,279 --> 00:05:03,800 Speaker 3: out except the under thirty, and he had connected with 72 00:05:03,839 --> 00:05:08,560 Speaker 3: them very well on social media, TikTok et cetera. That 73 00:05:09,360 --> 00:05:11,960 Speaker 3: we expect to continue in the general. But what happens 74 00:05:11,960 --> 00:05:15,359 Speaker 3: in the general is you have a much larger universe 75 00:05:15,400 --> 00:05:19,400 Speaker 3: of voters. Right, It's not just the activist Democrats in 76 00:05:19,440 --> 00:05:23,599 Speaker 3: a primary small universe. It's moderate Democrats, it's Out of 77 00:05:23,600 --> 00:05:29,400 Speaker 3: Borough Democrats, it's older Democrats, it's independence, it's Republicans. So 78 00:05:29,440 --> 00:05:33,159 Speaker 3: it's a much much different universe that you're drawing from. 79 00:05:33,520 --> 00:05:36,880 Speaker 2: Andrew Cromo were former governor of the Empire State. We 80 00:05:36,920 --> 00:05:39,159 Speaker 2: welcome all of you across the nation on the way 81 00:05:39,200 --> 00:05:42,760 Speaker 2: you listen to Bloomberg survey and that's good morning across Canada, 82 00:05:42,839 --> 00:05:45,960 Speaker 2: around the world as well and on YouTube. We greatly 83 00:05:46,000 --> 00:05:52,160 Speaker 2: appreciate your interests of the mayoral race vote in November. Governor, 84 00:05:52,200 --> 00:05:54,760 Speaker 2: I want to get into the nitty gritty here wonderful 85 00:05:54,839 --> 00:05:59,960 Speaker 2: questions from our Bloomberg News team. Yesterday it's Saint Bartholomew's Church. 86 00:06:00,560 --> 00:06:04,919 Speaker 2: There was an inter denominational service including father and Rique 87 00:06:04,960 --> 00:06:08,840 Speaker 2: Salvo from Saint Patrick's Cathedral to try to pick up 88 00:06:09,520 --> 00:06:15,000 Speaker 2: the pieces of again violence in New York. Every conversation 89 00:06:15,760 --> 00:06:18,920 Speaker 2: is what are we going to do to halt slow 90 00:06:19,000 --> 00:06:23,200 Speaker 2: the attrition of the New York Police Department. What's the 91 00:06:23,320 --> 00:06:28,800 Speaker 2: CUOMO plan day one to get more NYPD on the 92 00:06:28,839 --> 00:06:30,919 Speaker 2: street and in the cars. 93 00:06:31,600 --> 00:06:36,719 Speaker 3: Yeah, it's a very good point. Public safety is job one, right. 94 00:06:36,800 --> 00:06:40,960 Speaker 3: Affordability is a major issue, no doubt, and there are 95 00:06:41,040 --> 00:06:47,440 Speaker 3: other issues percolating, but public safety is and always has 96 00:06:47,560 --> 00:06:52,880 Speaker 3: been the foundation. Nothing works without public safety. And crime 97 00:06:53,080 --> 00:06:56,680 Speaker 3: is up. Some crime levels, some categories of crime down, 98 00:06:56,680 --> 00:07:00,320 Speaker 3: but crime overall is up and people feel it. Yes, 99 00:07:01,040 --> 00:07:07,200 Speaker 3: two interrelated issues in my opinion, to get the police back, 100 00:07:07,680 --> 00:07:10,680 Speaker 3: and you have to get them back. We don't just 101 00:07:10,720 --> 00:07:18,360 Speaker 3: have trouble recruiting police right now, historic issues. Back in 102 00:07:18,400 --> 00:07:20,960 Speaker 3: the day, you would take a test to become a 103 00:07:20,960 --> 00:07:24,400 Speaker 3: police officer, you'd score on the test, you'd wait two 104 00:07:24,520 --> 00:07:27,760 Speaker 3: three years to be called. We can't now fill a class, 105 00:07:28,680 --> 00:07:31,000 Speaker 3: and the attrition rate is very high. They're leaving at 106 00:07:31,040 --> 00:07:32,360 Speaker 3: higher rates than ever before. 107 00:07:32,480 --> 00:07:32,800 Speaker 4: Why. 108 00:07:33,560 --> 00:07:39,480 Speaker 3: Number one, the salaries, and I've called for increasing the 109 00:07:39,720 --> 00:07:44,160 Speaker 3: starting salaries. Starting salaries about sixty thousand dollars. I would 110 00:07:44,200 --> 00:07:46,440 Speaker 3: do a retention bonus by the end of the first year, 111 00:07:47,000 --> 00:07:51,720 Speaker 3: an additional fifteen thousand, because literally our salaries are not competitive. 112 00:07:52,520 --> 00:07:56,920 Speaker 3: But second, they've also been demoralized. You know, in this city, 113 00:07:57,000 --> 00:08:00,200 Speaker 3: like many other cities across the country, you've gone through 114 00:08:01,000 --> 00:08:05,920 Speaker 3: period the past five six, seven years where this socialist 115 00:08:06,040 --> 00:08:09,720 Speaker 3: faction of the Democratic Party has become dominant in these 116 00:08:09,760 --> 00:08:15,160 Speaker 3: big cities, and they have demoralized the police. Right literally 117 00:08:15,560 --> 00:08:19,280 Speaker 3: the statements I read you from Emblyman, Mom, d you 118 00:08:19,320 --> 00:08:21,080 Speaker 3: call people corrupt and racing. 119 00:08:21,200 --> 00:08:25,480 Speaker 2: Okay, nicely, governor worked, nicely, explained Paul, and I have 120 00:08:25,600 --> 00:08:29,960 Speaker 2: talked to all the different candidates. But you carry a heritage, 121 00:08:30,000 --> 00:08:34,319 Speaker 2: someone say, a baggage of your actions your father of 122 00:08:34,360 --> 00:08:38,960 Speaker 2: a time that many people remember is being safer. What 123 00:08:39,040 --> 00:08:43,440 Speaker 2: are the actions Andrew Cuomo will take to build that 124 00:08:43,600 --> 00:08:47,080 Speaker 2: morale and to get to pay from an absurd sixty 125 00:08:47,160 --> 00:08:50,160 Speaker 2: thousand day one up to where it should be. 126 00:08:51,200 --> 00:08:55,760 Speaker 3: Yeah, it's I think two steps. First day one, raise 127 00:08:56,160 --> 00:09:00,079 Speaker 3: the salary. It will have a practical effect, you'll be 128 00:09:00,160 --> 00:09:03,280 Speaker 3: more competitive, but it will also say to police, I 129 00:09:03,480 --> 00:09:10,440 Speaker 3: value you, I believe in you. And the second factor 130 00:09:10,520 --> 00:09:14,840 Speaker 3: is I will have your back. As mayor, the relationship 131 00:09:14,960 --> 00:09:18,040 Speaker 3: between the mayor and the police is very important. The 132 00:09:18,120 --> 00:09:21,920 Speaker 3: police are out there every day, they're risking their lives. 133 00:09:22,120 --> 00:09:24,720 Speaker 3: It's inevitable that they're going to wind up in a controversy. 134 00:09:24,920 --> 00:09:27,080 Speaker 3: They have to know that the mayor is going to 135 00:09:27,160 --> 00:09:32,520 Speaker 3: have their back. And right now they feel alienated from 136 00:09:32,800 --> 00:09:37,440 Speaker 3: city government, and that has been going on for a while. 137 00:09:37,520 --> 00:09:40,520 Speaker 3: You go back to Mayor Deblasio, they literally turn their 138 00:09:40,760 --> 00:09:45,200 Speaker 3: back at a police funeral. I'd never seen that before, 139 00:09:45,880 --> 00:09:51,000 Speaker 3: but that was the symbolism of the NYPD saying we 140 00:09:51,160 --> 00:09:55,480 Speaker 3: feel alienated and you're making us the enemy when we're 141 00:09:55,520 --> 00:09:57,880 Speaker 3: not the enemy. We're actually the good guy. 142 00:09:58,440 --> 00:09:58,680 Speaker 2: Yep. 143 00:09:59,200 --> 00:10:03,480 Speaker 5: Governor, your donors, your supporters, the donors. That's back to 144 00:10:03,520 --> 00:10:05,640 Speaker 5: you in the primary. Will they continue to back you 145 00:10:05,679 --> 00:10:06,520 Speaker 5: in this general election? 146 00:10:08,480 --> 00:10:10,800 Speaker 3: Yes, they will. What they're looking for is the same 147 00:10:10,840 --> 00:10:15,160 Speaker 3: thing everyone is looking for, is what is the path forward? 148 00:10:15,559 --> 00:10:15,800 Speaker 6: Right? 149 00:10:18,040 --> 00:10:22,640 Speaker 3: You do have a multi candidate field. Everyone is petrified 150 00:10:22,880 --> 00:10:27,040 Speaker 3: about electing a socialist who's anti police, who they feel 151 00:10:27,120 --> 00:10:33,040 Speaker 3: will bankrupt New York City. Right, If you're anti business, 152 00:10:33,400 --> 00:10:35,920 Speaker 3: what makes you think the businesses are going to come here, 153 00:10:36,040 --> 00:10:39,640 Speaker 3: let alone stay here? If you're anti police, what makes 154 00:10:39,640 --> 00:10:41,440 Speaker 3: me think that you're going to make the city safer? 155 00:10:41,760 --> 00:10:44,680 Speaker 3: If anything is going to get more dangerous. So everyone 156 00:10:44,760 --> 00:10:50,040 Speaker 3: is afraid of that happening. They don't yet see the 157 00:10:50,160 --> 00:10:54,079 Speaker 3: path with both Eric Adams and myself and as a Republican, 158 00:10:54,679 --> 00:10:58,520 Speaker 3: And that's why the path has to be one of 159 00:10:58,559 --> 00:11:04,360 Speaker 3: the candidates whoever is not stronger, drops out one on one. 160 00:11:05,280 --> 00:11:09,840 Speaker 3: I believe I beat the assemblyment, but you have to 161 00:11:09,840 --> 00:11:10,880 Speaker 3: get to that point. 162 00:11:11,040 --> 00:11:13,320 Speaker 5: When is that point? Is there a drop dead date 163 00:11:13,400 --> 00:11:16,120 Speaker 5: that you believe from a political perspective that either you 164 00:11:16,240 --> 00:11:18,760 Speaker 5: or mayor Adams needs to make that decision. 165 00:11:19,600 --> 00:11:23,600 Speaker 3: Look, you're in August now, everyone is doing whatever they do. 166 00:11:23,920 --> 00:11:28,280 Speaker 3: September after Labor Day, people get serious about it. And 167 00:11:28,360 --> 00:11:31,720 Speaker 3: I think you get to mid September, and that's going 168 00:11:31,800 --> 00:11:34,360 Speaker 3: to be the let's call it the drop dead date 169 00:11:35,000 --> 00:11:38,040 Speaker 3: where you're going to have to winnow down the field 170 00:11:38,240 --> 00:11:42,400 Speaker 3: or people will think there's no way to beat the 171 00:11:42,440 --> 00:11:46,480 Speaker 3: assemblyman and then there'll be just a resignation. 172 00:11:47,800 --> 00:11:49,800 Speaker 2: I look, Andrew Chromo, I'm forget get in folks the 173 00:11:49,880 --> 00:11:52,920 Speaker 2: nationwide and across New York City. Good morning, Bloomberg eleventh three. 174 00:11:53,040 --> 00:11:57,720 Speaker 2: Ho Andrew Cuomo with us here, really after very difficult 175 00:11:57,760 --> 00:12:02,480 Speaker 2: ten days for the city looking forward to the election 176 00:12:03,280 --> 00:12:08,040 Speaker 2: in November, Andrew Cromo within as Paul correctly mentions, the 177 00:12:08,120 --> 00:12:10,840 Speaker 2: drop dead date and all that, you got to go 178 00:12:10,880 --> 00:12:13,840 Speaker 2: out and speak to people. There was a time, and 179 00:12:13,920 --> 00:12:17,160 Speaker 2: you're old enough to remember that time where with your 180 00:12:17,200 --> 00:12:22,640 Speaker 2: father's process or your early process, there were methods. What's 181 00:12:22,679 --> 00:12:26,080 Speaker 2: the modern method to reach people in New York City, 182 00:12:26,400 --> 00:12:28,960 Speaker 2: particularly those young people that you've got to grab. 183 00:12:30,679 --> 00:12:37,360 Speaker 3: Look, it is all all about social media. The number, 184 00:12:37,480 --> 00:12:42,360 Speaker 3: the percentage of under thirty who get in news from 185 00:12:42,480 --> 00:12:49,800 Speaker 3: TikTok is overwhelming. It's just incredible. Frankly, you know, first 186 00:12:49,800 --> 00:12:54,120 Speaker 3: of all, news from TikTok to me is a sort 187 00:12:54,160 --> 00:12:58,839 Speaker 3: of question about concept in general. But it is all 188 00:12:58,880 --> 00:13:04,319 Speaker 3: about social media, especially for the under thirty, and that 189 00:13:04,520 --> 00:13:09,440 Speaker 3: is something that I'm now focusing on very heavily. And yes, 190 00:13:09,520 --> 00:13:12,559 Speaker 3: I'm moving around the city. I'm doing all the retail, 191 00:13:12,640 --> 00:13:17,120 Speaker 3: if you will, and the traditional media, but it's it's 192 00:13:17,160 --> 00:13:17,880 Speaker 3: social media. 193 00:13:18,800 --> 00:13:21,040 Speaker 2: I look at and post got a whole Let me 194 00:13:21,040 --> 00:13:24,120 Speaker 2: get one more question and Governor and Andrew Paul rather 195 00:13:24,559 --> 00:13:28,080 Speaker 2: as a whole series of good questions. I'm standing outside 196 00:13:28,120 --> 00:13:31,480 Speaker 2: the Waldorf and okay, I'm one of the haves folks, 197 00:13:31,679 --> 00:13:35,520 Speaker 2: and I'm looking up Park Avenue at the renaissance of 198 00:13:35,559 --> 00:13:38,640 Speaker 2: this city. Or i can drive out across a bridge 199 00:13:38,640 --> 00:13:43,040 Speaker 2: to LGA and I'm looking at the renaissance of this city, 200 00:13:43,360 --> 00:13:45,719 Speaker 2: or the tunnels. Paul going to be here in a 201 00:13:45,760 --> 00:13:49,000 Speaker 2: couple of years, and I'm looking at the renaissance of 202 00:13:49,080 --> 00:13:49,720 Speaker 2: this city. 203 00:13:50,360 --> 00:13:53,360 Speaker 4: Why are those young kids so upset if. 204 00:13:53,160 --> 00:13:57,480 Speaker 2: We seem to be building and burgeoning like maybe three 205 00:13:57,520 --> 00:13:58,920 Speaker 2: other cities in this nation. 206 00:14:00,200 --> 00:14:05,120 Speaker 3: Ah, that is the great anomaly. Uh, that is the 207 00:14:05,160 --> 00:14:05,960 Speaker 3: New York City. 208 00:14:06,600 --> 00:14:07,280 Speaker 4: I see. 209 00:14:07,520 --> 00:14:11,600 Speaker 3: I see a city of great potential and great progress. 210 00:14:12,760 --> 00:14:17,040 Speaker 3: LGA for those people who don't pick up the acronym, 211 00:14:17,600 --> 00:14:22,600 Speaker 3: we have a new LaGuardia Airport. Finally, LaGuardia Airport was 212 00:14:22,600 --> 00:14:24,720 Speaker 3: the worst airport in the United States of America. Joe 213 00:14:24,720 --> 00:14:27,400 Speaker 3: Biden made that famous comment about if you were blindfolded, 214 00:14:27,440 --> 00:14:29,080 Speaker 3: do you think you were in the third world country. 215 00:14:29,560 --> 00:14:33,800 Speaker 3: We built a brand new airport, which they said was impossible. 216 00:14:33,840 --> 00:14:36,000 Speaker 3: It was not rated, by the way, the best airport 217 00:14:36,040 --> 00:14:40,480 Speaker 3: in the United States. Plug for New York City shamelessly, 218 00:14:41,560 --> 00:14:44,960 Speaker 3: New Moynihand train station, new Second Avenue subway, New Shirley 219 00:14:45,040 --> 00:14:50,600 Speaker 3: Children Park in Brooklyn. We were attracting AI technology. This 220 00:14:50,720 --> 00:14:56,760 Speaker 3: city can really be poised to take off, and that's exciting. 221 00:14:57,600 --> 00:15:00,680 Speaker 3: And the problems we have a road manager. You know, 222 00:15:00,760 --> 00:15:02,680 Speaker 3: this is not a post nine to eleven period. It's 223 00:15:02,680 --> 00:15:06,480 Speaker 3: not COVID. It's what they will operational issues. You have 224 00:15:06,520 --> 00:15:09,120 Speaker 3: a public safety issue, higher cops. We've done it before. 225 00:15:09,200 --> 00:15:12,440 Speaker 3: We have an affordable housing problem. Build affordable housing. We've 226 00:15:12,440 --> 00:15:14,760 Speaker 3: done it before. You know, we know how to do 227 00:15:14,800 --> 00:15:22,760 Speaker 3: these things. Under thirty. This is more theoretical and ideological. 228 00:15:24,720 --> 00:15:32,960 Speaker 3: We want a socialist society. Affordability is not just affordability 229 00:15:33,000 --> 00:15:39,000 Speaker 3: for them, it's overall economic equality. You shouldn't have billionaires 230 00:15:39,080 --> 00:15:45,200 Speaker 3: and people who can't afford enough to sustain their family 231 00:15:46,800 --> 00:15:51,440 Speaker 3: in a reasonable way. So it's an ideological dispute the 232 00:15:51,480 --> 00:15:55,520 Speaker 3: Middle East and Gaza is very big in that issue. 233 00:15:55,600 --> 00:16:01,080 Speaker 3: And the Assemblyman talked more about Israel and Goza then 234 00:16:01,120 --> 00:16:05,680 Speaker 3: he did public safety and economic development. You would think 235 00:16:05,720 --> 00:16:10,840 Speaker 3: he's running for a position in the United Nations more 236 00:16:10,880 --> 00:16:14,400 Speaker 3: than running for mayor. Yep, but that's their interest. 237 00:16:14,760 --> 00:16:17,800 Speaker 5: Governor. A lot of folks are saying that you had 238 00:16:17,840 --> 00:16:21,000 Speaker 5: your chance to beat mister Mamdani in the primary, you 239 00:16:21,160 --> 00:16:24,680 Speaker 5: did not. Why not let Eric Adams get his turn? 240 00:16:24,720 --> 00:16:26,880 Speaker 5: How do you respond to them, Well. 241 00:16:26,760 --> 00:16:30,000 Speaker 3: Eric Adams had his turn, right. Eric Adams was mayor 242 00:16:30,040 --> 00:16:35,400 Speaker 3: for four years and New Yorkers have said they are 243 00:16:35,480 --> 00:16:40,320 Speaker 3: unsatisfied with what he has done as mayor. He's had 244 00:16:40,360 --> 00:16:44,200 Speaker 3: a string of very serious scandals and corruption issues. And 245 00:16:44,280 --> 00:16:50,080 Speaker 3: then Mayor Adams was indicted, as you recall, and then 246 00:16:50,160 --> 00:16:56,360 Speaker 3: President Trump dropped the charges for Mayor Adams conditioned on 247 00:16:56,520 --> 00:17:02,200 Speaker 3: Mayor Adams cooperating with President Trump and Democrats. That was 248 00:17:02,240 --> 00:17:05,440 Speaker 3: the kiss of death that made the Mayor of New 249 00:17:05,520 --> 00:17:12,600 Speaker 3: York the puppet of President Trump. And that was the 250 00:17:12,640 --> 00:17:16,359 Speaker 3: mayor putting his self interest over the people of New York. 251 00:17:16,680 --> 00:17:19,960 Speaker 3: And that's why the mayor dropped out of the primary. Right, 252 00:17:20,080 --> 00:17:23,280 Speaker 3: he was in the Democratic primary, and he dropped out 253 00:17:23,320 --> 00:17:26,800 Speaker 3: because he wasn't competitive. And in the general election, seventy 254 00:17:26,800 --> 00:17:29,000 Speaker 3: percent of the voters are Democrats. So if you're not 255 00:17:29,080 --> 00:17:31,280 Speaker 3: competitive with Democrats, you're not competitive. 256 00:17:31,760 --> 00:17:34,560 Speaker 2: And tokomone time for one more question. I had the 257 00:17:34,640 --> 00:17:37,320 Speaker 2: clearest memories is up in western New York of a 258 00:17:37,400 --> 00:17:41,399 Speaker 2: gentleman from Italy talking about his grandparents. His parents, I 259 00:17:41,400 --> 00:17:45,600 Speaker 2: should say, back in the nineteen tens, literally in fear 260 00:17:45,680 --> 00:17:50,240 Speaker 2: of quote unquote being picked up after the entrance, whether 261 00:17:50,280 --> 00:17:54,040 Speaker 2: it's Ellis Islander or wherever. Right now, we're picking up 262 00:17:54,080 --> 00:17:58,480 Speaker 2: people in these five boroughs as reports day after day. 263 00:17:58,720 --> 00:18:03,760 Speaker 2: How would you handle this city is a sanctuary versus 264 00:18:03,840 --> 00:18:04,920 Speaker 2: a Trump administration? 265 00:18:06,280 --> 00:18:08,720 Speaker 3: Oh, you have to fight at every step of the way. Look, 266 00:18:08,800 --> 00:18:12,440 Speaker 3: I think President Trump, I think he has gone too far. 267 00:18:13,040 --> 00:18:17,720 Speaker 3: When he there's no doubt that the illegal immigration was 268 00:18:17,760 --> 00:18:21,359 Speaker 3: an issue, and he identified that and he ran for 269 00:18:21,440 --> 00:18:25,280 Speaker 3: president on it and he won. He has gone too far. 270 00:18:25,920 --> 00:18:31,440 Speaker 3: If you're talking about dangerous criminals, Americans support you, New 271 00:18:31,520 --> 00:18:35,120 Speaker 3: Yorkers support you. We're not going to harbor criminals. If 272 00:18:35,160 --> 00:18:37,840 Speaker 3: you have a personal committeed of a dangerous crime, a 273 00:18:37,880 --> 00:18:43,880 Speaker 3: serious crime, deport them. But when you start picking up 274 00:18:44,000 --> 00:18:47,679 Speaker 3: people who have been in this city, who are working, 275 00:18:47,720 --> 00:18:50,440 Speaker 3: who are families, they've been here for years, they're paying taxes, 276 00:18:50,480 --> 00:18:53,320 Speaker 3: they're taking jobs that nobody else wants to take. By 277 00:18:53,359 --> 00:18:57,040 Speaker 3: the way, they're working in the back rooms of restaurants, 278 00:18:57,040 --> 00:19:03,200 Speaker 3: the landscapers, they're doing manual labor that no one else 279 00:19:03,200 --> 00:19:06,240 Speaker 3: can do. And you're disrupting families, and you're doing it 280 00:19:06,280 --> 00:19:09,480 Speaker 3: without any due process. And by the way, you're making mistakes, 281 00:19:09,880 --> 00:19:13,480 Speaker 3: you're picking up people who were here legally and putting 282 00:19:13,520 --> 00:19:16,600 Speaker 3: them on a plane. You've gone too far. And that's 283 00:19:16,600 --> 00:19:23,200 Speaker 3: what the sanctuary city laws are. They're basically due process guarantees. 284 00:19:23,240 --> 00:19:26,399 Speaker 3: And I passed the sanctuary law for the State of 285 00:19:26,480 --> 00:19:31,000 Speaker 3: New York as governor. The City of New York has 286 00:19:31,040 --> 00:19:32,800 Speaker 3: a city law on top of the state law. 287 00:19:33,320 --> 00:19:37,600 Speaker 2: And it's just Andrew. We're out of time. Governor Culmwall, 288 00:19:37,640 --> 00:19:39,360 Speaker 2: thank you so much for being with us today. We're 289 00:19:39,359 --> 00:19:42,520 Speaker 2: looking forward to speaking to you on the road to November. 290 00:19:49,400 --> 00:19:52,960 Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live 291 00:19:53,040 --> 00:19:56,199 Speaker 1: weekday afternoons from seven to ten am Eastern Listen on 292 00:19:56,280 --> 00:20:00,320 Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app watch 293 00:20:00,400 --> 00:20:01,679 Speaker 1: us live on YouTube. 294 00:20:02,000 --> 00:20:05,399 Speaker 2: The way we find guests here varies. Some are pitched 295 00:20:05,440 --> 00:20:08,359 Speaker 2: to us as you can imagine. Others we search and 296 00:20:08,400 --> 00:20:12,439 Speaker 2: search and search. We really use Bloomberg News articles are 297 00:20:12,520 --> 00:20:16,080 Speaker 2: good competitors at financial times or that. The way I 298 00:20:16,160 --> 00:20:19,719 Speaker 2: found Erica Groschen was a paper in two thousand and 299 00:20:19,760 --> 00:20:25,920 Speaker 2: three where there was an exceptionally mathematical four box scattered 300 00:20:25,960 --> 00:20:28,920 Speaker 2: dot chart, which she followed up at the New York 301 00:20:28,960 --> 00:20:32,840 Speaker 2: Fed with the second four box scattered dot chart. And 302 00:20:32,880 --> 00:20:35,879 Speaker 2: it was just like Paul Newman and Robert Redford looking 303 00:20:35,880 --> 00:20:39,880 Speaker 2: across the valley, who are those guys? Who is this 304 00:20:39,960 --> 00:20:45,160 Speaker 2: economist joining us now in the national uproar over how 305 00:20:45,160 --> 00:20:49,080 Speaker 2: we count the beans? Definitive? Erica Groschen, she's a former 306 00:20:49,080 --> 00:20:52,480 Speaker 2: commissioner of the Bureau of Labor Statistics out of Madison 307 00:20:52,560 --> 00:20:55,440 Speaker 2: and Harvard and now with a shingle out at Cornell 308 00:20:56,080 --> 00:21:02,119 Speaker 2: is well Erica, who should the next BLS had listened to? 309 00:21:02,760 --> 00:21:05,960 Speaker 2: How do you imagine BLS will go forward? 310 00:21:08,400 --> 00:21:08,680 Speaker 4: Well? 311 00:21:08,840 --> 00:21:13,040 Speaker 7: I think the next BLS commissioner should follow in the 312 00:21:13,119 --> 00:21:17,480 Speaker 7: steps of all of the preceding BLS commissioners. And that 313 00:21:17,560 --> 00:21:22,720 Speaker 7: really starts with the very first BLS commissioner, Carol Wright, 314 00:21:23,080 --> 00:21:27,160 Speaker 7: and we're talking about eighteen eighty four, and I want 315 00:21:27,160 --> 00:21:33,639 Speaker 7: to read you what he said about about the commitment 316 00:21:33,800 --> 00:21:36,560 Speaker 7: that he thought was the BLS was making to the 317 00:21:36,600 --> 00:21:40,399 Speaker 7: American people. He said, BLS would be devoted to and 318 00:21:40,440 --> 00:21:45,760 Speaker 7: I quote, the fearless publication of the facts, regardless, without 319 00:21:45,840 --> 00:21:49,920 Speaker 7: regard to the influence those facts may have upon any 320 00:21:50,000 --> 00:21:56,160 Speaker 7: party's position or any partisan's views. That was eighteen eighty four, 321 00:21:56,840 --> 00:21:59,840 Speaker 7: and that, I think is what we're looking for some 322 00:22:00,119 --> 00:22:06,080 Speaker 7: one with the technical chops and the commitment that all 323 00:22:06,080 --> 00:22:08,160 Speaker 7: the previous BLS commissioners have had. 324 00:22:08,440 --> 00:22:13,000 Speaker 2: Carol Wright served under Sheridan in the Shenandoah Valley and 325 00:22:13,080 --> 00:22:15,280 Speaker 2: the Civil War, so I assume he knew how to 326 00:22:15,320 --> 00:22:16,680 Speaker 2: shoot a rifle. 327 00:22:17,000 --> 00:22:18,760 Speaker 4: This is Erica Groschen. 328 00:22:18,840 --> 00:22:22,240 Speaker 2: This is a war of how we have counted data 329 00:22:22,280 --> 00:22:26,719 Speaker 2: since at least nineteen forty seven, people like you doing 330 00:22:26,920 --> 00:22:32,679 Speaker 2: really grinding work, week after week, month after month to 331 00:22:32,800 --> 00:22:36,399 Speaker 2: count the beans of the economy. Is the data for 332 00:22:36,480 --> 00:22:38,840 Speaker 2: the next jobs report believable? 333 00:22:40,520 --> 00:22:47,080 Speaker 7: Yes, Because the acting Commissioner at BLS is Bill Wyatrowski, 334 00:22:47,680 --> 00:22:50,520 Speaker 7: and I chose him to be deputy Commissioner when I 335 00:22:50,720 --> 00:22:55,399 Speaker 7: was there. He has been acting commissioner twice already, in 336 00:22:55,440 --> 00:22:59,680 Speaker 7: between my term and Bill Beach's term, and then between 337 00:22:59,760 --> 00:23:05,000 Speaker 7: Bi Beach and Erica mcintarfer. He's an excellent leader and 338 00:23:06,600 --> 00:23:08,800 Speaker 7: just an a one data NERD. Just the kind of 339 00:23:08,800 --> 00:23:13,000 Speaker 7: guy we need to continue things. Uh, And so I 340 00:23:13,040 --> 00:23:16,240 Speaker 7: don't think anybody should worry about the quality of BLS 341 00:23:16,400 --> 00:23:17,480 Speaker 7: data while he's in. 342 00:23:17,520 --> 00:23:19,800 Speaker 4: The help Paul why Trusky out of the school. 343 00:23:20,040 --> 00:23:23,160 Speaker 2: Eric is familiar with the schools south of Harvard's. 344 00:23:22,800 --> 00:23:26,560 Speaker 4: Yale gotcha well, Erica. 345 00:23:26,920 --> 00:23:30,359 Speaker 5: President Trump cited the poor quality coming out of the 346 00:23:30,760 --> 00:23:33,560 Speaker 5: of the data of the US, euro and labor and statistics. 347 00:23:33,600 --> 00:23:35,399 Speaker 5: Can you comment on that, How is the quality of 348 00:23:35,480 --> 00:23:40,040 Speaker 5: data today and has it improved or deteriorated over the years. 349 00:23:43,240 --> 00:23:47,560 Speaker 7: That's a nuanced question. BLS has twenty five programs, you know, 350 00:23:47,600 --> 00:23:51,000 Speaker 7: it produces a lot of data. So I think you 351 00:23:51,200 --> 00:23:57,440 Speaker 7: have two things going in opposite directions. One is that 352 00:23:57,440 --> 00:24:02,439 Speaker 7: that BLS is always improving and so, and science is 353 00:24:02,480 --> 00:24:08,120 Speaker 7: improving and computer technology is improving, and so there are 354 00:24:08,160 --> 00:24:12,280 Speaker 7: many ways in which the data that the BLS produces 355 00:24:12,320 --> 00:24:14,879 Speaker 7: are much better than ever before, and that's what you 356 00:24:14,960 --> 00:24:21,000 Speaker 7: expect of a statistical agency. On the other hand, everywhere, 357 00:24:21,200 --> 00:24:26,160 Speaker 7: including in the BLS surveys, we have declining response rates 358 00:24:26,600 --> 00:24:32,600 Speaker 7: and is problematic for most of most of BLS programs 359 00:24:32,600 --> 00:24:36,800 Speaker 7: because they are mostly survey based. And I'll throw in 360 00:24:36,840 --> 00:24:40,320 Speaker 7: one other thing that the BLS has been suffering from 361 00:24:41,040 --> 00:24:44,080 Speaker 7: very poor funding for at least the ten last ten years. 362 00:24:44,280 --> 00:24:50,800 Speaker 2: Erica, you nail the question about changing technology the distrust 363 00:24:51,000 --> 00:24:55,640 Speaker 2: of people that aren't like Watroustky or Grossing. The distrust 364 00:24:56,040 --> 00:25:01,639 Speaker 2: is that they understand viscerally that the process of interviewing 365 00:25:01,720 --> 00:25:05,520 Speaker 2: people collecting the data has changed because everybody's got a 366 00:25:05,560 --> 00:25:08,400 Speaker 2: cell phone and the other eight things you're expert at 367 00:25:08,400 --> 00:25:12,840 Speaker 2: that I'm not expert at. How did the educated, fancy 368 00:25:12,920 --> 00:25:17,280 Speaker 2: people in math and statistics get back the trust of 369 00:25:17,440 --> 00:25:23,200 Speaker 2: people that see new technology devastating our ability to gather data. 370 00:25:25,560 --> 00:25:30,320 Speaker 7: Well, technology is both making it more difficult to gather 371 00:25:30,480 --> 00:25:34,320 Speaker 7: data in what I call the stats two point oh world, 372 00:25:34,359 --> 00:25:38,960 Speaker 7: the very heavily survey based world. At the same time, 373 00:25:39,480 --> 00:25:44,560 Speaker 7: technology has really advanced the amount of data out there 374 00:25:44,600 --> 00:25:48,280 Speaker 7: that we're keeping on all sorts of transactions, and it 375 00:25:48,359 --> 00:25:51,479 Speaker 7: has really advanced our ability to process that data and 376 00:25:51,560 --> 00:25:56,760 Speaker 7: combine it into new and interesting and very useful statistics. 377 00:25:57,400 --> 00:26:01,879 Speaker 7: So we have these two two courses at work at 378 00:26:01,880 --> 00:26:06,320 Speaker 7: the same time, and the stats three point oer world, 379 00:26:06,440 --> 00:26:11,400 Speaker 7: which the agencies are just itching to get into BLS 380 00:26:11,480 --> 00:26:16,480 Speaker 7: and they're making progress, but it's very slow, is a 381 00:26:16,520 --> 00:26:21,440 Speaker 7: world where we use more and more, more and more 382 00:26:21,480 --> 00:26:24,880 Speaker 7: alternative data sources and we come up with these blendid 383 00:26:25,000 --> 00:26:29,600 Speaker 7: data products. That takes investment in research and setting up 384 00:26:29,640 --> 00:26:33,280 Speaker 7: systems so that the feeds work and the underlying data 385 00:26:33,440 --> 00:26:36,840 Speaker 7: is reliable. So there's a whole new set of activities 386 00:26:36,880 --> 00:26:40,600 Speaker 7: for the BLS. But that's the direction we have to. 387 00:26:40,560 --> 00:26:41,480 Speaker 6: Go in Erica. 388 00:26:41,520 --> 00:26:43,840 Speaker 2: Thank you so much, Eric Grosch and the Phone Commissioner 389 00:26:43,880 --> 00:26:44,560 Speaker 2: at BOLS. 390 00:26:44,600 --> 00:26:48,480 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 391 00:26:48,520 --> 00:26:51,919 Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto 392 00:26:51,960 --> 00:26:54,920 Speaker 1: with the Bloomberg Business app. You can also listen live 393 00:26:55,000 --> 00:26:58,560 Speaker 1: on Amazon Alexa from our flagship New York station. Just 394 00:26:58,600 --> 00:27:00,760 Speaker 1: say Alexa play Bloomberg eleven. 395 00:27:01,359 --> 00:27:03,040 Speaker 2: I don't know where to begin, Paul doesn't know where 396 00:27:03,080 --> 00:27:04,960 Speaker 2: to begin. We're not sure what happened in the last 397 00:27:05,040 --> 00:27:07,320 Speaker 2: twenty four hours. We're not sure what's going to happen 398 00:27:07,320 --> 00:27:09,600 Speaker 2: in the next twenty four hours. We're not even sure 399 00:27:09,600 --> 00:27:12,280 Speaker 2: what's going to happen in September. To answer all those questions, 400 00:27:12,280 --> 00:27:16,240 Speaker 2: Henrietta Trees a Veda partner. She has been a life 401 00:27:16,240 --> 00:27:19,040 Speaker 2: force for us. Here's the headline, Henriette and the Cook 402 00:27:19,080 --> 00:27:25,840 Speaker 2: political report, Western standoff Matthew klein Ford bid pits one 403 00:27:25,920 --> 00:27:30,920 Speaker 2: time sheriff against Nevada's top cop. And then I see 404 00:27:30,920 --> 00:27:33,800 Speaker 2: another article that says the Democrats are trying to find 405 00:27:34,359 --> 00:27:39,639 Speaker 2: candidates with military experience to find the center of the nation. 406 00:27:40,400 --> 00:27:43,240 Speaker 2: What are progressives to do? I mean, just as simple 407 00:27:43,240 --> 00:27:46,880 Speaker 2: as that. It seems like everybody's running away from the. 408 00:27:46,880 --> 00:27:51,240 Speaker 8: Left, well, certainly in Nevada. I mean the Harry Reid machine. 409 00:27:51,240 --> 00:27:54,960 Speaker 6: We've watched that get whittled down to the bare minimum, 410 00:27:55,119 --> 00:27:57,760 Speaker 6: barely hanging on with some Senate seats there the last round. 411 00:27:58,320 --> 00:27:59,440 Speaker 8: Nevada is not a. 412 00:27:59,400 --> 00:28:02,960 Speaker 6: State the dem I should anticipate being able to win, 413 00:28:03,080 --> 00:28:06,639 Speaker 6: especially with the president's proposal for no taxes on tips. 414 00:28:06,680 --> 00:28:10,159 Speaker 6: Even though it was rather small, it definitely resonates as 415 00:28:10,160 --> 00:28:12,640 Speaker 6: a campaign slogan, and I think that's a state much 416 00:28:12,720 --> 00:28:15,239 Speaker 6: like Florida that might not come back to Democrats for 417 00:28:15,280 --> 00:28:16,160 Speaker 6: a very long time. 418 00:28:17,040 --> 00:28:19,399 Speaker 5: So, Henrietta, we're going to get our good friends in 419 00:28:19,440 --> 00:28:23,840 Speaker 5: Congress coming back, supposedly in a few weeks here or soon. 420 00:28:24,920 --> 00:28:28,280 Speaker 5: What's the agenda for Congress when they do get back 421 00:28:28,320 --> 00:28:30,880 Speaker 5: in session. There's a lot of cross currents out there, 422 00:28:30,880 --> 00:28:33,160 Speaker 5: but I'm guessing there's some nuts and bolts that they 423 00:28:33,200 --> 00:28:34,080 Speaker 5: need to focus on. 424 00:28:35,119 --> 00:28:37,879 Speaker 6: Yeah, the main agenda is don't shut it down. That's 425 00:28:37,920 --> 00:28:39,840 Speaker 6: the whole goal. We shouldn't ask for more than that. 426 00:28:39,960 --> 00:28:41,360 Speaker 6: I mean, they just left. 427 00:28:41,360 --> 00:28:42,000 Speaker 8: They'll be gone. 428 00:28:41,920 --> 00:28:44,560 Speaker 6: Until September second, and the second that they get back, 429 00:28:44,880 --> 00:28:47,200 Speaker 6: the first thing that they have tied up is a 430 00:28:47,320 --> 00:28:49,960 Speaker 6: vote on an appropriations package to keep another part of 431 00:28:49,960 --> 00:28:50,680 Speaker 6: the government open. 432 00:28:51,120 --> 00:28:53,480 Speaker 8: So we have twelve appropriations bills. 433 00:28:53,840 --> 00:28:56,560 Speaker 6: The House has done two, the Senate has done three. 434 00:28:56,800 --> 00:28:58,000 Speaker 8: I have twenty five percent on that. 435 00:28:58,000 --> 00:29:00,160 Speaker 6: We're going to shut down on October first, And you 436 00:29:00,240 --> 00:29:03,080 Speaker 6: can see why Democrats can't get a word in. Edge wise, 437 00:29:03,240 --> 00:29:06,640 Speaker 6: they held up the nominations process even into the weekend, 438 00:29:06,840 --> 00:29:08,840 Speaker 6: which is asking a lot in late July for them 439 00:29:08,880 --> 00:29:11,760 Speaker 6: to stay in session. And they're all trying to have 440 00:29:11,840 --> 00:29:14,120 Speaker 6: some sort of opportunity to make a splash or get 441 00:29:14,160 --> 00:29:17,760 Speaker 6: any kind of attention. And this is the first real 442 00:29:17,840 --> 00:29:21,400 Speaker 6: opportunity since Senator Schumer whiffed on the first one to 443 00:29:21,720 --> 00:29:24,440 Speaker 6: have something that they can really push back against the president. 444 00:29:24,600 --> 00:29:26,680 Speaker 6: I think the most important thing for investors to watch 445 00:29:27,000 --> 00:29:29,440 Speaker 6: is the decision from the Federal Circuit Court about whether 446 00:29:29,480 --> 00:29:32,200 Speaker 6: he can keep these tariffs or not. That is the 447 00:29:32,240 --> 00:29:35,240 Speaker 6: most important thing for the entire second half of this year. 448 00:29:35,440 --> 00:29:36,080 Speaker 8: As we wake up. 449 00:29:36,400 --> 00:29:38,880 Speaker 2: I'm going to it's Pearl Paul's turn to ask a 450 00:29:38,880 --> 00:29:40,680 Speaker 2: brilliant question that's so important. 451 00:29:40,920 --> 00:29:44,160 Speaker 4: I'm going to be rude. Henrietta walk us through that process. 452 00:29:44,400 --> 00:29:47,560 Speaker 2: It goes against the president by definition, it goes to 453 00:29:47,640 --> 00:29:48,560 Speaker 2: the Supreme. 454 00:29:48,200 --> 00:29:51,000 Speaker 8: Court, right, not necessarily. 455 00:29:51,160 --> 00:29:54,720 Speaker 6: So there's a lot of speculation here that because the 456 00:29:54,760 --> 00:29:58,040 Speaker 6: Court of International Trade found unanimously and their three body 457 00:29:58,040 --> 00:30:00,720 Speaker 6: panel that the president does not have this authority. Now 458 00:30:00,760 --> 00:30:03,160 Speaker 6: when the twelve body panel of the Federal Circuit Court 459 00:30:03,200 --> 00:30:06,560 Speaker 6: hears that if they find a similar conclusion, the Supreme 460 00:30:06,560 --> 00:30:08,680 Speaker 6: Court might not be inclined to take up the case 461 00:30:08,720 --> 00:30:10,000 Speaker 6: even if the President appeals. 462 00:30:10,440 --> 00:30:12,920 Speaker 8: So we have this really high tense battle that's there. 463 00:30:13,160 --> 00:30:16,440 Speaker 4: But then we have brief us here on November, then 464 00:30:16,480 --> 00:30:17,240 Speaker 4: what happens. 465 00:30:18,600 --> 00:30:23,920 Speaker 6: So let's say we're probably in the September time horizon 466 00:30:24,400 --> 00:30:27,080 Speaker 6: when the sec gives us a result, maybe even in 467 00:30:27,120 --> 00:30:29,080 Speaker 6: the next two or three weeks, is possible. They've been 468 00:30:29,080 --> 00:30:32,640 Speaker 6: moving really quickly. The President will appeal and all the 469 00:30:32,680 --> 00:30:36,080 Speaker 6: tariffs will be sort of in suspended animation unless they say, okay, 470 00:30:36,120 --> 00:30:38,080 Speaker 6: you can keep a mom while the Supreme Court continues 471 00:30:38,120 --> 00:30:40,440 Speaker 6: to discuss. Then the Supreme Court takes it up the 472 00:30:40,440 --> 00:30:43,000 Speaker 6: first week of October, and we maybe get an answer 473 00:30:43,040 --> 00:30:44,560 Speaker 6: from them at the late October period. 474 00:30:44,680 --> 00:30:46,040 Speaker 8: So for investors, I guess the way to. 475 00:30:46,000 --> 00:30:49,560 Speaker 6: Think about this is you have certainty that these AIPA 476 00:30:49,640 --> 00:30:53,000 Speaker 6: tariffs will be on through the end mid October at least, 477 00:30:53,840 --> 00:30:57,240 Speaker 6: but that could be pulled forward and it might be 478 00:30:57,240 --> 00:30:59,560 Speaker 6: stripped entirely, and then at that point we could do 479 00:30:59,600 --> 00:31:01,800 Speaker 6: an entire segment about the four million options that the 480 00:31:01,840 --> 00:31:03,120 Speaker 6: White House is looking at right now. 481 00:31:03,160 --> 00:31:04,640 Speaker 8: But this is when we go to work, you know, do. 482 00:31:04,600 --> 00:31:08,040 Speaker 6: We need a reconciliations bill, do we need a sanctions package? 483 00:31:08,120 --> 00:31:09,880 Speaker 6: Are they going to just act as if are they 484 00:31:09,880 --> 00:31:12,000 Speaker 6: going to try to get Congress to codify the ABA 485 00:31:12,080 --> 00:31:13,880 Speaker 6: tyres for them, which they do not have the votes 486 00:31:13,920 --> 00:31:15,520 Speaker 6: for so it's going to be a wild ride if 487 00:31:15,520 --> 00:31:16,680 Speaker 6: that comes to pass. 488 00:31:16,680 --> 00:31:19,240 Speaker 5: Wow, I wasn't aware this whole court thing was taking place. 489 00:31:20,640 --> 00:31:21,720 Speaker 5: Lost the memory banks. 490 00:31:22,240 --> 00:31:24,000 Speaker 4: I mean, you got the kegger out in the deck 491 00:31:24,000 --> 00:31:25,080 Speaker 4: of exactly right. 492 00:31:25,160 --> 00:31:28,200 Speaker 2: Yep, of course it's nuts, folks, I have any idea 493 00:31:29,280 --> 00:31:31,000 Speaker 2: at least. 494 00:31:31,080 --> 00:31:33,720 Speaker 5: So Henrietta, I'm going to ask this because I asked 495 00:31:33,760 --> 00:31:35,480 Speaker 5: every time we chat with you, and I don't do 496 00:31:35,520 --> 00:31:36,960 Speaker 5: it every time. I try to save it for once 497 00:31:37,000 --> 00:31:40,600 Speaker 5: every week or two. But where are the Democrats? Where's 498 00:31:40,600 --> 00:31:43,280 Speaker 5: a democratic voice today? 499 00:31:43,320 --> 00:31:45,440 Speaker 8: There's not a unified democratic voice today. 500 00:31:45,440 --> 00:31:48,760 Speaker 6: They are spread all around there trying to unify around 501 00:31:48,800 --> 00:31:51,640 Speaker 6: whatever they can grab. So I mentioned that they were 502 00:31:51,760 --> 00:31:54,400 Speaker 6: suspending the nominations over the weekend and not really coming 503 00:31:54,400 --> 00:31:55,000 Speaker 6: to an agreement. 504 00:31:55,040 --> 00:31:56,720 Speaker 8: That's all over the Epstein files. 505 00:31:56,920 --> 00:31:58,400 Speaker 6: And you could say it doesn't matter to wall straight, 506 00:31:58,440 --> 00:32:00,200 Speaker 6: and that's true, but it resonates on the on the 507 00:32:00,560 --> 00:32:04,240 Speaker 6: on Main Street, and it's in conversations across the country 508 00:32:04,240 --> 00:32:05,640 Speaker 6: and you can see that in the polling. So they're 509 00:32:05,680 --> 00:32:08,400 Speaker 6: trying to seize on something there. They are trying to 510 00:32:08,400 --> 00:32:11,640 Speaker 6: talk about the tariffs. You'll see that members are coming 511 00:32:11,720 --> 00:32:16,120 Speaker 6: out and now are increasingly sort of united around opposition 512 00:32:16,200 --> 00:32:18,480 Speaker 6: to tariffs, but they have a little bit of a 513 00:32:18,520 --> 00:32:21,800 Speaker 6: squishy headline. No surprise there that I'll say things like, 514 00:32:22,160 --> 00:32:24,560 Speaker 6: in some cases tariffs are helpful, but in this case 515 00:32:24,560 --> 00:32:26,360 Speaker 6: they're a tragedy, you know, So it's not really a 516 00:32:26,400 --> 00:32:30,600 Speaker 6: neat talking point, and they really need to. I think 517 00:32:30,760 --> 00:32:33,200 Speaker 6: what we're seeing in these town halls is that the people, 518 00:32:33,280 --> 00:32:35,720 Speaker 6: the actual American public, are focusing on the one big 519 00:32:35,760 --> 00:32:39,040 Speaker 6: beautiful bill, cuts to medicaid, cuts to snap and you 520 00:32:39,080 --> 00:32:40,920 Speaker 6: can see that in even Nebraska. 521 00:32:40,560 --> 00:32:42,959 Speaker 2: Right now, Henrietta, Thank you so much, Henria. To Tre's 522 00:32:43,120 --> 00:32:44,040 Speaker 2: Veda Partners. 523 00:32:50,560 --> 00:32:54,480 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 524 00:32:54,480 --> 00:32:57,800 Speaker 1: starting at seven am Eastern on Apple, Cockplay and Android Auto. 525 00:32:57,920 --> 00:33:00,520 Speaker 1: With the Bloomberg Business app, you can all so watch 526 00:33:00,600 --> 00:33:03,560 Speaker 1: us live every weekday on YouTube and always on the 527 00:33:03,600 --> 00:33:04,680 Speaker 1: Bloomberg terminal. 528 00:33:05,280 --> 00:33:07,480 Speaker 2: The newspapers, here's Lisa Mna. 529 00:33:07,280 --> 00:33:09,240 Speaker 9: Say, Okay, you might want to watch what you're saying 530 00:33:09,320 --> 00:33:13,360 Speaker 9: at your next work meeting because AI is listening, it's 531 00:33:13,520 --> 00:33:16,320 Speaker 9: taking notes. So just to let you know, a lot 532 00:33:16,360 --> 00:33:20,000 Speaker 9: more companies are using this note taking software and it's 533 00:33:20,000 --> 00:33:22,520 Speaker 9: catching every word. Even you know, the chit chat, you 534 00:33:22,520 --> 00:33:24,920 Speaker 9: know what you were doing over the weekend, or hey, 535 00:33:24,960 --> 00:33:27,280 Speaker 9: here's what I'm having for lunch or maybe something you 536 00:33:27,280 --> 00:33:31,160 Speaker 9: know personal. It's all being blasted out in you know. 537 00:33:31,280 --> 00:33:33,360 Speaker 2: Your studio. 538 00:33:33,960 --> 00:33:36,920 Speaker 5: Sure, who knows what's going on? You know, you have 539 00:33:36,960 --> 00:33:39,200 Speaker 5: to assume everybody's watching, everybody's listening. 540 00:33:39,280 --> 00:33:39,880 Speaker 8: That's a good. 541 00:33:41,440 --> 00:33:44,800 Speaker 2: Is it only is the software only on Zoom or 542 00:33:44,880 --> 00:33:45,920 Speaker 2: is it beyond Zoom? 543 00:33:46,000 --> 00:33:49,280 Speaker 9: It's usually well they have zoom AI's companion. I think 544 00:33:49,320 --> 00:33:52,960 Speaker 9: Google has one too, But it basically like records everything. 545 00:33:53,000 --> 00:33:55,240 Speaker 9: There is a notice that lets you know it is 546 00:33:55,320 --> 00:33:58,200 Speaker 9: being recorded. So people aren't, you know, just being recorded 547 00:33:58,240 --> 00:33:59,160 Speaker 9: without knowledge of it. 548 00:33:59,320 --> 00:34:02,240 Speaker 2: I hit someone tell me once, never start a meeting 549 00:34:02,280 --> 00:34:04,880 Speaker 2: if someone has a cell phone on the table faced down. 550 00:34:04,880 --> 00:34:07,080 Speaker 9: Okay, that's that's. 551 00:34:09,239 --> 00:34:09,560 Speaker 1: It is. 552 00:34:09,800 --> 00:34:12,439 Speaker 9: But that's said, it's said, and some people are saying 553 00:34:12,440 --> 00:34:15,000 Speaker 9: it's an invasion of their privacy if they're talking about 554 00:34:15,000 --> 00:34:16,239 Speaker 9: personal things on the call. 555 00:34:16,400 --> 00:34:18,560 Speaker 8: So that's that's the biggest. 556 00:34:18,440 --> 00:34:19,719 Speaker 2: If we would ever talk about our. 557 00:34:19,680 --> 00:34:22,160 Speaker 4: Children next, never, never. 558 00:34:23,440 --> 00:34:26,399 Speaker 9: This is New York City's iconic flat iron building, right, Okay, 559 00:34:26,440 --> 00:34:28,440 Speaker 9: we've seen it, we know about it. Right the corner 560 00:34:28,480 --> 00:34:31,799 Speaker 9: of Fifth Avenue Broadway's twenty third Street. It is going 561 00:34:31,840 --> 00:34:34,040 Speaker 9: to be light up, lit up for the first time 562 00:34:34,080 --> 00:34:38,120 Speaker 9: in one hundred and twenty three years. You've seen it, right, 563 00:34:38,160 --> 00:34:40,040 Speaker 9: the scaffolding. It's a little bit of a nice to 564 00:34:40,080 --> 00:34:43,480 Speaker 9: wor yes forever, it seems like, But now the New 565 00:34:43,560 --> 00:34:45,480 Speaker 9: York Post is saying it. Later this year it's going 566 00:34:45,520 --> 00:34:49,160 Speaker 9: to be opened up as luxury condo apartments and they're 567 00:34:49,200 --> 00:34:50,080 Speaker 9: going to be pused. 568 00:34:50,480 --> 00:34:55,319 Speaker 5: Sure about the building Madison Square, So it's going to 569 00:34:55,320 --> 00:34:57,120 Speaker 5: be it's going to be people. 570 00:34:56,840 --> 00:34:59,759 Speaker 9: Live in it, luxury condo apartments, and it's going to 571 00:34:59,760 --> 00:35:02,920 Speaker 9: be lit up. It has about a thousand different new windows. 572 00:35:02,960 --> 00:35:04,759 Speaker 9: To check it out on YouTube if you're watching, there's 573 00:35:04,800 --> 00:35:10,120 Speaker 9: a rendering there. So if you're watching on YouTube, that's 574 00:35:10,120 --> 00:35:12,680 Speaker 9: what you can see. And so that's what it looks like. 575 00:35:12,719 --> 00:35:16,040 Speaker 9: It got the approval from the Landmarks Preservation Commission, so 576 00:35:16,320 --> 00:35:17,520 Speaker 9: it looks really nice. 577 00:35:17,560 --> 00:35:19,520 Speaker 5: Well, you know, when that building was built, it was 578 00:35:19,560 --> 00:35:21,200 Speaker 5: the tallest skyscraper in Manhattan. 579 00:35:21,239 --> 00:35:24,760 Speaker 9: Correct, Yes it was, It definitely was. But now it's 580 00:35:24,880 --> 00:35:29,000 Speaker 9: history making, so it'll be lit up like a Christmas tree. Okay, 581 00:35:29,040 --> 00:35:32,560 Speaker 9: so we've been talking about Palenteer earnings, right, but it's 582 00:35:32,600 --> 00:35:35,680 Speaker 9: what executives are saying during the earnings call that has 583 00:35:35,719 --> 00:35:39,040 Speaker 9: people in elite education a little like, what are they 584 00:35:39,040 --> 00:35:42,520 Speaker 9: talking about? So on the call, executives basically said, once 585 00:35:42,560 --> 00:35:45,560 Speaker 9: you come to the company, you're a Palanteerian. No one 586 00:35:45,600 --> 00:35:48,800 Speaker 9: cares about where you went to college. So the CEO 587 00:35:48,920 --> 00:35:50,640 Speaker 9: kind of put it out there. He said, we're making 588 00:35:50,719 --> 00:35:55,080 Speaker 9: new credential, independent class and background at Pallenteer. And it's 589 00:35:55,160 --> 00:35:57,719 Speaker 9: kind of following along the lines of what other Silicon 590 00:35:57,840 --> 00:36:00,520 Speaker 9: Valley founders investors have said. You know, they've kind of 591 00:36:00,520 --> 00:36:05,200 Speaker 9: rejected higher education a favorite non traditional paths like going 592 00:36:05,200 --> 00:36:07,640 Speaker 9: to Palenteer or finding a company out of high school, 593 00:36:07,680 --> 00:36:10,319 Speaker 9: things like that. So I kind of put this light 594 00:36:10,440 --> 00:36:11,600 Speaker 9: on elite education. 595 00:36:11,800 --> 00:36:15,720 Speaker 2: I mentioned people, yes this is gospel. One is Michael 596 00:36:15,719 --> 00:36:20,160 Speaker 2: Bloomberg and the others James Diamond. When I came here, 597 00:36:20,560 --> 00:36:23,560 Speaker 2: they read me the Riot Act about fancy schools. They 598 00:36:23,560 --> 00:36:25,520 Speaker 2: didn't care about I did this, I did that, you 599 00:36:25,520 --> 00:36:28,919 Speaker 2: know whatever. It's it's a cultural thing and we've lived 600 00:36:28,960 --> 00:36:32,320 Speaker 2: it at Bloomberg. I mean, it's Benzess great. So Palenteer's 601 00:36:32,320 --> 00:36:32,880 Speaker 2: doing the same thing. 602 00:36:32,960 --> 00:36:35,200 Speaker 9: So Palenteers CEO is saying the same thing. You know, 603 00:36:35,280 --> 00:36:38,160 Speaker 9: we don't care about the fancy education where you come from. 604 00:36:38,239 --> 00:36:41,320 Speaker 9: You know you're here to learn the palatina. 605 00:36:41,520 --> 00:36:43,439 Speaker 2: I guess my mother called it Harvard on the brain. 606 00:36:43,640 --> 00:36:47,880 Speaker 2: Lisa Matteo, thank you so much, greatly, greatly appreciate smart 607 00:36:47,920 --> 00:36:53,160 Speaker 2: newspapers this morning, Lisa, Lisa Matteo, the newspapers. 608 00:36:53,520 --> 00:36:58,360 Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify, 609 00:36:58,480 --> 00:37:02,760 Speaker 1: and anywhere else you get your podcasts. Listen live each weekday, 610 00:37:02,880 --> 00:37:06,360 Speaker 1: seven to ten am Eastern on Bloomberg dot Com, the 611 00:37:06,440 --> 00:37:10,480 Speaker 1: iHeartRadio app, tune In, and the Bloomberg Business app. You 612 00:37:10,520 --> 00:37:13,880 Speaker 1: can also watch us live every weekday on YouTube and 613 00:37:14,080 --> 00:37:15,800 Speaker 1: always on the Bloomberg terminal