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Speaker 1: Now on Bloomberg divided government, what are the political reality?

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Speaker 1: The President has been increasingly frustrated. I want to try

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Speaker 1: to cut through the noise politically. This is devastating. Sound

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Speaker 1: on with Kevin, the insiders, the influencers, the insiders. It

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Speaker 1: is no secret that I care a lot about the consumers.

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Speaker 1: There are real questions about good tech. We still have

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Speaker 1: more leverage to me, As Writney's harraffs, I think we

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Speaker 1: could do with a little less drama from the white

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Speaker 1: He's sound on with Kevin's you relate on Bloomberg one

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Speaker 1: and one oh five point seven a m h D

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Speaker 1: two bosom Old. They've got a deal, folks. President Trump

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Speaker 1: says he is going to sign that by partisan budget

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Speaker 1: agreement after all, but with a major bud a caveat.

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Speaker 1: He is still going to declare a national emergency that

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Speaker 1: has been sending shock waves all throughout Capitol Hill throughout

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Speaker 1: the day. Uh. And we're going to get into the

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Speaker 1: specifics of it. Plus major major market moving implications, not

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Speaker 1: just on US China trade policy, but on Amazon. They're

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Speaker 1: announcing that they are pulling out of their headquarter proposal

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Speaker 1: in New York, Congresswoman Caroline Maloney, a Democrat from New York.

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Speaker 1: She calls in later on in the program with me

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Speaker 1: for the Hour, Miranda Green, Congressional reporter at the Hill newspaper,

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Speaker 1: and later on Jay Timmins, President and CEO of the

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Speaker 1: National Association of Manufacturers. We're gonna dive in to all

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Speaker 1: of that, plus Miranda's gonna give us an update on

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Speaker 1: AOC and how the new Green Deal is going. But

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Speaker 1: first crazy day up on Capitol Hill and in fact

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Speaker 1: coming down to the wire, really still sending shock waves

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Speaker 1: throughout the halls of Congress. UH Nance Speaker Nancy Pelosi

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Speaker 1: just having a press conference. We're going to dive into

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Speaker 1: all of the specifics my panel for the first half

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Speaker 1: of the show. Miranda Green, she's with us for the Hour,

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Speaker 1: Congressional reporter at the Hill, as well as Ja Timmins,

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Speaker 1: President CEO of the National Association of Manufacturers. So President

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Speaker 1: Trump now set to sign this budget agreement that only

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Speaker 1: allocates one point three seven billion dollars to construct fifty

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Speaker 1: five miles of wall or fencing, call it what you

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Speaker 1: want along the US Mexico border. Fifty five miles and

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Speaker 1: a two thousand plus mile border. Now, the President says

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Speaker 1: he's gonna get on board with this. And Senate Majority

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Speaker 1: Leader Mitch McConnell, right before the Senate voted on this,

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Speaker 1: said that President Trump still fully intends to declare a

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Speaker 1: national emergency. What does that mean if you're outside of Washington,

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Speaker 1: if you're in your car driving home from work. It

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Speaker 1: means no government shutdown. It means a little bit more

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Speaker 1: stability as we head in to the end of the month,

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Speaker 1: when well that March first deadline on trade is coming up.

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Speaker 1: The President, as we know, has said that he might

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Speaker 1: consider kicking the can down the road a little bit

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Speaker 1: before deciding whether an out to raise tariffs. But also

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Speaker 1: the government there's not going to be a shutdown, Mirandy

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Speaker 1: Green right, No shutdown, no shutdown. That's the news. But well,

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Speaker 1: we're still waiting on the House to vote, so there's

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Speaker 1: still that one final pag and obviously the President has

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Speaker 1: to sign the bill, but he said he will, and

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Speaker 1: he said he will, and so that is the at

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Speaker 1: least we are no longer waiting on bated broth because

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Speaker 1: it was kind of a dicey situation on the Coupit

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Speaker 1: Hill earlier today, a dicey situation. So let's ask let's

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Speaker 1: ask the politics question. If you're President Trump, you can say, well,

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Speaker 1: I got some money for the wall. I'm going to

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Speaker 1: declare a national emergency so the base can be happy

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Speaker 1: and there's no shutdown. If you're Speaker Pelosi, you can say,

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Speaker 1: see that I didn't give him the five point six

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Speaker 1: billion that he wanted. So who wins who loses? I

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Speaker 1: think it's a mixture of both. I mean, I think

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Speaker 1: the Democrats additionally, are also just looking to the fact

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Speaker 1: that if he does declare this, you know, national emergency

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Speaker 1: and get for the funding, they can start suing. And

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Speaker 1: I think that they're hoping that that's going to be

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Speaker 1: a win for them also because that's just going to

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Speaker 1: tie up all of this in legal battles at court,

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Speaker 1: lawsuits that can go down for a year potentially. There's

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Speaker 1: a lot of lawyers in Washington. So it looks like

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Speaker 1: we're gonna be talking about the wall for quite some time.

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Speaker 1: I think it will be a topic to jure for

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Speaker 1: a while in Washington. Do you think, though, that that

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Speaker 1: that Speaker Pelosi might emerge. How to Speaker Pelosi emerge

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Speaker 1: from this? I think she emerges as a person who

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Speaker 1: did not give much Obviously she stood steadfast under the

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Speaker 1: shutdown during all of those meetings, and there's thirty five

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Speaker 1: days she refused to give a penny to the border wall. Obviously,

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Speaker 1: now we're seeing a little bit more. They are giving,

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Speaker 1: you know, one point three billion, but it's still not

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Speaker 1: the same amount of money that the president was calling

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Speaker 1: for and demanding. So I think two Democrats. She looks

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Speaker 1: at someone who's emerging from this, you know, as a winner,

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Speaker 1: and the president is looking at someone who didn't get

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Speaker 1: his wife. It. Obviously will remain to see what happens

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Speaker 1: in the next step when he declares this you know, emergency,

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Speaker 1: if he does that, or if he decides to use

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Speaker 1: executive power and find money elsewhere, which is something. Here's

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Speaker 1: a lot of money. I mean, listen. I mean lawmakers

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Speaker 1: in Washington always seem to find money somewhere, So I

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Speaker 1: mean he could look on someone put it to me yesterday,

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Speaker 1: he's going to be looking under the couch. But take

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Speaker 1: a listen, though, I want to play with Speaker Pelosi

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Speaker 1: said at her press conference today about the back and forth.

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Speaker 1: Take a listen to Speaker Pelosi, Harry said, let us

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Speaker 1: respect what the committee will do, and then walks away

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Speaker 1: from it. Well is he is he walking away from it?

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Speaker 1: I mean, he is accepting it. He's just also going

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Speaker 1: to be declaring a national emergency. Yes, and it's in

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Speaker 1: his best interest here. I mean, as a couple of

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Speaker 1: reporters have also pointed out that this could also ultimately

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Speaker 1: yield him more money than if he did one or

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Speaker 1: the other. If he ends up doing this emergency funding,

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Speaker 1: he could be finding more money than he ever could

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Speaker 1: have gone through Congress if you continue to push for it. So,

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Speaker 1: you know, I think a lot of people who've been

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Speaker 1: talking to him and saying take the deal, signed the bill,

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Speaker 1: have been in his ear about maybe there's a better

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Speaker 1: option out there for you that we can all be

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Speaker 1: winners in a long run. I feel like he's just

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Speaker 1: I mean, he's got it. He's I mean, if you're

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Speaker 1: President Trump from his perspective, he's got to get this wall.

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Speaker 1: We're also following, of course, the latest developments on the

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Speaker 1: US China trade policy. President Trump has dispatched Treasury Secretary

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Speaker 1: Stephen Manution as well as US Trade Representative Bob Leightheizer.

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Speaker 1: They're in Beijing right now, meeting with Chinese counterparts and

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Speaker 1: including Chinese Vice Premier Lui Hua. As they get ever

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Speaker 1: closer to this March one deadline of when the President

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Speaker 1: has said he will raise tariffs on two hundred and

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Speaker 1: sixty seven billion dollars worth of goods. Now this week

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Speaker 1: the President said he might consider not raising those tariffs

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Speaker 1: on March one and delaying that a little bit. J

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Speaker 1: Timmins is President and CEO of the National Association of

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Speaker 1: Manufacturers and Change. We had a lot to talk about,

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Speaker 1: and I want to get into a host of different

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Speaker 1: policy implications but on different fronts, and coming up later

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Speaker 1: we'll we'll talk about that. But in terms of US

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Speaker 1: China trade policy right now, what do you have your

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Speaker 1: eye on? As as Secretary monution and and the Bassador

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Speaker 1: light Hiser are over there, Well, we have our eye

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Speaker 1: on a some sort of a deal. Actually, you know

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Speaker 1: the that there's a lot of consternation with manufacturers, with

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Speaker 1: businesses of all kinds in the United States about kind

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Speaker 1: of the path forward on China. Um, it would be

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Speaker 1: easy to say, hey, we don't want to see tariffs,

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Speaker 1: we don't want to see any of these, uh, these

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Speaker 1: actions that are being taken. But at the same time, frankly,

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Speaker 1: the business community has been talking, We've all been talking

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Speaker 1: for the last quarter of a century about the abuses

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Speaker 1: of of the Chinese system on on manufacturers here in America.

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Speaker 1: So we're very hopeful we we actually um get About

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Speaker 1: eighteen months ago, we called on the President to to

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Speaker 1: get into some serious negotiations with the Chinese and come

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Speaker 1: up with a rules based trade agreement that would be

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Speaker 1: enforceable and that would eliminate theft of intellectual property, that

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Speaker 1: would um eliminate counterfeiting, that would eliminate the need for

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Speaker 1: for localization of invest mint um. And it looks like

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Speaker 1: the White House is really taking all of those issues

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Speaker 1: quite seriously and they're really working for a solution. That's

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Speaker 1: what we want to see. We want to see a deal.

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Speaker 1: There were conflicting reports today early in the morning that

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Speaker 1: from various news agencies, including Bloomberg that uh, the U.

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Speaker 1: S And China were closer to some type of framework arrangement.

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Speaker 1: Then fast forward to this afternoon where there were different

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Speaker 1: reports that say they still have got their work cut

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Speaker 1: out for them, We've got uh what do you where

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Speaker 1: do you think we stand j in terms of where

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Speaker 1: we're at currently On Valentine's Day, two thousand nineteen, as

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Speaker 1: we approached March first, see if they're spreading the love. Look,

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Speaker 1: I I have to believe that we're still a way

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Speaker 1: as apart um. The President will decide if we have

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Speaker 1: come far enough, uh to to to ensure that we're

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Speaker 1: not going to get an imposition of additional tariffs on

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Speaker 1: March the first. We hope that there's been that kind

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Speaker 1: of progress. We don't want to see those tariffs. Tariffs

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Speaker 1: are never good. Trade wars are never good for the economy,

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Speaker 1: for consumers, and certainly for manufacturers. So our hope is

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Speaker 1: that it's moving forward. And and I don't expect to deal,

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Speaker 1: you know, within the next twenty four hours, but I

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Speaker 1: do expect that there will be some deal that's cut

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Speaker 1: sometime this year, and we'll see some program all right,

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Speaker 1: coming up, we talk more trade policy, more shutdown, and

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Speaker 1: that major market moving implication of Amazon saying that they

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Speaker 1: are no longer going to open a portion of their

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Speaker 1: headquarters in New York and Congresswoman Carolyn Maloney, Democrat from

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Speaker 1: New York, will call us later on in the program. Panel,

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Speaker 1: stays Jay Timmins, president and CEO of the National Association

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Speaker 1: of Manufacturers. The Manufacturers Group here in Washington, d C.

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Speaker 1: And of course Miranda Green, congregional reporter at The Hill

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Speaker 1: newspaper who's always out scooping me these days. Remember, you

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Speaker 1: can download the sound on podcast on Apple iTunes, at

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Speaker 1: Bloomberg dot com, download the Bloomberg Business app, Folks, you

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Speaker 1: will not regret doing that. It's the one app I

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Speaker 1: have to have. And you can also check us out

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Speaker 1: on radio dot com and I heart radio. Happy Valentine,

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Speaker 1: Stay folks, stay with us. I'm Kevin's Really. This is Bloomberg.

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Speaker 1: You're listening to sound on with Kevin's Really on Bloomberg

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Speaker 1: one and one oh five point seven f m h

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Speaker 1: D two, Baltimore. Welcome back, folks. Happy Valentine's Day. Remember

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Speaker 1: if you have not bought flowers or called your mother,

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Speaker 1: do so. It's Valentine's Day. This is your warning we have.

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Speaker 1: We're following multiple fronts, multiple stories today, including of course,

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Speaker 1: the president's decision to get on board with that bipartisan

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Speaker 1: deal presented to him that doesn't allow him to get

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Speaker 1: the five point six billion that he was asking for

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Speaker 1: to build the wall, but he says he's going to

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Speaker 1: get on board with this bipartisan deal one point three

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Speaker 1: seven billion in there for fifty five miles of wall

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Speaker 1: down the US Mexico border. But he is still going

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Speaker 1: to declare a national emergency, which likely will set up

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Speaker 1: a legal battle in the courts. Democrats don't want that.

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Speaker 1: Republicans are a bit uneasy about what all of that

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Speaker 1: will mean. But no shutdown, no a shutdown. The President

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Speaker 1: set to sign this bipartisan deal. No shutdown. That's the

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Speaker 1: big story we're following today. Meanwhile, coming up later on

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Speaker 1: in the program, we're also following another major market moving story,

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Speaker 1: which is that Amazon is no longer going to be

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Speaker 1: building their half of their headquarters in New York. So

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Speaker 1: does that mean more positive news for Northern Virginia. We'll

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Speaker 1: get into that, and we'll get Congresswoman Caroline Maloneia Democrat

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Speaker 1: from New York's perspective on that. Uh with me for

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Speaker 1: the hour. Miranda Green, congressional reporter at The Hill Newspaper

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Speaker 1: and here to talk trade as well as all of

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Speaker 1: the other economic news of the day. Jay Timmins, President

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Speaker 1: and CEO of the National Association of Manufacturers and Jay,

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Speaker 1: thanks for being here, first of all, and you were

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Speaker 1: just named on this new workforce advisory board that Commerce

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Speaker 1: Secretary Wilbert Ross and Avanka Trump are introducing. And you're

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Speaker 1: gonna be on that board with Tim Cook, uh, Locky

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Speaker 1: What's that going to be like? Well, I think it's

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Speaker 1: gonna be uh like a lot of people saying, hey,

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Speaker 1: we've got a real workforce problem right now. We've got

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Speaker 1: you know, we've got seven million open jobs in the economy.

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Speaker 1: Manufacturers have almost a half million ourselves, and uh, we

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Speaker 1: have done some studies. Deloitte and the Manufacturing Institute has

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Speaker 1: really studied the issue very closely, and we will have

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Speaker 1: years if they can't find people with the right skill

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Speaker 1: two and a half million in job way the most

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Speaker 1: productive part of the economy, manufacturing. That's so, what what

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Speaker 1: what is the biggest thing that you identify that needs

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Speaker 1: to be changed? Because I think a lot of people

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Speaker 1: would be surprised to hear two point five million job

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Speaker 1: openings unless this workforce development problem is addressed. You know,

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Speaker 1: we all talked about it. We hear Democrats and Republicans

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Speaker 1: talking about it. You hear all levels of elected officials

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Speaker 1: from the federal government to states to localities, it's all

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Speaker 1: about education, and for manufacturers, it's all about technical skills

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Speaker 1: and training STEM programs, really aligning our curriculum to the

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Speaker 1: workforce needs of the future. We're not doing that, unfortunately.

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Speaker 1: We're sending a lot of folks to college, which is

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Speaker 1: it's fine and and and great, um, but quite frankly,

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Speaker 1: not everybody needs to have that that skill set. What

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Speaker 1: they need is really hands on experience at a technical

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Speaker 1: these jobs of the future. I think this is so

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Speaker 1: interesting too when you put in the broader global context

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Speaker 1: of when we talk about trade policy, because literally right now,

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Speaker 1: Treasury Secretary Stephen Monution and US Jade Representative Bob Lythheiser

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Speaker 1: they're negotiating with the Chinese, and in fact, earlier today

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Speaker 1: at the White House, we had these competing sort of

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Speaker 1: narratives and Moriana, I bumped into you on Capitol Hill

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Speaker 1: House about the trade agreement. I was like running to

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Speaker 1: try to listen. So sorry about that, but I want

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Speaker 1: to play for you what Larry Cudlow up said about

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Speaker 1: I think it's really sets the scene for where we at,

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Speaker 1: what the broader end goal is. Take a listen to

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Speaker 1: Larry Cudlow. I've talked to the group. They're covering all

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Speaker 1: the ground, they're hard at it. They are going to

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Speaker 1: meet with President She. So that's a very good sign.

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Speaker 1: And they're just soldiering on. So you know, I like

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Speaker 1: that story, and I will stay with the phrase, the

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Speaker 1: vibe is good. The vibe is good, Jay Timmins, the

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Speaker 1: vibe is good. I feel like, Wow, I've never heard

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Speaker 1: Larry say a lot. I have Instagram a shell. But

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Speaker 1: but J Timmons, President and CEO of the National Association

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Speaker 1: of Manufacturers. As you hear that, we in the media,

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Speaker 1: as you know, are like hyper focus on whether or

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Speaker 1: not President Trump and President she are are ever going

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Speaker 1: to meet or meet again rather and talk trade to

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Speaker 1: hammer out some type of deal. Do you view the

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Speaker 1: development that the crew uh, the team dispatched over their

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Speaker 1: meeting with presidency directly as a positive? Sure? Well, timing

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Speaker 1: is everything, right, Kevin, I mean what we're hearing and

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Speaker 1: what we're seeing is the Chinese economy is slowing, so

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Speaker 1: they don't necessarily want to see any disruptions to their economy.

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Speaker 1: And and you know the opposite that is true for

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Speaker 1: the United States. We're we're sizzling right now. And a

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Speaker 1: lot of that is because of manufacturing, manufacturing output and

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Speaker 1: the increase of of you know, the the workforce or

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Speaker 1: the job opportunities in manufacturing. So we really do think

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Speaker 1: that now is the time to cut a deal to

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Speaker 1: make sure that they are the intellectual property of manufacturers

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Speaker 1: is protected, and that we do not have all the

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Speaker 1: abuses that we've seen coming out of China over the

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Speaker 1: last twenty five years. So timing is perfect. The thing

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Speaker 1: about now, or the National Association of Manufacturers as you guys,

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Speaker 1: actually try VOULT like every year, right or just about

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Speaker 1: every year, and you go on your your tour, your

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Speaker 1: annual state of min Data Manufacturing tour, so you hit

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Speaker 1: the road. It's our road show, and and it's it's

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Speaker 1: really to make sure that UH folks know about all

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Speaker 1: the great opportunities in manufacturing and make sure young people

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Speaker 1: know what opportunities exist for their future. I'm looking at

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Speaker 1: this schedule. They're gonna be in They're gonna be in Colorado.

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Speaker 1: Uh really like all over the country Colorado, Texas, Iowa,

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Speaker 1: North Carolina, Minnesota, California, Ohio, and Arizona. Pack your bags, Jay,

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Speaker 1: because you're you have a lot of places to be

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Speaker 1: coming up. We're coming up. We talk much more with

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Speaker 1: Jay Timmins about what else is on their agenda, including immigration.

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Speaker 1: Miranda Green helps us navigate all of the various developments Amazon, folks,

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Speaker 1: major market moving story today. And remember you can download

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Speaker 1: the sound on podcasts on Apple iTunes, at Bloomberg dot

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Speaker 1: com or get the Bloomberg Business app. You can also

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Speaker 1: find us on Radio dot com and I Heart Radio.

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Speaker 1: I'm Kevin Cirelli. You're listening to Bloomberg. This is Sound

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Speaker 1: On with Kevin's her relation on Bloomberg. One and one

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Speaker 1: oh five seven m h D two, Baltimore. Welcome back, folks,

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Speaker 1: Happy Valentine's Day. I'm Kevin Sirilli. You're listening to Bloomberg.

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Speaker 1: Sound on Panel with us for the hour. Miranda Green,

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Speaker 1: congressional reporter for The Hill Newspaper. J Timmins, President and

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Speaker 1: CEO of the National Association of Manufacturers. We're gonna talk

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Speaker 1: much more about Amazon's decision to pull out of New

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Speaker 1: York coming up. Congresswoman Carolyn Maloney, a Democrat from New York,

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Speaker 1: is going to be calling us later on. We were

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Speaker 1: talking earlier about the big Washington story today, which is

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Speaker 1: that President Trump has decided to avert another partial government

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Speaker 1: shutdown by getting on board with this bipartisan deal that

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Speaker 1: has been presented to him that is significantly lower than

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Speaker 1: the amount of money he wanted for the wall comes

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Speaker 1: total about one point three seven billion dollars. But he

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Speaker 1: still might. He still is. Rather he is going to

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Speaker 1: declare a national emergency. We're also, of course talking about trade.

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Speaker 1: UH and Treasury Secretary Minution over there right now meeting

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Speaker 1: with Chinese president over there in China, folks, UH meeting

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Speaker 1: with Chinese President shi Jing Ping UH negotiating a trade deal. Jay,

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Speaker 1: you've also got UH you're about to go travel the

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Speaker 1: country with manufacturers. But you've also got your eye on

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Speaker 1: immigration though. Yeah. It Frankly, Kevin, I think it's one

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Speaker 1: of those things that we can get accomplished in the

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Speaker 1: next two years. It might seem a little counterintuitive really

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Speaker 1: because the wall fight, J was, you know, it's far

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Speaker 1: from over. Well, it's far from over. But look, our plan,

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Speaker 1: which is called a Way Forward, really recognizes that if

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Speaker 1: we're going to fix a broken system, we can't just

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Speaker 1: retreat to our separate corners. And that happens way too

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Speaker 1: often in Washington. So we've come up with a plan

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Speaker 1: that we believe is is it kind of comes right

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Speaker 1: down the middle, tries to solve the most vexing problems,

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Speaker 1: which border security is clearly one of them. A wall.

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Speaker 1: You know, you can think of that as a political football,

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Speaker 1: but the fact of the matter is every every nation

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Speaker 1: protects their borders. So we're in favor of that. We're

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Speaker 1: also in favor though, of of reforming legal immigration and

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Speaker 1: aligning visas and and uh temporary workers with the workforce

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Speaker 1: needs of of businesses here in the United States. I

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Speaker 1: gotta ask, is that amnesty, Well, one of our one

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Speaker 1: of our proposals actually is a pathway to legalization for

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Speaker 1: those eleven million folks who are here and not documented.

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Speaker 1: But it's not amnesty, Kevin, because we also call for

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Speaker 1: penalties for those folks. We we insist that they come

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Speaker 1: out of the shadows, that they pay a penalty for

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Speaker 1: the privilege of staying here and becoming legal and frankly

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Speaker 1: for those who don't, then then we have to deal

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Speaker 1: with deportation. You know, I have to add to that.

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Speaker 1: Despite the fact that the focus has been on the

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Speaker 1: wall recently, you know, Republicans have been thinking about what

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Speaker 1: happens next, and I've talked to a couple on the

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Speaker 1: Hill who've talked about the fact that they really are

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Speaker 1: still looking for comprehensive immigration reform going forward. That you know,

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Speaker 1: it's great to secure the border. If they can do

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Speaker 1: that with fifty five miles of wall, if they can

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Speaker 1: do that with more under an emergency funding, that's great.

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Speaker 1: But the next step is obviously how to regulate what's

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Speaker 1: happening now, whether that's a deal for Dreamers or to

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Speaker 1: get rid of the backlog of people waiting to come legally. Yeah, well,

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Speaker 1: when we got the plan. We've got the plan that

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Speaker 1: actually does all of that and does provide a permanent

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Speaker 1: solution for the Dreamers. Um it also deals with pretty

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Speaker 1: controversial issues. I don't think any any trade association or

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Speaker 1: any business organization in town has done something quite this comprehensive.

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Speaker 1: We actually take on family migration and we say, yes,

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Speaker 1: it makes sense that you will go down with your

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Speaker 1: immediate family. You'll bring your immediate family in. You'll go

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Speaker 1: up and maybe bring in a parent or two, but

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Speaker 1: you can't go over. You can't bring in siblings and

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Speaker 1: their children. You know. That is a that has been

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Speaker 1: a really big hang up for any type of immigration reform.

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Speaker 1: And if you want more details on the A name

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Speaker 1: dot org slash a better way to get all of

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Speaker 1: those details on uh the the immigration plan that you're

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Speaker 1: that's talking about, We're gonna talking about imigration. I still

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Speaker 1: feel like for a very long time, I have to say,

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Speaker 1: j as a Penn State grad, you are probably the

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Speaker 1: only Ohio State uh A person right because you're you're

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Speaker 1: you have a really interesting story for how you got

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Speaker 1: into all of this. Makes you feel privileged to have

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Speaker 1: a Buckeye and here, well, do you consider yourself a buck?

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Speaker 1: I do, even though I uh you know the story.

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Speaker 1: I dropped out of college because I ran for office.

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Speaker 1: I was I myself was a dreamer and thought that

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Speaker 1: I could change the world at age nineteen UM And

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Speaker 1: then I decided after that, after I lost that race,

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Speaker 1: probably appropriately so that I would come to Washington to

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Speaker 1: be a part of the Reagan Revolution. So I've been

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Speaker 1: steeped in public policy ever since a true policy wonk

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Speaker 1: that is a college dropout. That was all some you

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Speaker 1: and Kanye West. Oh. I didn't even know Kanye. I

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Speaker 1: just I just decided that I'd had enough of classes

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Speaker 1: about weather forecasting and other things that I didn't actually

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Speaker 1: think would ever be part of something I would do

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Speaker 1: in life. And actually I really don't use weather forecasting.

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Speaker 1: All right, Chuck, We'll be appreciate you coming and come

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Speaker 1: back anytime. That's Jay Timmins, President and CEO of the

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Speaker 1: National Association of Manufacturers. Miranda Stay's congressional reporter at the Hill,

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Speaker 1: and coming up Congresswoman Carolyn Maloney. She's going to weigh

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Speaker 1: in on the decision for Amazon to get rid of

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Speaker 1: that headquarters in New York. She's a Democrat from New York.

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Speaker 1: And remember download the Sound On podcast on iTunes, at

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Speaker 1: Bloomberg dot com or the Bloomberg Business App. You can

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Speaker 1: also check us out on Radio dot com and I

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Speaker 1: Heart Radio. I'm Kevin Curreli. This is Bloomberg. This is

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Speaker 1: Sound On with Kevin Sirelate on Bloomberg and seven m

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Speaker 1: h D two Baltimore. Welcome back team and Happy val

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Speaker 1: and Tine's Day a major market moving implications today as

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Speaker 1: Amazon decided to drop its expansion plans in the Long

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Speaker 1: Island City neighborhood of Queens and that plunged local real

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Speaker 1: estate brokers into despair. Uh. It also has sparked backlash

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Speaker 1: from various members of Congress and New York City Council members.

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Speaker 1: And joining us on the line is Congresswoman Carolyn Maloney,

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Speaker 1: a Democrat from New York. Congresswoman, thank you for calling in.

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Speaker 1: I know this issue is important to you. Your response

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00:23:35,400 --> 00:23:40,040
Speaker 1: tonight to Amazon's decision, Well, this is not the Valentine

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Speaker 1: that New York needed. I'm disappointed that New York City

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00:23:44,280 --> 00:23:47,800
Speaker 1: won't be the home to over twenty five thousand minimum

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00:23:47,920 --> 00:23:52,560
Speaker 1: minimum new jobs from Amazon. That Long Island City will

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00:23:52,560 --> 00:23:56,560
Speaker 1: lose um those jobs, and we'll also lose out on

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00:23:56,640 --> 00:24:00,719
Speaker 1: infrastructure improvements uh that would have accompanied this project and

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00:24:00,800 --> 00:24:04,639
Speaker 1: transit new schools. They were making a major um uh

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00:24:04,840 --> 00:24:08,199
Speaker 1: you know, commitment to not only building a new school

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00:24:08,280 --> 00:24:13,200
Speaker 1: in Long Island City, but providing technology and teaching and

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00:24:13,200 --> 00:24:16,119
Speaker 1: and help to improve New York schools in the in

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00:24:16,160 --> 00:24:19,440
Speaker 1: the way of of of of technology. So in many

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00:24:19,440 --> 00:24:24,600
Speaker 1: ways it was a really big loss, and UH there

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00:24:24,600 --> 00:24:26,600
Speaker 1: were parts of the deal to be improved, and I

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00:24:26,640 --> 00:24:29,720
Speaker 1: agreed with the community on that, but I wanted to

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00:24:29,720 --> 00:24:32,960
Speaker 1: work with Amazon and the community to address their concerns.

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00:24:33,600 --> 00:24:36,880
Speaker 1: But now it looks like we've lost that opportunity. Congressmen,

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00:24:36,920 --> 00:24:40,000
Speaker 1: you make such a good point in terms of how

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00:24:40,119 --> 00:24:43,919
Speaker 1: there were progressive concerns on the issue of that, but

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00:24:44,760 --> 00:24:47,200
Speaker 1: I would imagine that many of your constituents also really

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00:24:47,200 --> 00:24:51,120
Speaker 1: wanted Amazon, really wanted the opportunity to have absolutely absolutely,

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Speaker 1: So so what what what was the turning point and

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00:24:53,480 --> 00:24:56,360
Speaker 1: what was the breaking point or the breakdown point in

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Speaker 1: this process. Well, there's plenty of aim to go around,

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00:25:01,280 --> 00:25:04,919
Speaker 1: but we'll have to see how the fallout is and

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00:25:04,920 --> 00:25:08,879
Speaker 1: and UH proceed and go forward. If there is anything

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00:25:09,480 --> 00:25:13,280
Speaker 1: positive it in it is that the Amazon deal shows

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00:25:13,359 --> 00:25:17,199
Speaker 1: the desirability of New York City as a location for

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Speaker 1: high tech. They interviewed, UH, according to press reports, over

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Speaker 1: two hundred fights and Amazon chose the two metro areas

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Speaker 1: New York City in d C. We are the areas

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00:25:29,520 --> 00:25:34,240
Speaker 1: with the largest existing tech forces and workforces, and but

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00:25:34,600 --> 00:25:37,159
Speaker 1: we did not have the biggest incentive packages, so they

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00:25:37,200 --> 00:25:40,600
Speaker 1: were looking for talent. When I asked Amazon why they

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Speaker 1: choose uh Long Island City. They said it was the people.

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Speaker 1: They liked, the people, they liked, the talent, they like

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00:25:46,440 --> 00:25:50,520
Speaker 1: New York and uh it was an amazing opportunity. And

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Speaker 1: I was hoping that we we we could have worked

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Speaker 1: out any differences and and that they, I believe would

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00:25:57,840 --> 00:26:01,480
Speaker 1: have been a tremendous asset to the city. What Kevin

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00:26:01,560 --> 00:26:05,520
Speaker 1: was very disappointing to me, um is that as a

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Speaker 1: former member of the City Council of New York and

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00:26:07,840 --> 00:26:10,919
Speaker 1: as a Congress member from New York, I have I

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00:26:10,960 --> 00:26:15,080
Speaker 1: have spent a large portion of my time working with

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Speaker 1: city leaders on ways to diversify our economy. That was

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00:26:20,280 --> 00:26:23,640
Speaker 1: our goal. We were far too dependent and still are

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00:26:24,160 --> 00:26:29,040
Speaker 1: on financial services and on business services. And it's been

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00:26:29,080 --> 00:26:34,400
Speaker 1: a concentrated effort for years from the leaders to diversify.

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Speaker 1: We had created tech zones, we had tried to get

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Speaker 1: other tech companies here. We had created uh Cornell Tech,

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00:26:43,720 --> 00:26:47,680
Speaker 1: a major M I T type tech school to train

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Speaker 1: the new workers in that industry for the future. And

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Speaker 1: I I believe that that Amazon would have made New

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00:26:55,440 --> 00:26:59,440
Speaker 1: York City the high tech capital of the East Coast,

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00:27:00,080 --> 00:27:04,359
Speaker 1: and it would have been a permanent and growing job source,

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Speaker 1: and uh would have diversified and strengthening our economy overall considerably,

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Speaker 1: Congresswoman opportunit. Congresswoman Caroline Maloney, Democrat from New York, reacting

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00:27:16,400 --> 00:27:19,399
Speaker 1: tonight to the news that Amazon has decided not to

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Speaker 1: go forward with their plans to build half of their

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00:27:21,680 --> 00:27:25,440
Speaker 1: headquarters in Long Island, Congresswoman, you know this. New York

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00:27:25,480 --> 00:27:28,800
Speaker 1: Governor Andrew Cuomo today also reacting the way you have,

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00:27:28,960 --> 00:27:32,400
Speaker 1: saying that quote unquote, a small group of politicians put

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00:27:32,440 --> 00:27:36,119
Speaker 1: their own narrow political interests above their community uh, and

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00:27:36,240 --> 00:27:39,040
Speaker 1: says that quote the New York State Senate has done

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00:27:39,080 --> 00:27:43,600
Speaker 1: tremendous damage. They should be held accountable for this lost

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00:27:43,840 --> 00:27:47,919
Speaker 1: economic opportunity. Amazon chose to come to New York because

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00:27:47,920 --> 00:27:50,760
Speaker 1: we are in the capital of the world, because we

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00:27:50,800 --> 00:27:52,639
Speaker 1: are the capital of the world and the best place

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00:27:52,880 --> 00:27:56,280
Speaker 1: to do business. So how do you, congresswoman, factor in

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Speaker 1: that that that anti corporate message you see it from

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00:28:00,280 --> 00:28:02,040
Speaker 1: your from your colleagues. I know you know this, congress

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00:28:02,040 --> 00:28:05,639
Speaker 1: someone Alexandria Acossio Cortez, what's your what's your message to

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00:28:05,800 --> 00:28:11,560
Speaker 1: those progressives in your party who really spoke out against this. Well,

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00:28:11,600 --> 00:28:14,400
Speaker 1: I said, if you if you look at the economics, um,

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00:28:14,440 --> 00:28:17,040
Speaker 1: and I personally I think that the mayor and the

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00:28:17,080 --> 00:28:21,520
Speaker 1: governor we're heroes. Every every city and state in the

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00:28:21,600 --> 00:28:25,680
Speaker 1: country was competing for this opportunity, and it were and

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00:28:26,040 --> 00:28:28,880
Speaker 1: we and we were far from the largest incentive package.

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00:28:28,880 --> 00:28:31,800
Speaker 1: It was really the metro areas of the people's and

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00:28:31,800 --> 00:28:35,359
Speaker 1: and and really the trust in them. But the economic

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00:28:35,440 --> 00:28:39,840
Speaker 1: package of U they estimated twenty seven point five billion

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00:28:39,920 --> 00:28:43,080
Speaker 1: in state and local tax revenue over the next twenty

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00:28:43,080 --> 00:28:47,480
Speaker 1: five years. And uh that was according to local economic

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00:28:47,520 --> 00:28:51,400
Speaker 1: development agencies and and uh that's uh. That would have

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00:28:51,440 --> 00:28:54,680
Speaker 1: put us on a firm economic footing, which is very important.

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00:28:54,720 --> 00:28:58,120
Speaker 1: The mayor and the governor have come out recently saying

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00:28:58,160 --> 00:29:02,200
Speaker 1: we're in tax shortfalls are for our state and our

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00:29:02,200 --> 00:29:04,719
Speaker 1: in our city and that and that's troubling, and I

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00:29:04,760 --> 00:29:08,320
Speaker 1: think the the concern of many people. They believe that

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00:29:08,440 --> 00:29:12,400
Speaker 1: the cost of the incentives promised to Amazon for their

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00:29:12,600 --> 00:29:17,040
Speaker 1: Long Island city location was too generous, and they estimated

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00:29:17,080 --> 00:29:19,720
Speaker 1: that to be at three billion. But what was not

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00:29:19,960 --> 00:29:23,360
Speaker 1: clear is that you never got that three billion. It

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00:29:23,560 --> 00:29:26,320
Speaker 1: was not a pile of money that was sitting there.

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00:29:26,680 --> 00:29:29,120
Speaker 1: It was a pile of money that they would have

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00:29:29,160 --> 00:29:32,600
Speaker 1: paid in state and local taxes from the people that

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00:29:32,720 --> 00:29:38,200
Speaker 1: they employed and and the business itself. Because I think

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00:29:38,200 --> 00:29:40,280
Speaker 1: that that right can you dive deeper into that, because

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Speaker 1: I think that right there truly was uh not really

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00:29:44,640 --> 00:29:49,440
Speaker 1: clearly explained. So what I fought felt was very disingenuous,

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00:29:49,560 --> 00:29:52,280
Speaker 1: is that a lot of politicians were saying, Hey, this

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Speaker 1: is how I'd spend that three billion, I build a school.

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00:29:55,360 --> 00:29:57,800
Speaker 1: I did this, I do that. There was no pot

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00:29:57,880 --> 00:30:01,880
Speaker 1: of money there. It was the Echo coomic activity from

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00:30:01,920 --> 00:30:07,120
Speaker 1: Amazon that created the money. And then what Amazon then

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00:30:07,360 --> 00:30:10,600
Speaker 1: got was a tax break. That's what they got, a

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00:30:10,680 --> 00:30:13,320
Speaker 1: tax break. They didn't get money, They got a tax

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00:30:13,360 --> 00:30:17,400
Speaker 1: break from the taxes they were already paying. Plus Amazon

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00:30:17,560 --> 00:30:21,720
Speaker 1: was promising Long Island City a school and third and

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00:30:21,720 --> 00:30:25,960
Speaker 1: and and uh improving roughly thirty other schools in the city,

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00:30:26,000 --> 00:30:29,120
Speaker 1: not just Long Island City, but you know across the

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00:30:29,160 --> 00:30:32,400
Speaker 1: city in the Bronx and Brooklyn and Manhattan where young

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00:30:32,440 --> 00:30:34,840
Speaker 1: people want to learn tech. But better way to learn

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00:30:34,880 --> 00:30:39,480
Speaker 1: tech than have mentors and people from Amazon helped teach

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00:30:39,520 --> 00:30:43,480
Speaker 1: it and helped support it because they are the they

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00:30:43,480 --> 00:30:46,520
Speaker 1: are one of the major tech companies in in our country.

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Speaker 1: And uh, also the whole area in Long Island City

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00:30:50,800 --> 00:30:55,600
Speaker 1: needs a massive infrastructure improvement. We we have been working

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00:30:55,640 --> 00:30:58,960
Speaker 1: to get a firehouse. We don't even have a fire

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00:30:59,040 --> 00:31:01,440
Speaker 1: engine with hose is in the area. They have a

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00:31:01,560 --> 00:31:04,240
Speaker 1: ladder company. So one of our things we were pushing

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00:31:04,280 --> 00:31:07,680
Speaker 1: for for years is to get a firehouse there. Well,

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00:31:07,720 --> 00:31:10,840
Speaker 1: believe me, if Amazon came, we would have gotten our firehouse.

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00:31:10,840 --> 00:31:14,080
Speaker 1: They've question about it. And then we are now, as

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00:31:14,160 --> 00:31:18,120
Speaker 1: you know, building a major infrastructure prep project from Long

555
00:31:18,160 --> 00:31:22,080
Speaker 1: Island all the way into Grand Central, a new subway

556
00:31:22,120 --> 00:31:25,040
Speaker 1: called the east Side Connector. There's not a stop in

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00:31:25,160 --> 00:31:28,920
Speaker 1: Queens now, and that's that I think is a scandal,

558
00:31:29,440 --> 00:31:34,080
Speaker 1: and I believe partnering with the community and Amazon, we

559
00:31:34,160 --> 00:31:36,560
Speaker 1: could have gotten that stop in Queens. You would have

560
00:31:36,640 --> 00:31:40,040
Speaker 1: needed that not only for quality of life, but also

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00:31:40,120 --> 00:31:43,240
Speaker 1: to move workers back and forth. So it's uh, there

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00:31:43,320 --> 00:31:46,480
Speaker 1: was a lot of opportunity in many ways. And as

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00:31:46,520 --> 00:31:50,320
Speaker 1: one who represents that area, we have a an aging infrastructure,

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00:31:50,360 --> 00:31:54,080
Speaker 1: particularly in the sewage department, and there were promises to

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00:31:54,080 --> 00:31:57,840
Speaker 1: totally rebuild the sewage system, not for Amazon, but for

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00:31:57,880 --> 00:32:01,640
Speaker 1: the whole area. So there were a lot of other

567
00:32:01,920 --> 00:32:04,400
Speaker 1: things that could happen that would have helped the area.

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00:32:04,720 --> 00:32:06,960
Speaker 1: Do you think and we've got we have a heart

569
00:32:06,960 --> 00:32:09,640
Speaker 1: out and and under two minutes, so, but do you

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00:32:09,680 --> 00:32:12,960
Speaker 1: think Congressman Carol Maloney, Democrat from New York, joining us

571
00:32:13,040 --> 00:32:15,400
Speaker 1: on on the line, reacting to the news that Amazon

572
00:32:15,440 --> 00:32:18,680
Speaker 1: has pulled out of of New York, where do you

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00:32:18,680 --> 00:32:20,960
Speaker 1: go from here? I mean, what what is the next step? Is?

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00:32:20,960 --> 00:32:23,040
Speaker 1: Is it completely off the table? Can you go back

575
00:32:23,080 --> 00:32:25,080
Speaker 1: to the negotiation? I mean? Or is it just a

576
00:32:25,080 --> 00:32:29,280
Speaker 1: lost cause? Well? I I tried to call the governor

577
00:32:29,320 --> 00:32:32,040
Speaker 1: and the mayor today to get a reading on what

578
00:32:32,160 --> 00:32:36,600
Speaker 1: are their negotiations and and if they feel that we

579
00:32:36,640 --> 00:32:40,560
Speaker 1: could go back and and and make it happen. But

580
00:32:40,560 --> 00:32:43,520
Speaker 1: but the the these statements they put out seemed to

581
00:32:43,560 --> 00:32:46,960
Speaker 1: show that they feel that, uh, the game is over

582
00:32:47,200 --> 00:32:51,960
Speaker 1: and they have a lost opportunity. And incredible, a lost

583
00:32:52,080 --> 00:32:57,320
Speaker 1: opportunity that could have employed a major amount of people

584
00:32:57,360 --> 00:33:01,080
Speaker 1: in our in our area and and been massive improvements

585
00:33:01,120 --> 00:33:05,480
Speaker 1: and would have solidified we are the economic capital of

586
00:33:06,400 --> 00:33:09,560
Speaker 1: our country. But it would have solidified that position not

587
00:33:09,640 --> 00:33:13,040
Speaker 1: only in finance, but then in tech and I personally

588
00:33:13,080 --> 00:33:15,680
Speaker 1: I wish Amazon would have stuck it out that we

589
00:33:15,720 --> 00:33:17,920
Speaker 1: could have reached the deal that would have worked for

590
00:33:17,960 --> 00:33:20,480
Speaker 1: New York. I think we have a great deal to

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00:33:21,000 --> 00:33:24,120
Speaker 1: help Amazon, and certainly they had a great deal to

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00:33:24,160 --> 00:33:27,280
Speaker 1: help our people, and the differences could have been worked out.

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00:33:27,680 --> 00:33:30,680
Speaker 1: And I apologize able to and as I said, this

594
00:33:30,760 --> 00:33:33,040
Speaker 1: is not the Valentine that we need not to that

595
00:33:33,080 --> 00:33:34,800
Speaker 1: all right, we'll come back tomorrow and talk with us

596
00:33:35,000 --> 00:33:38,560
Speaker 1: on Bloomberg Television. Congresswoman Caroline Maloney, Democrat from New York,

597
00:33:38,600 --> 00:33:41,000
Speaker 1: thank you for joining us reacting to that Amazon. There's

598
00:33:41,040 --> 00:33:44,480
Speaker 1: also special thanks to Miranda Green, congressional reporter at the Hill.

599
00:33:44,720 --> 00:33:46,920
Speaker 1: Much more tomorrow on the shutdown, trade and