WEBVTT - Bloomberg Businessweek Weekend - June 28th, 2025 0:00:00.880 --> 0:00:05.199 This is Bloomberg Business Week Daily reporting from the magazine 0:00:05.240 --> 0:00:09.840 that helps global leaders stay ahead with insight on the people, companies, 0:00:09.880 --> 0:00:14.760 and trends shaping today's complex economy. Plus global business, finance 0:00:14.800 --> 0:00:18.360 and tech news as it happens. Bloomberg Business Week Daily 0:00:18.680 --> 0:00:22.680 with Carol Masser and Tim Steneveek on Bloomberg Radio. 0:00:23.640 --> 0:00:26.520 Hi, everyone, welcome to the weekend edition of Bloomberg Business Week. 0:00:26.800 --> 0:00:30.360 This past week our backdrop on again off again Middle 0:00:30.400 --> 0:00:35.760 East tensions commentary from fedcher J Powell, a NATO ally summit. 0:00:36.080 --> 0:00:38.159 All the details can be found on the Bloomberg and 0:00:38.200 --> 0:00:39.600 of course at Bloomberg dot com. 0:00:39.680 --> 0:00:42.280 And so all of this shaping our approach this week, 0:00:42.400 --> 0:00:45.320 a lot of people's moods this week, and really shaping 0:00:45.320 --> 0:00:48.160 our conversations this week, including a conversation that we had 0:00:48.200 --> 0:00:51.240 with Bloomberg's own Joe Wisenthal. You know him, he's the 0:00:51.280 --> 0:00:53.639 co host of the Odd Lots podcast. He stopped by 0:00:53.720 --> 0:00:56.760 to weigh in on the democratic socialist who could be 0:00:56.800 --> 0:00:58.600 the next mayor of New York City. 0:00:59.040 --> 0:01:02.640 Also gene editing Anyone just one of the innovations in 0:01:02.680 --> 0:01:05.759 life science trends capturing the attention of venture capitalist Jenny 0:01:05.840 --> 0:01:08.760 Rook of Genoa Ventures. All of that to come. We 0:01:08.880 --> 0:01:12.039 begin though with that macro view and really all that's 0:01:12.080 --> 0:01:14.880 coming at today's c suite and CEOs, especially when it 0:01:14.880 --> 0:01:17.200 comes to the tensions around the globe. 0:01:17.319 --> 0:01:20.039 From Iran to Ukraine and even in New York City, 0:01:20.240 --> 0:01:25.319 geopolitics is definitely in focus for investors. Kevin Kadjawara is 0:01:25.360 --> 0:01:29.319 managing director and co president at Teneo Intelligence. He joined 0:01:29.400 --> 0:01:31.760 us to break down how Wall Street is dealing with 0:01:32.080 --> 0:01:34.960 what's happening around the world. He also talked about what 0:01:35.040 --> 0:01:38.200 he sees as some of the biggest risks for executives. 0:01:39.200 --> 0:01:43.200 Well, I think you highlighted just the variety of issues 0:01:43.200 --> 0:01:45.560 that are out there, right, and the fact that they 0:01:45.600 --> 0:01:50.480 are all happening at the same time. What's more typical historically, 0:01:50.600 --> 0:01:52.520 right is to have a number of sort of discrete 0:01:52.600 --> 0:01:55.120 events and you can respond to each of them. But 0:01:55.200 --> 0:02:00.920 these now happening with greater frequency. They are happening simultaneously, 0:02:01.440 --> 0:02:04.919 and they are therefore compounding on one another in ways 0:02:04.960 --> 0:02:07.840 that you know, you look at any individual issue and 0:02:07.920 --> 0:02:10.800 you might question why the market reacts in that way, 0:02:10.880 --> 0:02:13.079 but there's really, you know, there's a lot of different 0:02:13.080 --> 0:02:15.840 inputs coming in. So I think that the you know, 0:02:15.919 --> 0:02:20.440 the challenge for say a CEO or frankly an institutional 0:02:20.480 --> 0:02:23.720 investor for that matter, But for a CEO is, you know, 0:02:24.000 --> 0:02:27.119 how do I triage everything that's going on and what 0:02:27.360 --> 0:02:31.000 is actually kind of signal for the business that I'm 0:02:31.040 --> 0:02:33.160 in versus trying to cut through all that noise. 0:02:33.200 --> 0:02:35.280 Well, that's where I want to go, Kevin. Because companies 0:02:35.320 --> 0:02:38.880 are going public, right, IPOs are happening, Companies are doing deals, 0:02:38.919 --> 0:02:42.400 companies are making decisions, they're spending cap X so lo 0:02:42.560 --> 0:02:44.440 what are you hearing from the community about, Like, what 0:02:44.520 --> 0:02:46.560 are the lines to say, all right, I'm ready to 0:02:46.560 --> 0:02:49.400 pull the trigger on spending money or hiring people or 0:02:49.440 --> 0:02:53.720 expanding versus it's just too unclear. I'm out. 0:02:53.960 --> 0:02:56.480 Well, I think the way that they look at it 0:02:56.520 --> 0:02:59.519 is that uncertainty is essentially a tax, or it is 0:03:00.000 --> 0:03:03.519 effectively tested in the sense that it perverts what would 0:03:03.560 --> 0:03:07.160 be otherwise normal economic behavior. Right, So in other words, 0:03:07.360 --> 0:03:10.280 you know, if you were trying to anticipate tariffs, you 0:03:10.400 --> 0:03:14.480 probably tied up capital building inventory that you wouldn't otherwise do, 0:03:15.040 --> 0:03:17.440 or because you have no visibility on what the runway 0:03:17.520 --> 0:03:19.840 is looking like. You're going to hold off on that 0:03:19.919 --> 0:03:23.120 potential m and a transaction or opening that new factory, 0:03:23.200 --> 0:03:25.960 or rejiggering the supply chain in some way, shape or form. 0:03:26.560 --> 0:03:30.639 So I think though, that while there's this realization that 0:03:30.880 --> 0:03:33.240 there's a lot going on, there's a lot of uncertainty. CEOs, 0:03:33.320 --> 0:03:36.360 just like the President himself, always making decisions based on 0:03:36.720 --> 0:03:39.760 imperfect information, and now it's perhaps more imperfect than usual. 0:03:39.800 --> 0:03:43.080 But any moment that you get that clarity and there's 0:03:43.120 --> 0:03:46.440 an opportunity, you know, you and your CFO had better 0:03:46.480 --> 0:03:50.240 be ready to act and be able to commit that capital. 0:03:50.480 --> 0:03:52.800 On the uncertainty tax on the uncertainty side of this, 0:03:52.880 --> 0:03:56.240 there's certainly geopolitical uncertainty, but there's also the uncertainty about 0:03:56.280 --> 0:03:58.920 policies that are coming out of Washington, that are coming 0:03:58.920 --> 0:04:01.400 out of the White House. I seen this sort of 0:04:01.520 --> 0:04:06.200 changing way that companies are speaking or communicating with the President, 0:04:06.520 --> 0:04:10.880 especially companies outside of the United States announcing investments, companies 0:04:10.880 --> 0:04:13.440 in the United States announcing investments in the US. How 0:04:13.480 --> 0:04:16.960 would you say that your clients or you're advising your 0:04:16.960 --> 0:04:20.120 clients to communicate with Washington, to communicate with the president. 0:04:20.600 --> 0:04:24.000 Well, look, I think that there's a The issue is 0:04:24.200 --> 0:04:27.080 that it gets really bespoke or really quickly depending on 0:04:27.120 --> 0:04:30.359 the sensitivity of the industry you're in, depending the country 0:04:30.360 --> 0:04:32.839 that you're you're from, and what the trade relationship is 0:04:32.920 --> 0:04:34.839 or the overall nature of the relationship is. So you 0:04:34.839 --> 0:04:37.839 have to take all of those things, into all of 0:04:37.839 --> 0:04:41.520 those things into consideration. I think that there is a focus, 0:04:41.600 --> 0:04:46.520 you know, perhaps a greater indexation, if you will, on 0:04:46.640 --> 0:04:49.320 things that you know are going to resonate well and 0:04:49.440 --> 0:04:52.200 via avenues that you know will resonate well with this, 0:04:52.839 --> 0:04:56.359 you know, with this administration and with this with this president. 0:04:56.440 --> 0:04:56.560 Right. 0:04:56.600 --> 0:04:58.479 So for some people that means we've got to go 0:04:58.480 --> 0:05:00.800 to mar A Lago. For some people that means appearing 0:05:00.880 --> 0:05:05.120 on certain news organ news outlets, and and in others 0:05:05.120 --> 0:05:06.640 it means executives. 0:05:07.040 --> 0:05:07.280 Yeah. 0:05:07.440 --> 0:05:10.320 Sure, we saw Jamie Diamond. I think it's fair to 0:05:10.320 --> 0:05:15.840 say Carol communicate that morning on Fox with Maria Bartiromo. Yeah, 0:05:15.880 --> 0:05:19.039 and it seemed like he made his message known to 0:05:19.279 --> 0:05:20.680 Washington through that interview. 0:05:20.880 --> 0:05:24.960 So was an audience of one so understanding that going 0:05:25.000 --> 0:05:27.760 on there that President Trump is listening, yes and watching 0:05:27.839 --> 0:05:33.520 absolutely Huh. You know, we've had a lot of conversations here, Like, 0:05:33.839 --> 0:05:38.640 it's just amazing the fear of executives to speak out 0:05:39.720 --> 0:05:43.159 in the United States of America. Tell me, give me 0:05:43.320 --> 0:05:47.479 what what intel? And I understand you can't tell us 0:05:47.520 --> 0:05:49.680 specifics and stuff, but I'm just curious, like, what is 0:05:50.040 --> 0:05:52.640 kind of the psyche of the corporate clients that you're 0:05:52.680 --> 0:05:55.480 dealing with and why there is that fear. Well, I 0:05:55.560 --> 0:05:58.960 think I understand if you example want to be a target, 0:05:59.240 --> 0:06:01.919 But aren't you surprised. I mean, these are leaders that 0:06:02.000 --> 0:06:05.000 are supposed to speak out when things are maybe they 0:06:05.000 --> 0:06:05.919 don't agree with things. 0:06:06.360 --> 0:06:08.839 Well, I think that there are There's again, there's a 0:06:08.920 --> 0:06:13.000 hierarchy of leaders, right. You just mentioned Jamie Diamond, who's 0:06:13.040 --> 0:06:14.919 probably the closest thing we've got to sort of a 0:06:15.040 --> 0:06:18.919 head of state level chief executive in this country and 0:06:19.000 --> 0:06:23.640 perhaps further empower. But that also plays into his own personality. 0:06:23.640 --> 0:06:25.839 He is comfortable in that role in the way that 0:06:25.920 --> 0:06:29.280 not every executive is, I think. But secondly, I think 0:06:29.320 --> 0:06:32.280 this is this has forced executives not necessarily to shrink, 0:06:32.440 --> 0:06:36.200 but to refocus on what's important to them, their industry, 0:06:36.240 --> 0:06:39.640 their company, the stakeholders they have, and to focus in 0:06:39.680 --> 0:06:43.120 on those things rather than feeling like they need to 0:06:43.440 --> 0:06:45.120 you know, they need to weigh in and open on 0:06:45.200 --> 0:06:47.479 every single issue that is out there. 0:06:47.480 --> 0:06:48.360 So do you think that's a good thing. 0:06:48.839 --> 0:06:50.920 Well, I think it's I think it's just the new reality. 0:06:50.960 --> 0:06:52.360 I don't think any of these things are good things 0:06:52.440 --> 0:06:52.880 or bad things. 0:06:52.920 --> 0:06:53.720 It's just the thing. 0:06:53.960 --> 0:06:55.880 This is the this is the environment that we are 0:06:55.920 --> 0:06:58.320 currently in. That environment will change four years from now, 0:06:58.400 --> 0:06:59.560 and they'll shift again. 0:06:59.600 --> 0:07:01.599 Because such a swing. If you think, you go from 0:07:01.800 --> 0:07:05.080 the murder of George Floyd and COVID and executives are 0:07:05.080 --> 0:07:08.120 out talking about everything, and we thought that there was 0:07:08.120 --> 0:07:09.840 this real opening and then it just feels like I 0:07:09.920 --> 0:07:13.240 understand pendulum swing, but it swung another. 0:07:13.400 --> 0:07:15.560 Well, of course, the other thing is is action, right, 0:07:15.600 --> 0:07:19.000 and I think being on the other side of this 0:07:19.160 --> 0:07:22.120 now right where we're looking at, for instance, de E 0:07:22.240 --> 0:07:26.960 and I initiatives right being rolled back in terms of 0:07:26.960 --> 0:07:29.080 how they're promoted and so on and so forth. But 0:07:29.760 --> 0:07:32.280 a lot of executives have bought with their stakeholders and 0:07:32.320 --> 0:07:34.680 their employees and their customer bases. They bought a lot 0:07:34.680 --> 0:07:37.320 of goodwill because of the actions that they have taken 0:07:37.360 --> 0:07:39.600 over the years. And now even if you change the 0:07:39.640 --> 0:07:41.880 website a little bit or something of that nature. But 0:07:41.920 --> 0:07:45.480 you remain committed because you can see the bottom line 0:07:45.760 --> 0:07:49.160 positive impact of these types of policies. You've got a 0:07:49.160 --> 0:07:51.600 lot of good will already built in with your stakeholders. 0:07:51.640 --> 0:07:55.800 So you consider the stakeholders the ones who work for you, 0:07:55.960 --> 0:07:59.480 the employees as a group of stakeholders. You don't necessarily 0:07:59.520 --> 0:08:03.120 talk about out the DEI policies outside of the company 0:08:03.120 --> 0:08:04.640 in the same way, or maybe you don't even talk 0:08:04.640 --> 0:08:06.440 to them about them internally in the same way. But 0:08:07.040 --> 0:08:09.200 perhaps you did see a return on the investment, so 0:08:09.240 --> 0:08:11.280 you keep doing those things and you call them something 0:08:11.280 --> 0:08:11.760 else like what. 0:08:12.160 --> 0:08:13.320 There's elles with it? 0:08:13.400 --> 0:08:15.239 And you know, and and today it was a perfect 0:08:15.280 --> 0:08:17.360 example of the type of company that has a lot 0:08:17.360 --> 0:08:21.040 of people who are devoted towards helping executives, you know, 0:08:21.200 --> 0:08:23.280 kind of thread this needle, so to speak. And some 0:08:23.440 --> 0:08:25.720 need more help than others. And also you know, it's 0:08:25.840 --> 0:08:29.280 it's it's an awareness of who your audience is, who 0:08:29.320 --> 0:08:32.440 your customer base is. Some are going to respond, you know, 0:08:32.480 --> 0:08:36.240 and we all know the companies right where you know, uh, 0:08:36.360 --> 0:08:39.839 we're taking certain taking certain stands has stood them in 0:08:39.880 --> 0:08:42.480 good stead with their audiences, uh and and others who 0:08:42.480 --> 0:08:44.480 have had a more challenging time. So it's you know, 0:08:44.520 --> 0:08:47.720 it's about being smart and surgical about this. 0:08:47.920 --> 0:08:50.720 But you've seen cycles like I think about, you know, 0:08:50.880 --> 0:08:53.440 in this world, and I think about the Great Financial Crisis, 0:08:53.440 --> 0:08:57.960 there's COVID, there's just so much stuff, war overseas, different 0:08:58.000 --> 0:08:59.560 presidents and so on and so forth. How do you 0:08:59.559 --> 0:09:02.319 describe the cycle? And how do you think a lot 0:09:02.320 --> 0:09:05.040 of CEOs And I had to dump everybody in a 0:09:05.080 --> 0:09:07.439 bucket because it's just not the way the world works. 0:09:07.440 --> 0:09:11.800 But I am just curious, you know, historically, business wise, economically, 0:09:11.840 --> 0:09:13.720 the role of the United States in the world, Like, how. 0:09:13.600 --> 0:09:15.880 Do you see that there is something changing right now? 0:09:15.920 --> 0:09:18.440 And this is not just a cycle, This is a 0:09:18.600 --> 0:09:23.720 secular change, right and this is something that can no 0:09:23.840 --> 0:09:25.480 longer be punted. 0:09:25.160 --> 0:09:25.600 Down the road. 0:09:25.640 --> 0:09:28.679 In other words, the decisions that CEOs are making today 0:09:28.920 --> 0:09:31.719 are existential decisions for their companies and whether they are 0:09:31.720 --> 0:09:34.760 going to be you know, nimble enough to be some 0:09:34.800 --> 0:09:37.360 of the you know, some of the winners on the 0:09:37.360 --> 0:09:39.480 other side. Think about it in the context of like 0:09:39.520 --> 0:09:42.560 climate change as an example, right, Remember a few years ago, 0:09:42.679 --> 0:09:47.319 companies managements were you know, making zero carbon commitments in 0:09:47.360 --> 0:09:49.000 the light, but the reality of it was it was 0:09:49.040 --> 0:09:51.360 like a generation or two down the road of management 0:09:51.360 --> 0:09:53.600 that would actually have to implement that was an easy 0:09:53.600 --> 0:09:56.600 commitment to make in a sense, right exactly, but right now, 0:09:57.000 --> 0:10:00.560 like you say, the playing field is actually fundament changing. 0:10:00.559 --> 0:10:02.360 And it is not hyperbolic to say that it's a 0:10:02.400 --> 0:10:06.560 para paradigmatic shift right now. But it is this generation 0:10:06.640 --> 0:10:09.960 of leadership that's having to have the situational awareness and 0:10:10.080 --> 0:10:12.440 kind of realize that even though you've got all these 0:10:12.480 --> 0:10:14.760 balls in the air right now with the just in time, 0:10:14.880 --> 0:10:17.440 you know, just what's happening right now, with trade, with 0:10:17.520 --> 0:10:21.880 the geopolitics, with the fiscal bills, all of that presidential administration. 0:10:21.960 --> 0:10:22.760 Though not at all. 0:10:22.800 --> 0:10:26.280 So you're talking about supply chains, you're talking about what 0:10:26.360 --> 0:10:27.360 a like what is. 0:10:27.360 --> 0:10:29.920 Say we think of as the international rules based order, 0:10:30.200 --> 0:10:33.120 right which is a system that has that that laid 0:10:33.160 --> 0:10:35.920 the groundwork for the multinational corporation to be the single 0:10:35.920 --> 0:10:39.800 most important economic actor. If that is evolving, if the 0:10:39.880 --> 0:10:43.880 role of the US is evolving, is it axiomatic that 0:10:44.040 --> 0:10:46.560 those same economic actors are going to be the big 0:10:46.559 --> 0:10:48.360 winners in the next or do you have to be 0:10:48.480 --> 0:10:51.560 nimble enough to be thinking ahead of how this is, 0:10:51.679 --> 0:10:54.160 how this might change. I mean, we're this interim period. 0:10:54.200 --> 0:10:55.120 I don't know if it's going to be. 0:10:55.040 --> 0:10:55.600 Long or short. 0:10:55.679 --> 0:10:57.400 We don't know exactly what it's going to look like 0:10:57.440 --> 0:11:00.960 on the other side. But you know, those who are aware, 0:11:01.280 --> 0:11:04.120 it's like Eisenhower said, right, the plan is worthless one 0:11:04.120 --> 0:11:05.160 of the first bullet flies. 0:11:05.160 --> 0:11:08.240 But planning is everything, right. 0:11:08.720 --> 0:11:12.280 So interesting putting you on the spot. Is this a 0:11:12.360 --> 0:11:15.800 positive development in the work that you do well? 0:11:16.160 --> 0:11:19.599 I mean, I think so in the sense that it 0:11:19.800 --> 0:11:24.760 is inevitable that you know, over time, strategic decisions have 0:11:24.840 --> 0:11:28.319 been made predicated on a certain perspective on what the 0:11:28.360 --> 0:11:30.240 global operating environment is going to look like, and then 0:11:30.280 --> 0:11:32.520 all your other decisions stem from that, the. 0:11:32.640 --> 0:11:36.480 Global operating environment being a world of liberal democracies. 0:11:36.679 --> 0:11:39.640 But not just that, this ability to have to take 0:11:39.679 --> 0:11:43.720 advantage of the free flow of labor, free flow of capital, 0:11:44.040 --> 0:11:46.440 you know, a just in time global supply chain system, 0:11:46.760 --> 0:11:49.360 opening of markets, all all of that, right, the sort 0:11:49.400 --> 0:11:54.080 of the key variables of globalization. Right, that's shifting. Right, 0:11:54.320 --> 0:11:57.560 If that's shifting, you've got to start scenario planning for 0:11:57.640 --> 0:11:59.439 how that might impact your business. 0:11:59.440 --> 0:12:01.520 Twenty five second. It's a question, Tim and I like 0:12:01.520 --> 0:12:03.080 to ask a lot of folks who come on here, 0:12:03.120 --> 0:12:06.720 because in January we thought about American exceptionalism. A lot 0:12:07.120 --> 0:12:09.920 is that going away? And forgive me only about twenty 0:12:09.960 --> 0:12:10.600 five seconds. 0:12:10.960 --> 0:12:13.840 Look, the United States has certain built in advantages scale 0:12:13.840 --> 0:12:17.719 the English language, the doll or a a A an 0:12:17.760 --> 0:12:21.599 economic ecosystem and financing ecosystem that finds phenomenal ideas and 0:12:21.720 --> 0:12:24.160 can bring them to market, and so on and so forth. 0:12:24.200 --> 0:12:26.599 Nobody else has got that still, even with all the 0:12:26.679 --> 0:12:27.520 challenges we've got. 0:12:27.600 --> 0:12:31.199 That was Kevin Kajawara, Managing director and co president at 0:12:31.200 --> 0:12:32.280 to Neo Intelligence. 0:12:32.360 --> 0:12:35.240 Coming up on Bloomberg Business Week, Joe Wisenthal of Odd 0:12:35.240 --> 0:12:38.080 Lots on how some on Wall Street are decrying a 0:12:38.200 --> 0:12:39.560 hot commy summer. 0:12:39.800 --> 0:12:41.920 That's next. This is Bloomberg. 0:12:45.800 --> 0:12:49.960 This is Bloomberg Business Week Daily with Carol Masser and 0:12:50.040 --> 0:12:52.600 Tim Steneveek on Bloomberg Radio. 0:12:53.600 --> 0:12:56.240 So Roun Mom. Donnie is poised to become the Democratic 0:12:56.280 --> 0:12:59.040 nominee for mayor of New York City after the thirty 0:12:59.040 --> 0:13:03.040 three year old Democrats socialist forced his opponent Andrew Cuomo, 0:13:03.200 --> 0:13:06.240 the former governor of New York State to concede within 0:13:06.360 --> 0:13:10.320 hours after polls closed. Mam Donnie spoke to supporters after 0:13:10.400 --> 0:13:11.480 Cuomo's concession. 0:13:12.040 --> 0:13:14.960 We have won because New Yorkers have stood up for 0:13:15.040 --> 0:13:21.160 a city they can afford, a city where they can 0:13:21.200 --> 0:13:25.520 do more than just struggle, one where those who toil 0:13:25.640 --> 0:13:28.840 in the night can enjoy the fruits of their labor 0:13:28.880 --> 0:13:29.440 in the day. 0:13:30.640 --> 0:13:33.240 Mam Donnie exceeded more than sixty percent of the vote 0:13:33.280 --> 0:13:36.280 in vast swaths of the city, building a multi ethnic 0:13:36.280 --> 0:13:41.000 coalition across Brownstone, Brooklyn, working class queens, and Upper Manhattan. 0:13:41.200 --> 0:13:43.000 We got with us Joe Wisenthal. He's the co host 0:13:43.000 --> 0:13:46.400 of the Adlats podcast. He had zorroon Mamdami on the 0:13:46.440 --> 0:13:50.000 show just pretty much exactly a month ago. Before we 0:13:50.000 --> 0:13:52.280 get going, I do want to point out that Michael Bloomberg, 0:13:52.360 --> 0:13:55.800 the founder of a Bloomberg LP, the parent company of 0:13:55.960 --> 0:14:01.520 Bloomberg Radio, did endorse Governor Cuomo in the election. It 0:14:01.559 --> 0:14:04.000 was a forty five minute conversation that you and Tracy 0:14:04.080 --> 0:14:06.440 had yeah with Momdanie on odd Lots. He gave you 0:14:06.480 --> 0:14:10.840 a socialist vision for New York. What did you take 0:14:10.880 --> 0:14:11.959 away as his vision? 0:14:12.080 --> 0:14:13.240 I would say two things. 0:14:13.880 --> 0:14:17.680 Obviously probably the most provocative of his ideas that's causing 0:14:17.720 --> 0:14:20.520 a lot of anxiety even in the stock market. Like 0:14:20.560 --> 0:14:21.960 if you look at real estate, some of the rent 0:14:21.960 --> 0:14:25.960 freeze stuff, which for obvious like economists hate that kind 0:14:26.000 --> 0:14:28.520 of thing. They think it's you know, various forms of 0:14:28.520 --> 0:14:31.640 rent control is a terrible idea. We understand why investors 0:14:31.680 --> 0:14:35.440 in real estate don't like it either. On the other hand, 0:14:35.600 --> 0:14:38.440 and so we talked about that. But on the other hand, 0:14:38.760 --> 0:14:42.600 my main takeaway from that interview is like, yes, like 0:14:42.760 --> 0:14:46.200 if you're a young democratic socialist, of course you're going 0:14:46.240 --> 0:14:50.120 to be really excited about the Mamdannie candidacy. But he 0:14:50.240 --> 0:14:52.040 comes off in a way that if you're sort of 0:14:52.120 --> 0:14:54.800 like a I would say, like normy center left democratic 0:14:54.840 --> 0:14:57.720 liberal or something, and you're sort of the typical person 0:14:57.800 --> 0:15:00.280 who works in an office in New York City, like 0:15:00.360 --> 0:15:03.480 he is really good and really talented at not seeming 0:15:03.560 --> 0:15:05.680 like someone who will be a threat to And I 0:15:05.720 --> 0:15:07.680 think that when you look at the results, that's like, 0:15:07.680 --> 0:15:10.840 to my mind, like the really striking part is that 0:15:11.320 --> 0:15:14.880 how broad that coalition was, et cetera. Because we know 0:15:15.000 --> 0:15:17.200 that there are parts of the city that have trended 0:15:17.240 --> 0:15:20.280 that way for a while. Obviously, aoc IS victory in 0:15:20.360 --> 0:15:23.200 twenty eighteen that was a stunner, but that was Niche. 0:15:23.240 --> 0:15:25.400 You know, this was the entire city, right, this was 0:15:25.640 --> 0:15:29.000 this was kind of everyone across, you know, huge swats, 0:15:29.160 --> 0:15:32.200 much bigger numbers. He did well in sort of the 0:15:32.320 --> 0:15:35.400 you know, white educated areas, but also he did well 0:15:35.480 --> 0:15:37.960 in more non white areas that had trended more towards 0:15:38.000 --> 0:15:40.920 Trump and the most recent election. So he clearly did 0:15:40.960 --> 0:15:43.440 a really good job of sort of overcoming the fact 0:15:43.480 --> 0:15:46.119 that many people would say he is pretty radical politics, 0:15:46.520 --> 0:15:48.680 and he's like, well, actually he can sort of like 0:15:48.720 --> 0:15:51.880 talk very fluently about policy. He comes off as a 0:15:51.960 --> 0:15:54.440 very thoughtful guy, and he really I think ended up 0:15:54.480 --> 0:15:55.760 like disarming a lot of the critics. 0:15:55.880 --> 0:15:57.920 Yeah, he's also tacked off a lot of billionaires and 0:15:58.000 --> 0:15:59.680 is a great story that's among the most red on 0:15:59.680 --> 0:16:02.080 the blue that talks about Wall Street to crying the 0:16:02.120 --> 0:16:05.680 hot commy summer. Yeah, Dan Low, hedge fund billionaire. It's 0:16:05.680 --> 0:16:08.360 officially a hot coming summer and there's a. 0:16:08.360 --> 0:16:09.680 Short but you know what I mean. 0:16:11.480 --> 0:16:13.840 On the other hand, if I were running for mayor 0:16:14.280 --> 0:16:16.000 and the thing is like, oh, he's upset a lot 0:16:16.040 --> 0:16:16.600 of billionaires. 0:16:16.640 --> 0:16:17.280 It's like, bring it on. 0:16:17.480 --> 0:16:20.520 Right, like, you know, seriously, like if if you're gonna say, oh, 0:16:20.600 --> 0:16:23.840 he's really ticked off a lot of billionaires, that's like 0:16:23.880 --> 0:16:25.520 about as good of And that's one of the probably 0:16:25.520 --> 0:16:26.400 the best things you could say. 0:16:26.400 --> 0:16:28.160 Most people aren't billionaires. 0:16:27.680 --> 0:16:28.080 So is he? 0:16:28.280 --> 0:16:30.400 You know, there's another one, a New York power broker, 0:16:30.480 --> 0:16:34.000 Kathy Wild and she's connected business titans across all different 0:16:34.040 --> 0:16:37.040 industries in New York City and saying that he terrifies 0:16:37.080 --> 0:16:39.240 tax payers and employers. I mean, are employers going to 0:16:39.280 --> 0:16:41.360 be running from Florida? The rest of the final is 0:16:41.360 --> 0:16:43.440 the rest of Wall Street can to Florida. 0:16:43.520 --> 0:16:46.080 Here's my thoughts on this, And maybe I'm like a 0:16:46.080 --> 0:16:49.680 little biased, but this is my take, and maybe I'll 0:16:49.720 --> 0:16:52.200 end up being totally wrong. New York City is the 0:16:52.200 --> 0:16:54.960 best city in the world. We all everybody noticed that, 0:16:55.160 --> 0:16:57.680 even during COVID or aftermath of people like New York 0:16:57.680 --> 0:16:58.120 City is dead. 0:16:58.120 --> 0:17:00.240 They're like, Oh, We're going to go to Miami. Want 0:17:00.240 --> 0:17:01.200 to really moved to Miami. 0:17:01.320 --> 0:17:03.440 They like went there for like the minimum amount of 0:17:03.440 --> 0:17:05.639 time they could to maybe change tax satus and a 0:17:05.680 --> 0:17:06.600 bunch of people. 0:17:06.320 --> 0:17:09.399 Came back, you know, going to Miami now. 0:17:09.640 --> 0:17:11.320 On the other so it's like, if you're good, like, 0:17:11.320 --> 0:17:12.919 there are really gonna be that many people like, Oh, 0:17:12.920 --> 0:17:14.840 I'm upset about the mayor, i'mset about taxes. 0:17:14.840 --> 0:17:15.280 I mean move. 0:17:15.440 --> 0:17:18.520 But if the quality of life in the city degrades, 0:17:18.960 --> 0:17:21.840 if people perceive, oh, the public transit is not running 0:17:21.920 --> 0:17:25.159 as well, it's not as clean, it's there's more crime 0:17:25.240 --> 0:17:27.320 in the city, the schools aren't as good, then of 0:17:27.359 --> 0:17:30.600 course you're gonna have people leaving. So my gut would 0:17:30.600 --> 0:17:32.560 be and again maybe this is just my sort of 0:17:32.600 --> 0:17:35.640 pro New York bias, My gut is that very few 0:17:35.680 --> 0:17:38.080 people are gonna leave because they're upset about the mayor. 0:17:38.200 --> 0:17:40.240 Per se, this is where all the action is. If 0:17:40.280 --> 0:17:42.440 you want to talk to someone interesting probing. 0:17:42.240 --> 0:17:44.440 At the first mayor that people have been upset about 0:17:44.440 --> 0:17:44.919 it either. 0:17:45.080 --> 0:17:47.320 Was upset about the they're gonna be upset about so like, 0:17:47.440 --> 0:17:49.320 I don't think that is. On the other hand, if 0:17:49.320 --> 0:17:52.159 he can't implement a vision of a you know, he 0:17:52.160 --> 0:17:54.520 says it's gonna make this city more affordable, people expect 0:17:54.520 --> 0:17:57.359 the quality of services to be good. People expect transit 0:17:57.400 --> 0:17:59.600 to be good. If you can't deliver on that right, 0:17:59.720 --> 0:18:02.200 then I would expect that, yeah, at the margins, more 0:18:02.240 --> 0:18:04.679 people leave because the city is less appealing. But if 0:18:04.720 --> 0:18:07.119 the quality of life in New York City is roughly 0:18:07.160 --> 0:18:11.000 sustained or maybe hopefully improves, then I don't think you're 0:18:11.040 --> 0:18:12.560 going to have like some mess exitus. 0:18:12.600 --> 0:18:14.520 Just like on principle, it's still New York City. 0:18:14.680 --> 0:18:16.399 Well, just a couple of weeks before he was on 0:18:16.400 --> 0:18:19.119 Odd Lots, he was on Surveillance, I was filling in 0:18:19.840 --> 0:18:24.040 for Paul Sweeney. Then with Tom Keene, I asked Juan 0:18:24.160 --> 0:18:28.560 Mundani about the label of democratic socialist. Check out what 0:18:28.600 --> 0:18:29.200 he had to say. 0:18:29.760 --> 0:18:32.600 I embraced the label because ultimately I do identify myself 0:18:32.680 --> 0:18:35.760 as a democratic socialist, and I think, you know, I 0:18:35.800 --> 0:18:37.959 think that the thing that New Yorkers hate more than 0:18:37.960 --> 0:18:40.439 a politician they disagree with is one that they cannot trust. 0:18:40.720 --> 0:18:43.080 And I think it's important to be honest about how 0:18:43.080 --> 0:18:45.680 we're coming to this politics and also what that label 0:18:45.760 --> 0:18:48.760 means to me, which is ultimately that each and every 0:18:48.800 --> 0:18:51.400 New Yorker has what they need to live a dignified 0:18:51.440 --> 0:18:54.280 life and that it's city government's responsibility to provide that. 0:18:54.600 --> 0:18:57.119 And I think we have a general consensus on many 0:18:57.119 --> 0:19:00.000 of those building blocks in our society, whether it's public 0:19:00.080 --> 0:19:02.959 like education or libraries or sanitation. But then there are 0:19:03.000 --> 0:19:06.440 certain places where we tend to believe that these are 0:19:06.560 --> 0:19:09.760 necessary parts of living a dignified life, and yet we 0:19:09.840 --> 0:19:11.720 allow people to be priced out of it. And I 0:19:11.760 --> 0:19:14.439