October 5, 2025 • 58 mins
On today’s program, we speak with the Jim O’Brien general manager of the Topsfield Fair. Don Seiffert managing editor the Boston Business Journal shares this week’s business headlines. Larry Edelman business reporter for The Boston Globe talks about the housing market. And Skip Perham expert on the business of sports examines value of our local sports teams.
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Episode Transcript
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Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
And good morning and welcome to the New England Business
Report on this Sunday morning, October the fifth Joe Shorts
of here with Kim Carrigan and Kim I guess you
know this, of course is the month of Halloween. And
my first question to you is a business question about Halloween.
Have you started the Halloween spend?
Speaker 3 (00:28):
I have not.
Speaker 4 (00:29):
Of course I don't have small children around me, so
I don't right now. You know what I'm pumped This
weekend is my pumpkin day. So today, because it's like
eighty degrees today, I'm going to have a pumpkins and
moms today.
Speaker 2 (00:42):
Well what about like hot what about stuff for the
yard decorations Halloween? Do you do that?
Speaker 3 (00:47):
I don't.
Speaker 4 (00:48):
I don't if I had little ones when when my
kids are little, I did.
Speaker 3 (00:51):
I don't anymore.
Speaker 4 (00:52):
Yeah, I'm not so I'm not so Halloween is but
have you seen the price tag on Halloween?
Speaker 3 (00:58):
Billions of dollars?
Speaker 2 (01:00):
Eric's spent twelve billion bucks. I mean and Christmas. I
guess it's twenty five billion, but Halloween's number two as twelve.
And you know when you break it down, Okay, so
costumes almost four billion, candy three and a half billion,
yard decorations almost four billion.
Speaker 4 (01:20):
Yeah, I mean, I mean, you know, I'm not surprised
at all about the yard decorations because they're so elaborate. Now,
it's nothing like when my kids are little, our kids
are a little it was, you know, they put out
some spider webs those.
Speaker 3 (01:33):
I'm not surprised about it.
Speaker 5 (01:34):
All.
Speaker 4 (01:34):
The candy, I'm a little surprised about. But I do
think about a billion dollars of that is eating at
my house because I buy candy and then I hide it,
then my husband finds it and eats it. Then I
have to buy it again, you know, So it's uh,
you know, it's a little trick here.
Speaker 2 (01:50):
My favorite yard decoration is the witch into the tree.
You know, of course it is, Joe. I love that one.
All right, Look, and we're going to talk a little
bit about October and what folks are doing with their
dollars this October, and how about the Topsfield Fair. Yeah,
we're gonna go up there. We're gonna be talking with
the general manager of the Topsfield Fair. That would be
(02:11):
one Jim O'Brien, widely recognized as America's oldest county fair,
founded in eighteen eighteen. Kim, and I'm sure you've taken
that in quite a few times that I have.
Speaker 4 (02:23):
And it's always a lot of fun. And you know
who doesn't love the fried food?
Speaker 6 (02:28):
Oh?
Speaker 2 (02:28):
I know, I know, I think all kinds of stuff.
I mean, the pig racing, I mean, the pumpkin way off.
I mean, you know, it's just fun, all right, So
talk to Jim O'Brian about that. We're also going to
be talking with Don Seifert, to managing editor of the
Boston Business Journal, about headlines that they were pushing out
this week. One is an interesting headline, greenwashing is out.
(02:49):
Green hushing is the new corporate trend. Companies secretly pursue
climate goals despite public backtracking. I mean that's yeah, don't
talk about it.
Speaker 4 (03:03):
Tell anybody you're putting that in the recycling bin.
Speaker 2 (03:06):
Yeah, it's going to talk a little bit of at
Mass General. I guess, well, the DCU Center is going
to be I saw that as well, and the Mass
General is planning a new impatient tower. So a lot
going on in the first half of the program.
Speaker 4 (03:19):
Second half we got just as much going on. Are
there houses for sale in your neighborhood?
Speaker 2 (03:24):
Oh yeah, up.
Speaker 3 (03:26):
Yeah, they're starting to pop up.
Speaker 4 (03:28):
And we've talked about this, you know, for the last
year and a half and how there really was a
lack of them. But whether there's houses being put up
for sale or not, there is a segment of the
population that is going to start to feel some pressure
to put their houses up for sale, and that's empty nesters.
You know, they are not doing it for an abundance
of reasons, not the least of which is that they
(03:48):
probably have their house. Their mortgage is much lower rate
than what they could get if they sell and have
to buy again, and one another mortgage. But the problem
is that, you know, we have these young couples who
need the these bigger houses for families, and empty nesters
aren't moving out. We're going to talk to Boston Globe
columnists Larry Edelman about that issue and the kind of
(04:09):
incentives that are being suggested to try to get those
empty nesters to get out of their houses and then
skip perm He's the director of Sports Management atsuff A University,
and he's going to be our guest to talk all
things the business of sports. There is so much to
talk about, Joe. You know, we've been I've been smiling
every time I think about our Red Sox and how
we thought at the beginning of the season this was
(04:30):
a team that wasn't going to be able to do anything,
and we saw a lot of injuries and crazy trades,
and then they ended up being a team that you know,
has given everybody a lot to join fun.
Speaker 2 (04:41):
Yeah, I mean, and the skip perm sent through a
pretty interesting stat He talked about the Red Sox trade
had Rafael Devers to the San Francisco Giants in June
of twenty twenty five, and then the Red Sox post
trade record was fifty thirty seven the Giants. The Giants
had the wor first record in baseball something like eighteen
(05:04):
and thirty three since they took Devs on.
Speaker 4 (05:09):
But first, this morning, the leaves are changing, the temperatures
are dropping, and that means it's tops Field Fair time
festivities kicked off this past Friday. Enjoining us to talk
about the fair and its impact on the area is
the general manager, Jim O'Brien, Jim.
Speaker 3 (05:25):
Always great to have you.
Speaker 7 (05:27):
Thank you very much, very much enjoyed talking with you.
Speaker 3 (05:30):
Well, it's great to have you.
Speaker 4 (05:32):
So the oldest fair in America, it is off and running.
Talk to us a little bit about the longevity of
the fair. Started in eighteen eighteen. I know it's moved
its location since then. But what do you think has
has been so popular and kept this fair going for
such a long time?
Speaker 8 (05:49):
You know?
Speaker 7 (05:50):
That's the fair two hundred and seventy years old, started
right here in Topsfield, and it was all about educating
farmers on the best way to grow things and for families.
It was always the beginning it was a cattle show,
so that was part of the educational component of it,
but it was always about families, bringing people together. So
the community and that's what's important. Community.
Speaker 2 (06:13):
Jim, give us the big picture. Okay, what's going on
there at the Topsfield Fair in these coming days.
Speaker 7 (06:20):
Well, you know, the Giant Pumpkin Way off. We have
the Budweiser Clyde s Hilles here this year until Monday.
That's exciting. For this weekend. We have the Morrisville Hitch,
we have farm Hands, Swifty Racing, pigs, which people always enjoy.
The middle of the week we're going to have rodeo,
so there's a lot of fear and there's a lot
(06:41):
to see. This year, we got Frankie Avalon coming in,
We've got Sammy Kershaw coming in on Wednesday, and of
course at the end of it we finish it up
with a nice demolition derby and figure eight race.
Speaker 4 (06:53):
Jim, this fair is so important to the local economy.
Talk a little bit about the impact that it has
on the local economy and why.
Speaker 7 (07:02):
You know it does. It's truly amazing the spinoff that
comes from the fear. It's a lot more than just
them coming here and us all the people. We hire
three hundred people during the course of this week, but
it's about the hotels, the restaurants, everything around benefits from
the fear. It brings people to the area. Brings over
(07:22):
three or four hundred thousand people to this area. Granted
a few local and they go home, but a lot
of them come from other areas. We get information all
the time that people coming into the area. It's very
hard to get a hotel room this time of the
year because of the fair being here, and you know
yourself there's a lot of hotels around this area, so
the fact that we're filling them all up is a
(07:42):
huge dynamic engine for the communities. The tax dollars they
get from meal taxes, the gas stations, everything. It really
gets quite elaborate when you actually start thinking about all
the different things that the fair grounds touches that we
never had thought about years ago.
Speaker 2 (08:00):
Yeah, well, Jim, do you have a real numbers for
some of those stats you're sharing with us there? I mean,
in terms of how many people will actually come through
the fair and what is the dollar amount at the
end of the day.
Speaker 7 (08:10):
You know, we're working with Salem State University to try
to walk those numbers down. You know, over the years,
I've heard of hundreds of millions of dollars that are
brought in. Part of that's because the tourist industry tracks that,
and we're trying to get a little bit more of
a solid number. But you know, again, everybody you talk to,
(08:32):
you know, people coming into the area. People are flying
in just to see the show. So I mean it's
really a regional event, not just a local event.
Speaker 4 (08:43):
Well, it seems like it's just so well timed because
then you also have all the things that are going
on in Salem, and so it's an opportunity for people
to come and to do all of it, which is
really terrific. Where do all those dollars go, Jim?
Speaker 7 (08:55):
All the money that's raised by the Top Sophia goes
to our mission. We do scholarships. Last year we had
sixty scholarships we gave out, but trying to maintain our grounds,
and we donate back to the community in all kinds
of ways. Some are financials, some are with tickets submission
to the Fear. So all the money is generated by
(09:16):
the Top so Fear in any capacity goes back to
the Fear. We pay taxes to the town or tops Field.
We definitely you know there's a lot of expenses to
run in a show like this.
Speaker 2 (09:28):
Yeah, yeah, Now the fair runs through the thirteenth of October.
Give us an idea of highlights for you. And what
is Jim O'Brien doing the whole time?
Speaker 7 (09:37):
You know, today I'm running around like my hair are
on fire. But normally during the fair, you know, as
we run multiple events. We have the missus ZC pageant,
We've got concerts and different things, so I spend my
time going around with that. I really my favorite spot
is to sit out in front of the office here
(09:58):
on the porch and see the families, you know, because
our client tele is those people. It's children and families
coming by. And I just really appreciate the fact that they,
you know, can come to the fair. They pay for
an admission and they can spend all day here. We
have five stages that are going on all day long.
There's so much to see here. It's just a great
(10:20):
and if they want to go on the rides, they can.
They go on the rides to play the games, but
they don't have to. There's so much to see here
at the Fear, you know, you almost want to come
back twice.
Speaker 4 (10:30):
And there's a lot of education that goes on. A
lot of school kids get an opportunity to come out
talk to us about that.
Speaker 7 (10:36):
Yeah, So we have a program here that right now,
I think the numbers over fourteen thousand students will be
coming through the fairgrounds Monday through Friday. We run educational
programming so that they get some exposure to our culture.
But they understand where chickens come from, where milk comes from.
You know, years ago we ran some surveys and talked
(10:57):
to kids, and I asked one of the kids said,
where's chocolate milk come from? It goes a supermarket, It doesn't, Jim,
it does come from the supermarket when it comes from
a cow, you know. So it's important. But I was
talking with the Beat department. They were saying that they've
(11:18):
inundated with entries this year, so we're hoping for a
really great year. The animals are coming in.
Speaker 2 (11:24):
Talk to us about well traffic because I remember when
I went there once, traffic was an issue. Didn't take
away from how lovely the fair was, but getting there
and getting out was a little bit of a challenge.
What do you do to make that easier on folks?
Speaker 7 (11:37):
You know, we have this elaborate plan to try to
move traffic. We've bought additional property so we have additional parking.
But this year, I am very glad to say the
upside of the drought is that we're parking right down
to the river, so that gives me an extra two
thousand parking spaces. We have over seven thousand parking spaces
on our property. We'll be running shuttles from Norso Community College.
(12:02):
We'll be running shuttles from our farm up the street.
We got a lot of pock in this year, and
I'm going to really hope and strive that we will
not have long lines on Route one.
Speaker 4 (12:12):
And Jim, I cannot talk about the fair without talking
about the food. How many vendors are you guys going
to have this year and is there anything being offered
that's maybe new or really unique that you want to share?
Speaker 7 (12:25):
You know, we have over one hundred food vendors, and
we try to diversify them because everybody has different tastes.
Somebody wants to come in and get a candy apple,
somebody wants to come in and get a sausage. But
we have loads of other types of foods. We got
lobster rolls. I was when I came in just a
few minutes ago, there was vendor right out here setting up.
They have lobster roles, We have sighted donuts, we have
(12:48):
those fried oreos. I mean, you can get almost any
kind of food item you want here. But we also
have about one hundred and fifty to two hundred dry
goods vendor. We have a building where people come in
and they jop and you can buy all those things
that you thought you needed or didn't think you needed.
It's kind of fun, you know. But the food pot,
(13:08):
we try to keep it to one hundred vendors so
that we don't inundate. It's a lot more here than
just the food.
Speaker 2 (13:14):
I'm sorry, fried oreos. Can can you walk me through
that please, Jim.
Speaker 7 (13:18):
Yeah, So they do fried oreos, they do fried twinkies.
Speaker 5 (13:23):
You know.
Speaker 7 (13:24):
These vendors get very creative on.
Speaker 8 (13:28):
Different types of food.
Speaker 7 (13:29):
And the surprising pot is people enjoy them and love them.
I think people once a year break their diets and
they break did change their diet and come to the
fair and just eat whatever they'd like.
Speaker 4 (13:43):
Why not, it's once a year, right, But those venders,
these are very important times for those vendors, right because
I mean this is the time that they make their dollars.
Speaker 7 (13:53):
Absolutely, and the vendors this year really suffered because we
had all that rain, with thirteen weeks of rain in
the beginning of the season. They move from FAA grounds
to fear round or festival to festivals, but they lost
this spring this year. So it has been very important
and we're a big venue. We're one of the last
venues for the year for them. This is make or
(14:13):
break for those vendors.
Speaker 3 (14:15):
Sure well listen.
Speaker 4 (14:16):
We wish you the best fare ever, which is you know,
tough to do because it's been there since eighteen eighteen,
but we hope this is the best again. It runs
through Columbus Day, October thirteenth. If you can go to
top Fieldfair dot org and get your tickets. Jim, thanks
so very much. Coming up, we'll talk to the folks
(14:37):
at the Boston Business Journal.
Speaker 1 (14:46):
You are listening to the New England Business Report on
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will be right back.
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That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
And welcome back to the New England Business Report on
this Sunday morning, October fifth. A lot of business headlines
(17:37):
in Boston and the region this past week or so.
We want to bring in the managing editor now of
the Boston Business Journal, one Don Seifert. Don joins us regularly. Don,
let's talk about some of those headlines. The one that
I guess that you enjoyed and spent a lot of
time researching. And it's a fascinating topic. This whole idea
of greenwashing is out. Green hushing is the new corporate trend.
(18:01):
You say, companies secretly pursuing climate goals despite public backtracking. Uh,
give us a big picture here, what's going on?
Speaker 6 (18:10):
Yeah, it's it's kind of you can kind of think
of green hushing as the opposite of green washing. You know,
green washing was the was a big trend a few
years ago. Companies used to get accused of it when
they you know, they talked a big game about you know,
being wanting to be sustainable and pursue climate goals, but
then they didn't do a whole lot. This is actually
(18:30):
the opposite and is kind of born of the political
era that we're in, you know, with the with you know,
President Trump is not a big fan of clean energy
and a lot of sustainability and wind energy. You know,
we've all we've all seen the steps he was taken there.
So companies have you know, we we've we've reported on
companies actually backtracking on their climate goals. What what I
(18:52):
think was interesting is I talked to a couple of
key people like in the investment community who have said
that there's actually that you know, those same companies, many
of them are still pursuing those goals, but they are
you know, publicly saying that they're backtracking. And the reason,
I mean, it sounds kind of bizarre. But I mean
the reason is that you know that there's a lot
(19:13):
of reasons that that companies, you know, have have a
business intensive to pursue these goals. You know, one is
that the rest of the world is going towards the
more sustainable economy and more clean energy, and if the
US is not doing that, then we kind of get
left behind. And you know, there's plenty of local companies
that that are global that you know, they work around
(19:33):
the world. And also I think people realize that the
current political environment is not going to be around forever
and that it could well change a couple of years.
So just a really interesting phenomenon I think.
Speaker 4 (19:45):
So, uh, let me just ask you don how are
they conducting business and doing this without you know, making
it known.
Speaker 3 (19:51):
I said to Joe earlier, you know, are they just
sneaking in the cycling.
Speaker 6 (19:56):
Or I mean it's they're you know, they're still I
think a lot of these companies they you know, they're
they're showing evidence like in their in their filings that
they are still you know, working on being doing projects
that would make them more more carbon neutral or you know,
but they're just not saying, you know, they're not coming
out and saying we're working towards being you know, carbon
(20:19):
neutral by twenty thirty five anymore. But you know, I
mean you can think of car companies in particular car companies, uh,
you know, a few years ago under Biden, you know
that a lot of them had made this commitment, we're
not going to be putting out carbon combustion engines after
twenty thirty five. It takes years to redo factories. So
(20:40):
the idea is that these car factories, that these car
companies are now not pursuing those goals teams, you know,
very illogical and bad for their own business. So I
think that there's and that there's an assumption that these
companies are still working towards them, but they're just not
talking about it anymore.
Speaker 2 (20:58):
John, what's the example that you use in the article
about the State Street Corporation as it relates to green hushing.
What's going on there?
Speaker 6 (21:05):
Yeah, Well, I mean State three was one of those
that they made a big deal over the last couple
of years, you know, starting in twenty twenty, twenty twenty one,
where they they've made a lot of big promises about
about ESG investing in particular, that's environmental, social, and governance
investing basically, you know, part of that, A big part
of that is investing in companies that are climate you know,
(21:28):
that are that are sustainable, that are making steps to
be sustainable. They they did, you know that they've they've
definitely backtracked, you know, they they withdrew from this from
this group called Climate Climate one hundred. I mean, so
did Black Rock and Fidelity.
Speaker 9 (21:46):
You know.
Speaker 6 (21:46):
So it's not like State three is the only one,
but but so, I mean State three, they've they've very
clearly like backtracked on it. It's hard to tell what
they're doing under you know, like beyond that. But I mean,
you Trillium Investments is in the same building as them,
and you know, the CEO of Trillium Investments he suspects,
(22:10):
you know, strongly that that State Street is still you know, looking,
you know, taking into effects, taking into account climate goals
when it's investing in companies. They're just not talking about
it like they used to.
Speaker 4 (22:26):
Another article that was written in the Boston Business Journal
this past week, this one by Grant Welker, talks a
little bit about BioMed Realty and how they are suing
one of their lab tenants over in Cambridge. That lab
tenant is Smart Labs for two point seven million dollars
in back rent. This sounds like a weakness here that
(22:49):
is not good.
Speaker 6 (22:51):
Yes, I think that this goes along with the category
of biotech companies are not doing very well right now.
There's been a model way off there. Smart Lab is
kind of you can think of it as a we
work for biotech companies. They you know, they offer flexible
lab space and other support specific to drug developers, early
stage drug developers. So you know, Smart Labs actually began
(23:12):
in Boston, you know, ten years ago. I think they
were originally called Boston Innovation Labs or something, but they
changed their name to Smart Labs. They're now in Boston
and also in San Francisco, but there, you know, we
we have tried to contact Smart Labs. They we haven't
heard from them yet, but there are several instances of problems.
(23:33):
BioMed Realty is one of the biggest landlords of biotech
space in the Boston area as well as in California,
and they are suing. They actually suit them not only
here in Boston for that lab space, but also in California.
So there's now a couple of different lawsuits, you know,
saying that they haven't paid their rent. In addition to that,
(23:54):
we found out recently that Smart Labs, they had said
that they're going to be taking over a the third
floor of Cambridge Side in Kendall Square, they are now
not doing that. We reported that, you know, earlier, and
uh so a lot of a lot of potential issues
with smart Lab, probably related just to the to the
(24:14):
how how badly biotech is doing in general.
Speaker 2 (24:17):
Talking with Don Seiffert, Managing editor of the Boston Business Journal,
about the business headlines this week and this one, you know,
I went to holy Cross, Don, so pretty familiar with
the d CU center. Of course it was the Worcester Central,
I think when I I knew it. But it's no
longer going to be the d CU Center. What's happening here?
Speaker 6 (24:34):
No, I mean d c U is not going to
be DCU anymore. Just this past week they they they
got federal approval for a big merger with a California
company and they are going to be changing their name,
you know, I mean d c U is for Digital
Credit Union and that's you know, only only people of
(24:55):
a certain age and older even knows what Digital is. Obviously,
that was the big computer company in the sixties right
around Boston that kind of invented mainframe computers. So this
credit union build up around there, and it's been you know,
it is now by far the biggest in the state
and one of the biggest in the nation. They are
(25:15):
merging with another compedy First Tech Center is what it's called,
another big credit union, and they're going to actually form
the sixth largest credit union in the nation. But as
part of that, they are going to change their names.
And you know, probably very few people remember or associate
anything with a digital at this point, so they're going
(25:36):
to change it to something probably a little bit more modern.
As a result, the DCU Center is going to change
its name.
Speaker 2 (25:43):
Well, you have here that it's going to be the
first Tech Center.
Speaker 6 (25:46):
You're right, it's going to be the first tech center
as opposed to Digital Credit.
Speaker 4 (25:50):
Yeah, and you're right, that's more modern. That sounds more
modern for sure. But I have a question for you.
Did you guys get any reaction from the folks who
live over there in the Worcester area, because I mean,
they've been calling it the DCU Center for a long time.
Speaker 6 (26:02):
Yeah, No, we haven't heard yet, but we will. I mean,
we're putting out calls to try to see if anybody
is upset about that. But I would think stadiums and
big centers changed often, not fairly often, but every once
in a while, and people always have to just get
used to it. But yeah, i'd be interesting to hear
if Worcester people kind of are upset about the loss
(26:24):
of the DCU Center.
Speaker 2 (26:25):
Yeah, and don quickly here what about thirty seconds left here?
Mass General Brigham plans a new inpatient tower. Tell us
about this.
Speaker 6 (26:33):
Yes, this is going to be a giant tower in
Longwood that's going to be I think over five hundred
hospital ben It sounds like it has a potentially one
of the biggest hospital projects in recent years. We don't
have many details about it all. Basically, what happened this
past week is that the Mass General Brigham board voted
(26:54):
in favor of pursuing this. They still need to get
a lot of approvals to do it, and obviously they
need to put forward a plan exactly what this is
going to be. So we don't know the cost. We
just know about how big it's going to be. But
you know, we are we are trying to find you
estimates of what the cost could be, because we kind
of suspect that it may be pretty pricey.
Speaker 2 (27:16):
Yeah, I would guess so. All right, he's downside Forered.
He's the manager to go to the Boston business You
and I appreciate you joining us on the New England
business support. Up next, we're going to talk about your
local Starbucks and why it may have closed.
Speaker 1 (27:32):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
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Speaker 4 (29:42):
Welcome back everybody to the New England Business Report. It's
so good to have you with us this morning. I'm
Kim Kerra. Get along with Joe short Sleeve coming up at.
Speaker 3 (29:49):
This half hour.
Speaker 4 (29:50):
Empty nesters. They need a little enticing Joe to get
out of their homes apparently, and maybe, yeah, maybe tax
and sentatives are exactly what they need. We're going to
be talking to Boston Globe columnists Larry Edelman about that
coming up in a second.
Speaker 2 (30:06):
Yeah, I sold a house a couple I sold a
house a couple of years ago, and I went through
this Capitol Gain stuff and it has not been changed
in since the late nineties, so you know, we're it
would help.
Speaker 4 (30:16):
Yeah, absolutely, that's so true. And we do need them
out because we got a shortage of homes for some
of these young folks.
Speaker 10 (30:24):
Let's take a look at some of the other headlines.
Speaker 3 (30:25):
Though that maybe you missed this week.
Speaker 4 (30:27):
And the first one that I thought was really cool
and I happened to actually stumble upon it, I was
downtown a TV garden celebrating thirty years after it reopened
on September thirtieth, nineteen ninety five, so all remodeled and
spiffed up. It feels like I was, you know, here
in Boston. You certainly were here that.
Speaker 2 (30:47):
I certainly was. I mean, well, I.
Speaker 3 (30:49):
Mean you a guy from here. Originally, that's what I need.
Speaker 2 (30:52):
Okay, we're only thirty.
Speaker 10 (30:54):
I remember you were just thirty when this has.
Speaker 4 (30:59):
But anyway, so so to mark the milestone, which is
pretty cool, they've had all kinds of pop up parties
down there there. I just happened to be down there
on the thirtieth and some of the Bruins players were
there and people were just going nuts everywhere.
Speaker 2 (31:14):
But it's a really cool thing.
Speaker 4 (31:16):
They have a bunch of things planned for the next
year to celebrate thirty years of this Boston garden that
we know are.
Speaker 2 (31:23):
Right well, it was the guardenmember remember when was the
Fleet Center?
Speaker 3 (31:26):
Yeah, I do, I do.
Speaker 4 (31:27):
Whenhen I first got here, WGBH launching a three year,
two hundred and twenty five million dollars Fund the Future campaign.
Speaker 3 (31:37):
They're going to go after some of their biggest donors.
Speaker 4 (31:39):
They're going to go after people who they have never
spoken to before.
Speaker 3 (31:43):
They're hoping that.
Speaker 4 (31:45):
Some programming, some new programming, is going to help them
to bring in these dollars. All of this after, of course,
a lot of federal funding being cut for all these
independent stations like this. So it's going to be interesting
and probably you'll be contacted. We'll all be contacted saving WGBH.
Speaker 2 (32:02):
Yeah, well, Kim, and I was thinking about you in
this headline, this Globe headline story written by Janelle Nanos,
this is why your local Starbucks just closed. From weak
demand to rising costs to the death of the third place,
the coffee giant is facing a wave of challenges. I
(32:22):
guess you probably know this as well. Across Greater Boston,
according to the Globe story, consumers have been forced to
change up their coffee routines this week after Starbucks and
House was closing nineteen nineteen local shops, a shuttering of
four hundred stores across the United States and Canada part
of a larger billion dollar restructuring effort. But it's interesting
(32:44):
when you read a little bit into this and why
and what happened here, and they talk a little bit
about and I'll be interested with what you think about this.
They say that all these digital tools that came about
during COVID and the whole bit actually hurt Starbucks because
it is no longer personalized and it was you know,
Kim's name or Joe's name wasn't written necessarily written on
(33:06):
the coffee coupanymore. I mean, do you buy that?
Speaker 3 (33:09):
Well, I do buy it.
Speaker 5 (33:10):
You know.
Speaker 4 (33:10):
I think all of us are looking for the digital,
easier way out in many cases. And so I also
think that Starbucks and some of these others are really
getting hit with the local, interesting little coffee shops. A
lot of people really like to go into a little cute,
local shop and.
Speaker 2 (33:31):
I can spend seven bucks on a cup of coffee.
Speaker 3 (33:33):
There, you have it exactly.
Speaker 7 (33:37):
You know.
Speaker 4 (33:37):
Joe housing is a major issue in the New England area.
Between the cost and the lack of inventory. Many believe
that they impact on the economy is really dramatic and
if something isn't done, we're going to continue to see
that drama in our economy. Interest rates have certainly had
an impact, but one of the big problems apparently is
that empty nesters don't want to sell. You know, they
(34:01):
don't know where they're going to go. Number One, they
if they have to have another mortgage, they don't want
higher interest rates, so they need some incentive. And then
of course there's also that whole capital gains issue. Joining
us to talk a little bit more about this is
Boston Global columnist Larry Edelman. He recently wrote an article
about this the title we need to nudge empty nesters
(34:24):
out of their nest. We could do it by cutting
taxes on home sales. Larry, great to have you along.
Speaker 5 (34:30):
Hey, it's great to be here.
Speaker 3 (34:32):
Let's just talk.
Speaker 4 (34:33):
About your research for this. Give us some ideas about
some of the things that you found.
Speaker 5 (34:38):
Well, look, there's a lot of reasons that people are
holding onto their houses long after they don't need two thousand,
three thousand, four thousand square feet. As you mentioned, one
of them is just where they're going to go. Prices
is so high, and interest rates are still high, stilled
above six percent. But another one is that a lot
of people have huge equity built up in those homes
(35:02):
if they've been in there twenty years or thirty years,
and that could really lead to a big tax bill
when they sell. Currently, there's an exclusion you can put,
you can set you can exclude two hundred and fifty
thousand dollars for an individual and five hundred thousand dollars
for a couple on the capital gains tax. However, you
(35:27):
know people have gains that are even much larger than that.
So there are proposals out there, both in the House
and in the Senate, and even President Trump is for
the idea of either eliminating the capital gains tax on
home primary home sales or doubling that exclusion, making it higher.
Speaker 2 (35:50):
Talking about Larry Edelman, Yeah, Globe Financial columnist there, Larry,
it's a really good point. I mean, I sold a
home a couple of years ago and I said, everyone money,
haven't They haven't changed these numbers is two fifty and
five hundred since nineteen ninety seven. You'd think that the
very least it would be tied to inflation or are
some sort of upward instrument instrument there, But so tell
(36:10):
us what's going on to change it. It looks like
there might be bipartisan efforts.
Speaker 5 (36:13):
Yeah, there are, there's there's, you know, a proposal in
the House, as I said, and in the Senate. They
really haven't gotten anywhere right now, but maybe that'll change
because it has popped up on President Trump's radar, and
you know sometimes when he takes an interest in something,
it gets to be momentum behind it. So we'll see,
(36:35):
you know, it's it's it's an issue. And you know,
there's only so much that the federal government can do
to help the housing market because you know, to paraphrase
Tip O'Neil, you know, all real estate is local and
the but one of the things that the Feds could
do is change this tax treatment. So I think it
(36:58):
might get a little more.
Speaker 4 (37:01):
Larry, is it an overstatement to say that this is
one of the biggest issues impacting our economy in this
certainly in the state of Massachusetts where housing is so
high and at such you know, such a low inventory.
Speaker 5 (37:15):
Absolutely, just overall, the housing market is a real a
real problems. It's especially cute in the Boston area in
Massachusetts because of how the high housing costs, in the
fact that we don't have as much land for building
and we have a lot of local restrictions on building,
and that really is keeping people, keeping companies, for example,
(37:39):
from expanding, because it's hard to get people to move
to move here, you know, when they're facing these huge
home sales. You know, if you get a job in Boston,
you know, how close can you get to a neighborhood
where you could buy a house? You know, you end
up in Rhode Island up in an hour and a half.
Speaker 2 (38:00):
You know, it's so true, It's so true. Larry. You
also cover the FED, and obviously we saw the Fed
cut rates back quarter of a point, but in some
circles it seemed like Wall Street was a little bit
disappointed in the forecast for further cuts. You know, bring
us up to speed. Where are we on interest rates
(38:21):
and cuts going forward?
Speaker 5 (38:23):
Well, I think the general expectation is that the Fed
will cut at least one more time this year, maybe
maybe twice. It really depends on what they see in
upcoming data on the jobs market and inflation. Now it's
going to get a little complicated because if the government shutdown,
(38:45):
the jobs report probably won't come out on Friday is scheduled,
so there may be a little bit of a blind
spot for the Fed there, you know, the same for
the CPI report that's due out in the middle of
the month. So there's a little concern that the FED
might grow hesitant to act without having those reports. But
we'll have to see. But the real question comes not
(39:09):
so much this year but next year, and the debate
is really what's the appropriate level for interest rates? Right now,
it's around four percent. Some people think that that is appropriate.
Some people meant by some people, I mean members of
the FED Policy Setting Committee, but others, notably Steve Malan,
(39:30):
who has just joined the board he's a Trump appointee,
thinks it should be much lower, more like three percent.
And as we've seen, the President has been pushing very
hard to get the FED to move more quickly, and
they've been very cautious because they don't want to get
caught with inflation spiking due to tariffs. Another twist in
(39:54):
this is the is the fight over Lisa Cook, who
to Trump, is trying to force off board. He's alleged
that she committed mortgage fraud by listing two separate houses
as her primary residents and mortgage applications. But the Supreme
Court just yesterday said that that dismissal will have to
(40:15):
wait until the case is litigated, and it's not going
to hear it until early next year. And one final
twist is that Jerome Powell is his term as the
chairminislated to end in May, and Trump will get to
a point a new chair and that person will undoubtedly
want to see interest rates fall faster than Powell has
(40:38):
been willing to go.
Speaker 4 (40:41):
Larry, because you follow this so closely, let me ask
you this. Were you surprised when j Powell said last
month that he anticipated this inflation will stay with us
until twenty twenty eight.
Speaker 5 (40:53):
You know, it's yeah, it seems like it's taken forever,
huh to get that right back down to two percent,
which is his defensive target. He did say that, but
at the same time in a bit of good news,
and we all could use a little We can all
use some good news these days, right. His current thinking
and that of most of the people on the board,
(41:15):
is that tariffs, the impact of tariffs will be kind
of one time, meaning that yes, as the tariff hits,
you know, companies will raise their prices, but it won't
lead to a cycle of ever rising prices. Instead just
kind of like a one time markup and that if
(41:36):
that proves to be true, it will give the said
more leeway to cut raids.
Speaker 2 (41:43):
Larry, you also cover the job market here in Massachusetts.
You have a recent headline on the globe there mass
job market remains stuck in low gear. I'm curious as
to how much of you think that has to do
with a I and companies now not needing all those
starting positions.
Speaker 5 (42:00):
I think it's on the margins at best, Joe. You know,
companies are just starting to figure out how to do
to do AI and how to make it, how to
make it work. At the same time, they may be
putting off hiring until things sort themselves out, both on
the AI front as it becomes clearer exactly what they
(42:23):
can and cannot do and who they could replace, or
what functions they could replace and what they can't. And
at the same time, I think the companies are also
on hold just given the economic uncertainty that we're seeing.
You know, how far is the job market going to fall?
You know what's going to happen to GDP, what's the
impact of Tariff's going to be? You know, what's the
(42:45):
government shutdown now going to mean? You know there's so
much uncertain in the air that I think that more
than just AI itself is the reason behind job growth
here is all but stalled.
Speaker 4 (42:57):
Yeah, when we look at twenty twenty five, I think
certainty will be one of those words that was a
buzzword for the entire year. Larry Edelman, thank you so much.
Appreciate your time this morning, and your insight still come
in your way, folks. The business of sports, there's plenty
of it here in New England.
Speaker 3 (43:15):
This is the New England Business Report.
Speaker 1 (43:22):
You are listening to the New England Business Report on
the Voice of Boston w RKO six'. Eighty joe And
kim will be right.
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getting ready to hang up your tools after thirty five
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build your retirement nest. Egg but now? What let me
(44:45):
help you break through the nonsense and financial speak so
we can get to the questions that are important to.
You as you, know nothing gets built without a set of,
plans and neither will your financial. Future my name Is Mike,
Marshall president AND ceo Of Marshal Wealth management and creator
of the Mar Show, plan a comprehensive customized plan that
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Speaker 10 (45:31):
Affiliated hi, Everybody I'm Kim kerrigan.
Speaker 2 (45:37):
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Too The New England Business report ON wrko is brought
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Speaker 2 (46:10):
Com and welcome back to The New Englan Business report
on This sunday, Morning october the. Fifth, well we wanted
to talk about our local sports teams and all the
dollars that are circling around them these. Days, one of,
course The patriots made some news this week selling a
(46:33):
piece of their. Ownership let's bring in skip perm he,
is of, course a professor of the business sports there
At Suffolk university and our go to guy for questions like,
this tell us what is it The patriots? Did? Skip?
Speaker 8 (46:44):
Well first, Off Happy sunday, guys always good to be with.
You you, know The patriots unloaded a small steak and
eight percent steak in the. Team it's the first time
they've done this since they've purchased the team in nineteen ninety.
Four and the valuation is is up over you, know
nine billion dollars there and the stake they sold was
(47:04):
just hapne hundred and twenty, Million so this is the
first Time i've done. IT i don't think it's any
sign that they are moving away from the. Team it
could be a sense where they're just sort of cashing,
in because remember they purchased the team in nineteen ninety
four for the small amount of one hundred and seventy five.
Speaker 4 (47:22):
Million so you, Know Bob kraft And jonathan were very,
clear we are not selling this.
Speaker 3 (47:30):
Team this is not what this.
Speaker 4 (47:32):
Is and you just, said maybe they're cashing, in but
what would of the reasons be for divesting a portion
of the.
Speaker 8 (47:38):
Ownership, WELL i mean to, me, Again i've seen nothing
in This this is just really me. Surmising they do
have The New England. Revolution they're trying to make an
investment in that. Team they're building a new stadium or you,
know further along they ever have been in building a
stadium In everett that's going to be a three to
five hundred million dollar. Project it's probably more than, that
(48:00):
as we, know given these types of, investments could the
money be going used to defray the cost of? THAT
i could see that legitimate business. Purpose and they're going
to have a brand new twenty thousand seed stadium in
Ever itt and that's going to house more than The.
Revolution SO i certainly think they see that as a
viable investment in a way to grow the enterprise as a.
Speaker 2 (48:23):
Whole talking With Skip Peram business Of, sports certainly our local,
team The Red, sox they did a much better job
this past year putting a better team on the field
and they got some some pretty strong results. There BUT
i was more interested in. THAT i am interested in
that whole. Topic BUT i also like the stat that
(48:44):
you put Together, skip having to do with The Rafael
devers trade and take us through, it take us through
the results.
Speaker 8 (48:51):
Since, Then, yeah well they were thirty seven and thirty
six when they made that, trade and there was a
lot of hemming and hoiring about. THAT i think that's
the last time we talked is right after that. Trade
their best, player their best, hitter their most expensive, player
and a lot of, folks whether it's you know you're
personally or on sports radio or other areas for talking
about a salary. Dump the team went fifty two and
(49:14):
thirty seven post, trade finished eighty nine to seventy three
and made the. Playoffs they hadn't made the playoffs the
previous two to three years With, raffi so it certainly
seems like whether it was auditioned through, subtraction they they
invested in the young, guys and the young guys or
a younger group delivered in terms of postseason.
Speaker 2 (49:36):
Birth and what happened with The.
Speaker 8 (49:38):
Giants, yeah The, giants they finished eighty one and eighty.
One AND i don't know What raffi's stat lines, were
but immediately after the trade and the fifty one games
that came, after they were eighteen and thirty, Three so they,
slumped and by no means like an indictment of the individual.
PLAYER i don't know that organization but The Red sox
went in one. Direction and let's let's face, it there
(49:58):
were a lot of sort of peaks and valleys with
The Red sox, season but The, giants you, know just
trended down, overall The Red sox trended.
Speaker 4 (50:06):
Up you also gave us some stats about The Red
sox this past, season and the fan base still a
very strong fan, base that's for, sure and as the
team did better and better throughout the course of the,
Year i'm sure that fan base got even. Stronger, again
give us some stats that stuck out to.
Speaker 8 (50:25):
You, WELL i think the first thing that jumps out
at me is their, attendance which you, know prior to
this year was about five thousand under. Capacity they really
cut that in half this. Year so if capacity is
around thirty nine, thousand then the average up a thirty
seven point eight k per, Game so that's that's a good. Number,
(50:46):
obviously every ticket you sell is more, dollars so they
had a great year there and brought in two point.
Seven just generally, speaking it sort of mixed when you
look at twenty twenty, two you, know through twenty twenty,
four and when you compare The Red sox to the
rest of the. League, look The Red sox are are
more male oriented sixty two percent versus fifty nine of the.
(51:10):
League they're also having an older fan, base you, know
about twenty percent of their fans a male sixty to
sixty four versus fifteen. Percent SO i don't think that
necessarily would surprise you given the demographics Of New. England
but they're sort of mixed in terms of where they're
trending overall when you look at the business and the
(51:32):
health of it long.
Speaker 2 (51:33):
Term, yeah and of course the television ratings also this
season were much much. Stronger, Now i'm somebody who you,
know signed up For nesson after they changed that whole
format there and basically you, know took me to the.
Cleaners BUT i, love you, know watching the. Socks so
there's NOTHING i can really do about it at this.
Point but tell us about ratings for The Red sox
(51:55):
this past.
Speaker 8 (51:55):
Season, yeah their ratings certainly did trend up for and,
look the key one of the key things here is
they're they're you, know sort of navigating the migration of
consumers to different. Platforms, notably they're at nests in three
sixty percentage and they did see a forty six percent
(52:16):
year over year increase for their Nest in three sixty.
Subscription SO i have no idea what their base. Is
it could be incredibly. Small if you're paying for it,
already you're obviously not going to pay for Nest in
three sixty on top of, that AND i don't think
you have. To but they're seeing some growth. There And
Major League baseball as a whole had a really good
(52:37):
year in terms of their numbers with national. Games so
there are definitely things that The Red sox of the
league have done in terms of speeding up the. GAMES
i heard a stat yesterday and this isn't, exact the
number of games nine inn games that went three and
a half hours this year was like four or. Five
two years ago it was like three hundred and fifty. Something,
(52:59):
Wow baseball, definitely AND i got that from a sports media,
guy SO i know that number is not, exact but that's.
Incredible like the pace of play has certainly picked. Up
it's a more appealing. Product there's more, action it's, faster
and those are. Great, clearly whatever they've done and the rule, changes,
pitchclock all of it that is, working not just for
(53:21):
The Red, sox but for, everybody and let's face, It
Red Sox yankees playoff game would generally take four hours or.
MORE i don't know what thatts are on the previous,
series but that's a good thing for all of us
because four hours is a long time to spend doing.
Speaker 3 (53:38):
Anything, yeah that is so.
Speaker 4 (53:39):
TRUE i know that we didn't talk about this prior
to you coming, on BUT i think you know enough
About New england sports that you can address. This we
are about to begin The celtics season with new ownership
and we thought that With grossbeck would still be the.
(54:00):
Governor that is not the. Case we've seen some, trades
we've seen some. Changes what are you sort of anticipating
as we get ready to start The celtics season.
Speaker 8 (54:09):
Again, WELL i just was recently at A celtics partnership
summit two weeks. Ago there's lots of optimism. There the new,
Owner Real, chisholm was there speaking With Brad stevens and
with the coach as. Well so, LOOK i think there's
a lot there's a lot of optimism. There, truthfully clearly
(54:30):
they're down a great. PLAYER i, think As Joe missoula has,
said this is a year where he's not going to
have to manage a. Roster he's going to coach a, roster,
right because they're definitely younger and a little bit, greener
AND i think he's excited about that. Prospect, LOOK i
think this team. Could i'm not going to tell you
they're going to make AN nba, finals BUT i think
they're in the, mix even with Without Jason. TATUM i
(54:54):
just think they have good talent and they're well. Run
AND i don't know that anything's really going to. Change
at least my sense is from talking to people that
from a business, standpoint things aren't going to change with
the team on or off the.
Speaker 2 (55:05):
Court, yeah but with that purchase price of six billion,
DOLLARS i wonder.
Speaker 8 (55:10):
What is that asking, That. Joe, yeah that's the first
THING i. Say, look the mortgage is bigger a million dollar.
House that's going to affect your your. Spending, now Clearly
i'm not buying a six billion dollar house IF i
can't afford. It BUT i don't believe any owner is
in the business of losing. Money they might be chasing,
banners As wick always said he. Did but, Look i'm
(55:31):
sure there's a. Budget but EVERYONE i talked to AND
i asked people directly that people who worked in the front,
office are you guys under do you feel under more
pressure to get more out of, sponsorships to do, this
to do? That and the SENSE i get is it's
business as. Usual the new owner did his due. Diligence
he knows the, numbers so he's fully aware of what
(55:55):
the what the ceiling, is AND i guess what the floor.
Is so yeahel good about. It and he keeps saying
we're going after, championships.
Speaker 2 (56:03):
Right and twenty dollars hot, dogs you, know something like.
Speaker 8 (56:05):
That that's not unique to, them, right?
Speaker 2 (56:10):
Anybody?
Speaker 8 (56:11):
Right SO i don't. Know and, look we could have
that conversation about cable prices and content and that's not going.
Down but that's the function of where these leagues. Are
that's a deeper. Discussion we should have it, someday but
that's not.
Speaker 2 (56:24):
Changing all, right we'll do He's. Skipperham he, is of
course the professor Of business With sports there At Suffolk.
University thank you for joining us on The New England Business.
Speaker 4 (56:31):
Report, Well, joe that's going to do it for this
edition of The New England Business. Reports i'm glad everybody
could be with us on This october, Fifth let's take
a look at what's coming up Next. Sunday it may
only be Early, october but predictions for the upcoming holiday shopping.
Speaker 3 (56:48):
Season are already.
Speaker 4 (56:50):
Out we're going to take a look at what could
be a very interesting season for retailers in the area
that's coming up Next sunday at eight am on The
New wing In Business report right here on The voice
Of boston w R k O A m six eighty
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
And good morning and welcome to the New England Business
Report on this Sunday morning, October the fifth Joe Shorts
of here with Kim Carrigan and Kim I guess you
know this, of course is the month of Halloween. And
my first question to you is a business question about Halloween.
Have you started the Halloween spend?
Speaker 3 (00:28):
I have not.
Speaker 4 (00:29):
Of course I don't have small children around me, so
I don't right now. You know what I'm pumped This
weekend is my pumpkin day. So today, because it's like
eighty degrees today, I'm going to have a pumpkins and
moms today.
Speaker 2 (00:42):
Well what about like hot what about stuff for the
yard decorations Halloween? Do you do that?
Speaker 3 (00:47):
I don't.
Speaker 4 (00:48):
I don't if I had little ones when when my
kids are little, I did.
Speaker 3 (00:51):
I don't anymore.
Speaker 4 (00:52):
Yeah, I'm not so I'm not so Halloween is but
have you seen the price tag on Halloween?
Speaker 3 (00:58):
Billions of dollars?
Speaker 2 (01:00):
Eric's spent twelve billion bucks. I mean and Christmas. I
guess it's twenty five billion, but Halloween's number two as twelve.
And you know when you break it down, Okay, so
costumes almost four billion, candy three and a half billion,
yard decorations almost four billion.
Speaker 4 (01:20):
Yeah, I mean, I mean, you know, I'm not surprised
at all about the yard decorations because they're so elaborate. Now,
it's nothing like when my kids are little, our kids
are a little it was, you know, they put out
some spider webs those.
Speaker 3 (01:33):
I'm not surprised about it.
Speaker 5 (01:34):
All.
Speaker 4 (01:34):
The candy, I'm a little surprised about. But I do
think about a billion dollars of that is eating at
my house because I buy candy and then I hide it,
then my husband finds it and eats it. Then I
have to buy it again, you know, So it's uh,
you know, it's a little trick here.
Speaker 2 (01:50):
My favorite yard decoration is the witch into the tree.
You know, of course it is, Joe. I love that one.
All right, Look, and we're going to talk a little
bit about October and what folks are doing with their
dollars this October, and how about the Topsfield Fair. Yeah,
we're gonna go up there. We're gonna be talking with
the general manager of the Topsfield Fair. That would be
(02:11):
one Jim O'Brien, widely recognized as America's oldest county fair,
founded in eighteen eighteen. Kim, and I'm sure you've taken
that in quite a few times that I have.
Speaker 4 (02:23):
And it's always a lot of fun. And you know
who doesn't love the fried food?
Speaker 6 (02:28):
Oh?
Speaker 2 (02:28):
I know, I know, I think all kinds of stuff.
I mean, the pig racing, I mean, the pumpkin way off.
I mean, you know, it's just fun, all right, So
talk to Jim O'Brian about that. We're also going to
be talking with Don Seifert, to managing editor of the
Boston Business Journal, about headlines that they were pushing out
this week. One is an interesting headline, greenwashing is out.
(02:49):
Green hushing is the new corporate trend. Companies secretly pursue
climate goals despite public backtracking. I mean that's yeah, don't
talk about it.
Speaker 4 (03:03):
Tell anybody you're putting that in the recycling bin.
Speaker 2 (03:06):
Yeah, it's going to talk a little bit of at
Mass General. I guess, well, the DCU Center is going
to be I saw that as well, and the Mass
General is planning a new impatient tower. So a lot
going on in the first half of the program.
Speaker 4 (03:19):
Second half we got just as much going on. Are
there houses for sale in your neighborhood?
Speaker 2 (03:24):
Oh yeah, up.
Speaker 3 (03:26):
Yeah, they're starting to pop up.
Speaker 4 (03:28):
And we've talked about this, you know, for the last
year and a half and how there really was a
lack of them. But whether there's houses being put up
for sale or not, there is a segment of the
population that is going to start to feel some pressure
to put their houses up for sale, and that's empty nesters.
You know, they are not doing it for an abundance
of reasons, not the least of which is that they
(03:48):
probably have their house. Their mortgage is much lower rate
than what they could get if they sell and have
to buy again, and one another mortgage. But the problem
is that, you know, we have these young couples who
need the these bigger houses for families, and empty nesters
aren't moving out. We're going to talk to Boston Globe
columnists Larry Edelman about that issue and the kind of
(04:09):
incentives that are being suggested to try to get those
empty nesters to get out of their houses and then
skip perm He's the director of Sports Management atsuff A University,
and he's going to be our guest to talk all
things the business of sports. There is so much to
talk about, Joe. You know, we've been I've been smiling
every time I think about our Red Sox and how
we thought at the beginning of the season this was
(04:30):
a team that wasn't going to be able to do anything,
and we saw a lot of injuries and crazy trades,
and then they ended up being a team that you know,
has given everybody a lot to join fun.
Speaker 2 (04:41):
Yeah, I mean, and the skip perm sent through a
pretty interesting stat He talked about the Red Sox trade
had Rafael Devers to the San Francisco Giants in June
of twenty twenty five, and then the Red Sox post
trade record was fifty thirty seven the Giants. The Giants
had the wor first record in baseball something like eighteen
(05:04):
and thirty three since they took Devs on.
Speaker 4 (05:09):
But first, this morning, the leaves are changing, the temperatures
are dropping, and that means it's tops Field Fair time
festivities kicked off this past Friday. Enjoining us to talk
about the fair and its impact on the area is
the general manager, Jim O'Brien, Jim.
Speaker 3 (05:25):
Always great to have you.
Speaker 7 (05:27):
Thank you very much, very much enjoyed talking with you.
Speaker 3 (05:30):
Well, it's great to have you.
Speaker 4 (05:32):
So the oldest fair in America, it is off and running.
Talk to us a little bit about the longevity of
the fair. Started in eighteen eighteen. I know it's moved
its location since then. But what do you think has
has been so popular and kept this fair going for
such a long time?
Speaker 8 (05:49):
You know?
Speaker 7 (05:50):
That's the fair two hundred and seventy years old, started
right here in Topsfield, and it was all about educating
farmers on the best way to grow things and for families.
It was always the beginning it was a cattle show,
so that was part of the educational component of it,
but it was always about families, bringing people together. So
the community and that's what's important. Community.
Speaker 2 (06:13):
Jim, give us the big picture. Okay, what's going on
there at the Topsfield Fair in these coming days.
Speaker 7 (06:20):
Well, you know, the Giant Pumpkin Way off. We have
the Budweiser Clyde s Hilles here this year until Monday.
That's exciting. For this weekend. We have the Morrisville Hitch,
we have farm Hands, Swifty Racing, pigs, which people always enjoy.
The middle of the week we're going to have rodeo,
so there's a lot of fear and there's a lot
(06:41):
to see. This year, we got Frankie Avalon coming in,
We've got Sammy Kershaw coming in on Wednesday, and of
course at the end of it we finish it up
with a nice demolition derby and figure eight race.
Speaker 4 (06:53):
Jim, this fair is so important to the local economy.
Talk a little bit about the impact that it has
on the local economy and why.
Speaker 7 (07:02):
You know it does. It's truly amazing the spinoff that
comes from the fear. It's a lot more than just
them coming here and us all the people. We hire
three hundred people during the course of this week, but
it's about the hotels, the restaurants, everything around benefits from
the fear. It brings people to the area. Brings over
(07:22):
three or four hundred thousand people to this area. Granted
a few local and they go home, but a lot
of them come from other areas. We get information all
the time that people coming into the area. It's very
hard to get a hotel room this time of the
year because of the fair being here, and you know
yourself there's a lot of hotels around this area, so
the fact that we're filling them all up is a
(07:42):
huge dynamic engine for the communities. The tax dollars they
get from meal taxes, the gas stations, everything. It really
gets quite elaborate when you actually start thinking about all
the different things that the fair grounds touches that we
never had thought about years ago.
Speaker 2 (08:00):
Yeah, well, Jim, do you have a real numbers for
some of those stats you're sharing with us there? I mean,
in terms of how many people will actually come through
the fair and what is the dollar amount at the
end of the day.
Speaker 7 (08:10):
You know, we're working with Salem State University to try
to walk those numbers down. You know, over the years,
I've heard of hundreds of millions of dollars that are
brought in. Part of that's because the tourist industry tracks that,
and we're trying to get a little bit more of
a solid number. But you know, again, everybody you talk to,
(08:32):
you know, people coming into the area. People are flying
in just to see the show. So I mean it's
really a regional event, not just a local event.
Speaker 4 (08:43):
Well, it seems like it's just so well timed because
then you also have all the things that are going
on in Salem, and so it's an opportunity for people
to come and to do all of it, which is
really terrific. Where do all those dollars go, Jim?
Speaker 7 (08:55):
All the money that's raised by the Top Sophia goes
to our mission. We do scholarships. Last year we had
sixty scholarships we gave out, but trying to maintain our grounds,
and we donate back to the community in all kinds
of ways. Some are financials, some are with tickets submission
to the Fear. So all the money is generated by
(09:16):
the Top so Fear in any capacity goes back to
the Fear. We pay taxes to the town or tops Field.
We definitely you know there's a lot of expenses to
run in a show like this.
Speaker 2 (09:28):
Yeah, yeah, Now the fair runs through the thirteenth of October.
Give us an idea of highlights for you. And what
is Jim O'Brien doing the whole time?
Speaker 7 (09:37):
You know, today I'm running around like my hair are
on fire. But normally during the fair, you know, as
we run multiple events. We have the missus ZC pageant,
We've got concerts and different things, so I spend my
time going around with that. I really my favorite spot
is to sit out in front of the office here
(09:58):
on the porch and see the families, you know, because
our client tele is those people. It's children and families
coming by. And I just really appreciate the fact that they,
you know, can come to the fair. They pay for
an admission and they can spend all day here. We
have five stages that are going on all day long.
There's so much to see here. It's just a great
(10:20):
and if they want to go on the rides, they can.
They go on the rides to play the games, but
they don't have to. There's so much to see here
at the Fear, you know, you almost want to come
back twice.
Speaker 4 (10:30):
And there's a lot of education that goes on. A
lot of school kids get an opportunity to come out
talk to us about that.
Speaker 7 (10:36):
Yeah, So we have a program here that right now,
I think the numbers over fourteen thousand students will be
coming through the fairgrounds Monday through Friday. We run educational
programming so that they get some exposure to our culture.
But they understand where chickens come from, where milk comes from.
You know, years ago we ran some surveys and talked
(10:57):
to kids, and I asked one of the kids said,
where's chocolate milk come from? It goes a supermarket, It doesn't, Jim,
it does come from the supermarket when it comes from
a cow, you know. So it's important. But I was
talking with the Beat department. They were saying that they've
(11:18):
inundated with entries this year, so we're hoping for a
really great year. The animals are coming in.
Speaker 2 (11:24):
Talk to us about well traffic because I remember when
I went there once, traffic was an issue. Didn't take
away from how lovely the fair was, but getting there
and getting out was a little bit of a challenge.
What do you do to make that easier on folks?
Speaker 7 (11:37):
You know, we have this elaborate plan to try to
move traffic. We've bought additional property so we have additional parking.
But this year, I am very glad to say the
upside of the drought is that we're parking right down
to the river, so that gives me an extra two
thousand parking spaces. We have over seven thousand parking spaces
on our property. We'll be running shuttles from Norso Community College.
(12:02):
We'll be running shuttles from our farm up the street.
We got a lot of pock in this year, and
I'm going to really hope and strive that we will
not have long lines on Route one.
Speaker 4 (12:12):
And Jim, I cannot talk about the fair without talking
about the food. How many vendors are you guys going
to have this year and is there anything being offered
that's maybe new or really unique that you want to share?
Speaker 7 (12:25):
You know, we have over one hundred food vendors, and
we try to diversify them because everybody has different tastes.
Somebody wants to come in and get a candy apple,
somebody wants to come in and get a sausage. But
we have loads of other types of foods. We got
lobster rolls. I was when I came in just a
few minutes ago, there was vendor right out here setting up.
They have lobster roles, We have sighted donuts, we have
(12:48):
those fried oreos. I mean, you can get almost any
kind of food item you want here. But we also
have about one hundred and fifty to two hundred dry
goods vendor. We have a building where people come in
and they jop and you can buy all those things
that you thought you needed or didn't think you needed.
It's kind of fun, you know. But the food pot,
(13:08):
we try to keep it to one hundred vendors so
that we don't inundate. It's a lot more here than
just the food.
Speaker 2 (13:14):
I'm sorry, fried oreos. Can can you walk me through
that please, Jim.
Speaker 7 (13:18):
Yeah, So they do fried oreos, they do fried twinkies.
Speaker 5 (13:23):
You know.
Speaker 7 (13:24):
These vendors get very creative on.
Speaker 8 (13:28):
Different types of food.
Speaker 7 (13:29):
And the surprising pot is people enjoy them and love them.
I think people once a year break their diets and
they break did change their diet and come to the
fair and just eat whatever they'd like.
Speaker 4 (13:43):
Why not, it's once a year, right, But those venders,
these are very important times for those vendors, right because
I mean this is the time that they make their dollars.
Speaker 7 (13:53):
Absolutely, and the vendors this year really suffered because we
had all that rain, with thirteen weeks of rain in
the beginning of the season. They move from FAA grounds
to fear round or festival to festivals, but they lost
this spring this year. So it has been very important
and we're a big venue. We're one of the last
venues for the year for them. This is make or
(14:13):
break for those vendors.
Speaker 3 (14:15):
Sure well listen.
Speaker 4 (14:16):
We wish you the best fare ever, which is you know,
tough to do because it's been there since eighteen eighteen,
but we hope this is the best again. It runs
through Columbus Day, October thirteenth. If you can go to
top Fieldfair dot org and get your tickets. Jim, thanks
so very much. Coming up, we'll talk to the folks
(14:37):
at the Boston Business Journal.
Speaker 1 (14:46):
You are listening to the New England Business Report on
the Voice of Boston WRKO six eighty. Joe and Kim
will be right back.
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Speaker 2 (17:04):
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Speaker 2 (17:16):
That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
And welcome back to the New England Business Report on
this Sunday morning, October fifth. A lot of business headlines
(17:37):
in Boston and the region this past week or so.
We want to bring in the managing editor now of
the Boston Business Journal, one Don Seifert. Don joins us regularly. Don,
let's talk about some of those headlines. The one that
I guess that you enjoyed and spent a lot of
time researching. And it's a fascinating topic. This whole idea
of greenwashing is out. Green hushing is the new corporate trend.
(18:01):
You say, companies secretly pursuing climate goals despite public backtracking. Uh,
give us a big picture here, what's going on?
Speaker 6 (18:10):
Yeah, it's it's kind of you can kind of think
of green hushing as the opposite of green washing. You know,
green washing was the was a big trend a few
years ago. Companies used to get accused of it when
they you know, they talked a big game about you know,
being wanting to be sustainable and pursue climate goals, but
then they didn't do a whole lot. This is actually
(18:30):
the opposite and is kind of born of the political
era that we're in, you know, with the with you know,
President Trump is not a big fan of clean energy
and a lot of sustainability and wind energy. You know,
we've all we've all seen the steps he was taken there.
So companies have you know, we we've we've reported on
companies actually backtracking on their climate goals. What what I
(18:52):
think was interesting is I talked to a couple of
key people like in the investment community who have said
that there's actually that you know, those same companies, many
of them are still pursuing those goals, but they are
you know, publicly saying that they're backtracking. And the reason,
I mean, it sounds kind of bizarre. But I mean
the reason is that you know that there's a lot
(19:13):
of reasons that that companies, you know, have have a
business intensive to pursue these goals. You know, one is
that the rest of the world is going towards the
more sustainable economy and more clean energy, and if the
US is not doing that, then we kind of get
left behind. And you know, there's plenty of local companies
that that are global that you know, they work around
(19:33):
the world. And also I think people realize that the
current political environment is not going to be around forever
and that it could well change a couple of years.
So just a really interesting phenomenon I think.
Speaker 4 (19:45):
So, uh, let me just ask you don how are
they conducting business and doing this without you know, making
it known.
Speaker 3 (19:51):
I said to Joe earlier, you know, are they just
sneaking in the cycling.
Speaker 6 (19:56):
Or I mean it's they're you know, they're still I
think a lot of these companies they you know, they're
they're showing evidence like in their in their filings that
they are still you know, working on being doing projects
that would make them more more carbon neutral or you know,
but they're just not saying, you know, they're not coming
out and saying we're working towards being you know, carbon
(20:19):
neutral by twenty thirty five anymore. But you know, I
mean you can think of car companies in particular car companies, uh,
you know, a few years ago under Biden, you know
that a lot of them had made this commitment, we're
not going to be putting out carbon combustion engines after
twenty thirty five. It takes years to redo factories. So
(20:40):
the idea is that these car factories, that these car
companies are now not pursuing those goals teams, you know,
very illogical and bad for their own business. So I
think that there's and that there's an assumption that these
companies are still working towards them, but they're just not
talking about it anymore.
Speaker 2 (20:58):
John, what's the example that you use in the article
about the State Street Corporation as it relates to green hushing.
What's going on there?
Speaker 6 (21:05):
Yeah, Well, I mean State three was one of those
that they made a big deal over the last couple
of years, you know, starting in twenty twenty, twenty twenty one,
where they they've made a lot of big promises about
about ESG investing in particular, that's environmental, social, and governance
investing basically, you know, part of that, A big part
of that is investing in companies that are climate you know,
(21:28):
that are that are sustainable, that are making steps to
be sustainable. They they did, you know that they've they've
definitely backtracked, you know, they they withdrew from this from
this group called Climate Climate one hundred. I mean, so
did Black Rock and Fidelity.
Speaker 9 (21:46):
You know.
Speaker 6 (21:46):
So it's not like State three is the only one,
but but so, I mean State three, they've they've very
clearly like backtracked on it. It's hard to tell what
they're doing under you know, like beyond that. But I mean,
you Trillium Investments is in the same building as them,
and you know, the CEO of Trillium Investments he suspects,
(22:10):
you know, strongly that that State Street is still you know, looking,
you know, taking into effects, taking into account climate goals
when it's investing in companies. They're just not talking about
it like they used to.
Speaker 4 (22:26):
Another article that was written in the Boston Business Journal
this past week, this one by Grant Welker, talks a
little bit about BioMed Realty and how they are suing
one of their lab tenants over in Cambridge. That lab
tenant is Smart Labs for two point seven million dollars
in back rent. This sounds like a weakness here that
(22:49):
is not good.
Speaker 6 (22:51):
Yes, I think that this goes along with the category
of biotech companies are not doing very well right now.
There's been a model way off there. Smart Lab is
kind of you can think of it as a we
work for biotech companies. They you know, they offer flexible
lab space and other support specific to drug developers, early
stage drug developers. So you know, Smart Labs actually began
(23:12):
in Boston, you know, ten years ago. I think they
were originally called Boston Innovation Labs or something, but they
changed their name to Smart Labs. They're now in Boston
and also in San Francisco, but there, you know, we
we have tried to contact Smart Labs. They we haven't
heard from them yet, but there are several instances of problems.
(23:33):
BioMed Realty is one of the biggest landlords of biotech
space in the Boston area as well as in California,
and they are suing. They actually suit them not only
here in Boston for that lab space, but also in California.
So there's now a couple of different lawsuits, you know,
saying that they haven't paid their rent. In addition to that,
(23:54):
we found out recently that Smart Labs, they had said
that they're going to be taking over a the third
floor of Cambridge Side in Kendall Square, they are now
not doing that. We reported that, you know, earlier, and
uh so a lot of a lot of potential issues
with smart Lab, probably related just to the to the
(24:14):
how how badly biotech is doing in general.
Speaker 2 (24:17):
Talking with Don Seiffert, Managing editor of the Boston Business Journal,
about the business headlines this week and this one, you know,
I went to holy Cross, Don, so pretty familiar with
the d CU center. Of course it was the Worcester Central,
I think when I I knew it. But it's no
longer going to be the d CU Center. What's happening here?
Speaker 6 (24:34):
No, I mean d c U is not going to
be DCU anymore. Just this past week they they they
got federal approval for a big merger with a California
company and they are going to be changing their name,
you know, I mean d c U is for Digital
Credit Union and that's you know, only only people of
(24:55):
a certain age and older even knows what Digital is. Obviously,
that was the big computer company in the sixties right
around Boston that kind of invented mainframe computers. So this
credit union build up around there, and it's been you know,
it is now by far the biggest in the state
and one of the biggest in the nation. They are
(25:15):
merging with another compedy First Tech Center is what it's called,
another big credit union, and they're going to actually form
the sixth largest credit union in the nation. But as
part of that, they are going to change their names.
And you know, probably very few people remember or associate
anything with a digital at this point, so they're going
(25:36):
to change it to something probably a little bit more modern.
As a result, the DCU Center is going to change
its name.
Speaker 2 (25:43):
Well, you have here that it's going to be the
first Tech Center.
Speaker 6 (25:46):
You're right, it's going to be the first tech center
as opposed to Digital Credit.
Speaker 4 (25:50):
Yeah, and you're right, that's more modern. That sounds more
modern for sure. But I have a question for you.
Did you guys get any reaction from the folks who
live over there in the Worcester area, because I mean,
they've been calling it the DCU Center for a long time.
Speaker 6 (26:02):
Yeah, No, we haven't heard yet, but we will. I mean,
we're putting out calls to try to see if anybody
is upset about that. But I would think stadiums and
big centers changed often, not fairly often, but every once
in a while, and people always have to just get
used to it. But yeah, i'd be interesting to hear
if Worcester people kind of are upset about the loss
(26:24):
of the DCU Center.
Speaker 2 (26:25):
Yeah, and don quickly here what about thirty seconds left here?
Mass General Brigham plans a new inpatient tower. Tell us
about this.
Speaker 6 (26:33):
Yes, this is going to be a giant tower in
Longwood that's going to be I think over five hundred
hospital ben It sounds like it has a potentially one
of the biggest hospital projects in recent years. We don't
have many details about it all. Basically, what happened this
past week is that the Mass General Brigham board voted
(26:54):
in favor of pursuing this. They still need to get
a lot of approvals to do it, and obviously they
need to put forward a plan exactly what this is
going to be. So we don't know the cost. We
just know about how big it's going to be. But
you know, we are we are trying to find you
estimates of what the cost could be, because we kind
of suspect that it may be pretty pricey.
Speaker 2 (27:16):
Yeah, I would guess so. All right, he's downside Forered.
He's the manager to go to the Boston business You
and I appreciate you joining us on the New England
business support. Up next, we're going to talk about your
local Starbucks and why it may have closed.
Speaker 1 (27:32):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
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Speaker 4 (29:42):
Welcome back everybody to the New England Business Report. It's
so good to have you with us this morning. I'm
Kim Kerra. Get along with Joe short Sleeve coming up at.
Speaker 3 (29:49):
This half hour.
Speaker 4 (29:50):
Empty nesters. They need a little enticing Joe to get
out of their homes apparently, and maybe, yeah, maybe tax
and sentatives are exactly what they need. We're going to
be talking to Boston Globe columnists Larry Edelman about that
coming up in a second.
Speaker 2 (30:06):
Yeah, I sold a house a couple I sold a
house a couple of years ago, and I went through
this Capitol Gain stuff and it has not been changed
in since the late nineties, so you know, we're it
would help.
Speaker 4 (30:16):
Yeah, absolutely, that's so true. And we do need them
out because we got a shortage of homes for some
of these young folks.
Speaker 10 (30:24):
Let's take a look at some of the other headlines.
Speaker 3 (30:25):
Though that maybe you missed this week.
Speaker 4 (30:27):
And the first one that I thought was really cool
and I happened to actually stumble upon it, I was
downtown a TV garden celebrating thirty years after it reopened
on September thirtieth, nineteen ninety five, so all remodeled and
spiffed up. It feels like I was, you know, here
in Boston. You certainly were here that.
Speaker 2 (30:47):
I certainly was. I mean, well, I.
Speaker 3 (30:49):
Mean you a guy from here. Originally, that's what I need.
Speaker 2 (30:52):
Okay, we're only thirty.
Speaker 10 (30:54):
I remember you were just thirty when this has.
Speaker 4 (30:59):
But anyway, so so to mark the milestone, which is
pretty cool, they've had all kinds of pop up parties
down there there. I just happened to be down there
on the thirtieth and some of the Bruins players were
there and people were just going nuts everywhere.
Speaker 2 (31:14):
But it's a really cool thing.
Speaker 4 (31:16):
They have a bunch of things planned for the next
year to celebrate thirty years of this Boston garden that
we know are.
Speaker 2 (31:23):
Right well, it was the guardenmember remember when was the
Fleet Center?
Speaker 3 (31:26):
Yeah, I do, I do.
Speaker 4 (31:27):
Whenhen I first got here, WGBH launching a three year,
two hundred and twenty five million dollars Fund the Future campaign.
Speaker 3 (31:37):
They're going to go after some of their biggest donors.
Speaker 4 (31:39):
They're going to go after people who they have never
spoken to before.
Speaker 3 (31:43):
They're hoping that.
Speaker 4 (31:45):
Some programming, some new programming, is going to help them
to bring in these dollars. All of this after, of course,
a lot of federal funding being cut for all these
independent stations like this. So it's going to be interesting
and probably you'll be contacted. We'll all be contacted saving WGBH.
Speaker 2 (32:02):
Yeah, well, Kim, and I was thinking about you in
this headline, this Globe headline story written by Janelle Nanos,
this is why your local Starbucks just closed. From weak
demand to rising costs to the death of the third place,
the coffee giant is facing a wave of challenges. I
(32:22):
guess you probably know this as well. Across Greater Boston,
according to the Globe story, consumers have been forced to
change up their coffee routines this week after Starbucks and
House was closing nineteen nineteen local shops, a shuttering of
four hundred stores across the United States and Canada part
of a larger billion dollar restructuring effort. But it's interesting
(32:44):
when you read a little bit into this and why
and what happened here, and they talk a little bit
about and I'll be interested with what you think about this.
They say that all these digital tools that came about
during COVID and the whole bit actually hurt Starbucks because
it is no longer personalized and it was you know,
Kim's name or Joe's name wasn't written necessarily written on
(33:06):
the coffee coupanymore. I mean, do you buy that?
Speaker 3 (33:09):
Well, I do buy it.
Speaker 5 (33:10):
You know.
Speaker 4 (33:10):
I think all of us are looking for the digital,
easier way out in many cases. And so I also
think that Starbucks and some of these others are really
getting hit with the local, interesting little coffee shops. A
lot of people really like to go into a little cute,
local shop and.
Speaker 2 (33:31):
I can spend seven bucks on a cup of coffee.
Speaker 3 (33:33):
There, you have it exactly.
Speaker 7 (33:37):
You know.
Speaker 4 (33:37):
Joe housing is a major issue in the New England area.
Between the cost and the lack of inventory. Many believe
that they impact on the economy is really dramatic and
if something isn't done, we're going to continue to see
that drama in our economy. Interest rates have certainly had
an impact, but one of the big problems apparently is
that empty nesters don't want to sell. You know, they
(34:01):
don't know where they're going to go. Number One, they
if they have to have another mortgage, they don't want
higher interest rates, so they need some incentive. And then
of course there's also that whole capital gains issue. Joining
us to talk a little bit more about this is
Boston Global columnist Larry Edelman. He recently wrote an article
about this the title we need to nudge empty nesters
(34:24):
out of their nest. We could do it by cutting
taxes on home sales. Larry, great to have you along.
Speaker 5 (34:30):
Hey, it's great to be here.
Speaker 3 (34:32):
Let's just talk.
Speaker 4 (34:33):
About your research for this. Give us some ideas about
some of the things that you found.
Speaker 5 (34:38):
Well, look, there's a lot of reasons that people are
holding onto their houses long after they don't need two thousand,
three thousand, four thousand square feet. As you mentioned, one
of them is just where they're going to go. Prices
is so high, and interest rates are still high, stilled
above six percent. But another one is that a lot
of people have huge equity built up in those homes
(35:02):
if they've been in there twenty years or thirty years,
and that could really lead to a big tax bill
when they sell. Currently, there's an exclusion you can put,
you can set you can exclude two hundred and fifty
thousand dollars for an individual and five hundred thousand dollars
for a couple on the capital gains tax. However, you
(35:27):
know people have gains that are even much larger than that.
So there are proposals out there, both in the House
and in the Senate, and even President Trump is for
the idea of either eliminating the capital gains tax on
home primary home sales or doubling that exclusion, making it higher.
Speaker 2 (35:50):
Talking about Larry Edelman, Yeah, Globe Financial columnist there, Larry,
it's a really good point. I mean, I sold a
home a couple of years ago and I said, everyone money,
haven't They haven't changed these numbers is two fifty and
five hundred since nineteen ninety seven. You'd think that the
very least it would be tied to inflation or are
some sort of upward instrument instrument there, But so tell
(36:10):
us what's going on to change it. It looks like
there might be bipartisan efforts.
Speaker 5 (36:13):
Yeah, there are, there's there's, you know, a proposal in
the House, as I said, and in the Senate. They
really haven't gotten anywhere right now, but maybe that'll change
because it has popped up on President Trump's radar, and
you know sometimes when he takes an interest in something,
it gets to be momentum behind it. So we'll see,
(36:35):
you know, it's it's it's an issue. And you know,
there's only so much that the federal government can do
to help the housing market because you know, to paraphrase
Tip O'Neil, you know, all real estate is local and
the but one of the things that the Feds could
do is change this tax treatment. So I think it
(36:58):
might get a little more.
Speaker 4 (37:01):
Larry, is it an overstatement to say that this is
one of the biggest issues impacting our economy in this
certainly in the state of Massachusetts where housing is so
high and at such you know, such a low inventory.
Speaker 5 (37:15):
Absolutely, just overall, the housing market is a real a
real problems. It's especially cute in the Boston area in
Massachusetts because of how the high housing costs, in the
fact that we don't have as much land for building
and we have a lot of local restrictions on building,
and that really is keeping people, keeping companies, for example,
(37:39):
from expanding, because it's hard to get people to move
to move here, you know, when they're facing these huge
home sales. You know, if you get a job in Boston,
you know, how close can you get to a neighborhood
where you could buy a house? You know, you end
up in Rhode Island up in an hour and a half.
Speaker 2 (38:00):
You know, it's so true, It's so true. Larry. You
also cover the FED, and obviously we saw the Fed
cut rates back quarter of a point, but in some
circles it seemed like Wall Street was a little bit
disappointed in the forecast for further cuts. You know, bring
us up to speed. Where are we on interest rates
(38:21):
and cuts going forward?
Speaker 5 (38:23):
Well, I think the general expectation is that the Fed
will cut at least one more time this year, maybe
maybe twice. It really depends on what they see in
upcoming data on the jobs market and inflation. Now it's
going to get a little complicated because if the government shutdown,
(38:45):
the jobs report probably won't come out on Friday is scheduled,
so there may be a little bit of a blind
spot for the Fed there, you know, the same for
the CPI report that's due out in the middle of
the month. So there's a little concern that the FED
might grow hesitant to act without having those reports. But
we'll have to see. But the real question comes not
(39:09):
so much this year but next year, and the debate
is really what's the appropriate level for interest rates? Right now,
it's around four percent. Some people think that that is appropriate.
Some people meant by some people, I mean members of
the FED Policy Setting Committee, but others, notably Steve Malan,
(39:30):
who has just joined the board he's a Trump appointee,
thinks it should be much lower, more like three percent.
And as we've seen, the President has been pushing very
hard to get the FED to move more quickly, and
they've been very cautious because they don't want to get
caught with inflation spiking due to tariffs. Another twist in
(39:54):
this is the is the fight over Lisa Cook, who
to Trump, is trying to force off board. He's alleged
that she committed mortgage fraud by listing two separate houses
as her primary residents and mortgage applications. But the Supreme
Court just yesterday said that that dismissal will have to
(40:15):
wait until the case is litigated, and it's not going
to hear it until early next year. And one final
twist is that Jerome Powell is his term as the
chairminislated to end in May, and Trump will get to
a point a new chair and that person will undoubtedly
want to see interest rates fall faster than Powell has
(40:38):
been willing to go.
Speaker 4 (40:41):
Larry, because you follow this so closely, let me ask
you this. Were you surprised when j Powell said last
month that he anticipated this inflation will stay with us
until twenty twenty eight.
Speaker 5 (40:53):
You know, it's yeah, it seems like it's taken forever,
huh to get that right back down to two percent,
which is his defensive target. He did say that, but
at the same time in a bit of good news,
and we all could use a little We can all
use some good news these days, right. His current thinking
and that of most of the people on the board,
(41:15):
is that tariffs, the impact of tariffs will be kind
of one time, meaning that yes, as the tariff hits,
you know, companies will raise their prices, but it won't
lead to a cycle of ever rising prices. Instead just
kind of like a one time markup and that if
(41:36):
that proves to be true, it will give the said
more leeway to cut raids.
Speaker 2 (41:43):
Larry, you also cover the job market here in Massachusetts.
You have a recent headline on the globe there mass
job market remains stuck in low gear. I'm curious as
to how much of you think that has to do
with a I and companies now not needing all those
starting positions.
Speaker 5 (42:00):
I think it's on the margins at best, Joe. You know,
companies are just starting to figure out how to do
to do AI and how to make it, how to
make it work. At the same time, they may be
putting off hiring until things sort themselves out, both on
the AI front as it becomes clearer exactly what they
(42:23):
can and cannot do and who they could replace, or
what functions they could replace and what they can't. And
at the same time, I think the companies are also
on hold just given the economic uncertainty that we're seeing.
You know, how far is the job market going to fall?
You know what's going to happen to GDP, what's the
impact of Tariff's going to be? You know, what's the
(42:45):
government shutdown now going to mean? You know there's so
much uncertain in the air that I think that more
than just AI itself is the reason behind job growth
here is all but stalled.
Speaker 4 (42:57):
Yeah, when we look at twenty twenty five, I think
certainty will be one of those words that was a
buzzword for the entire year. Larry Edelman, thank you so much.
Appreciate your time this morning, and your insight still come
in your way, folks. The business of sports, there's plenty
of it here in New England.
Speaker 3 (43:15):
This is the New England Business Report.
Speaker 1 (43:22):
You are listening to the New England Business Report on
the Voice of Boston w RKO six'. Eighty joe And
kim will be right.
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getting ready to hang up your tools after thirty five
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build your retirement nest. Egg but now? What let me
(44:45):
help you break through the nonsense and financial speak so
we can get to the questions that are important to.
You as you, know nothing gets built without a set of,
plans and neither will your financial. Future my name Is Mike,
Marshall president AND ceo Of Marshal Wealth management and creator
of the Mar Show, plan a comprehensive customized plan that
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Speaker 10 (45:31):
Affiliated hi, Everybody I'm Kim kerrigan.
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Too The New England Business report ON wrko is brought
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Speaker 2 (46:10):
Com and welcome back to The New Englan Business report
on This sunday, Morning october the. Fifth, well we wanted
to talk about our local sports teams and all the
dollars that are circling around them these. Days, one of,
course The patriots made some news this week selling a
(46:33):
piece of their. Ownership let's bring in skip perm he,
is of, course a professor of the business sports there
At Suffolk university and our go to guy for questions like,
this tell us what is it The patriots? Did? Skip?
Speaker 8 (46:44):
Well first, Off Happy sunday, guys always good to be with.
You you, know The patriots unloaded a small steak and
eight percent steak in the. Team it's the first time
they've done this since they've purchased the team in nineteen ninety.
Four and the valuation is is up over you, know
nine billion dollars there and the stake they sold was
(47:04):
just hapne hundred and twenty, Million so this is the
first Time i've done. IT i don't think it's any
sign that they are moving away from the. Team it
could be a sense where they're just sort of cashing,
in because remember they purchased the team in nineteen ninety
four for the small amount of one hundred and seventy five.
Speaker 4 (47:22):
Million so you, Know Bob kraft And jonathan were very,
clear we are not selling this.
Speaker 3 (47:30):
Team this is not what this.
Speaker 4 (47:32):
Is and you just, said maybe they're cashing, in but
what would of the reasons be for divesting a portion
of the.
Speaker 8 (47:38):
Ownership, WELL i mean to, me, Again i've seen nothing
in This this is just really me. Surmising they do
have The New England. Revolution they're trying to make an
investment in that. Team they're building a new stadium or you,
know further along they ever have been in building a
stadium In everett that's going to be a three to
five hundred million dollar. Project it's probably more than, that
(48:00):
as we, know given these types of, investments could the
money be going used to defray the cost of? THAT
i could see that legitimate business. Purpose and they're going
to have a brand new twenty thousand seed stadium in
Ever itt and that's going to house more than The.
Revolution SO i certainly think they see that as a
viable investment in a way to grow the enterprise as a.
Speaker 2 (48:23):
Whole talking With Skip Peram business Of, sports certainly our local,
team The Red, sox they did a much better job
this past year putting a better team on the field
and they got some some pretty strong results. There BUT
i was more interested in. THAT i am interested in
that whole. Topic BUT i also like the stat that
(48:44):
you put Together, skip having to do with The Rafael
devers trade and take us through, it take us through
the results.
Speaker 8 (48:51):
Since, Then, yeah well they were thirty seven and thirty
six when they made that, trade and there was a
lot of hemming and hoiring about. THAT i think that's
the last time we talked is right after that. Trade
their best, player their best, hitter their most expensive, player
and a lot of, folks whether it's you know you're
personally or on sports radio or other areas for talking
about a salary. Dump the team went fifty two and
(49:14):
thirty seven post, trade finished eighty nine to seventy three
and made the. Playoffs they hadn't made the playoffs the
previous two to three years With, raffi so it certainly
seems like whether it was auditioned through, subtraction they they
invested in the young, guys and the young guys or
a younger group delivered in terms of postseason.
Speaker 2 (49:36):
Birth and what happened with The.
Speaker 8 (49:38):
Giants, yeah The, giants they finished eighty one and eighty.
One AND i don't know What raffi's stat lines, were
but immediately after the trade and the fifty one games
that came, after they were eighteen and thirty, Three so they,
slumped and by no means like an indictment of the individual.
PLAYER i don't know that organization but The Red sox
went in one. Direction and let's let's face, it there
(49:58):
were a lot of sort of peaks and valleys with
The Red sox, season but The, giants you, know just
trended down, overall The Red sox trended.
Speaker 4 (50:06):
Up you also gave us some stats about The Red
sox this past, season and the fan base still a
very strong fan, base that's for, sure and as the
team did better and better throughout the course of the,
Year i'm sure that fan base got even. Stronger, again
give us some stats that stuck out to.
Speaker 8 (50:25):
You, WELL i think the first thing that jumps out
at me is their, attendance which you, know prior to
this year was about five thousand under. Capacity they really
cut that in half this. Year so if capacity is
around thirty nine, thousand then the average up a thirty
seven point eight k per, Game so that's that's a good. Number,
(50:46):
obviously every ticket you sell is more, dollars so they
had a great year there and brought in two point.
Seven just generally, speaking it sort of mixed when you
look at twenty twenty, two you, know through twenty twenty,
four and when you compare The Red sox to the
rest of the. League, look The Red sox are are
more male oriented sixty two percent versus fifty nine of the.
(51:10):
League they're also having an older fan, base you, know
about twenty percent of their fans a male sixty to
sixty four versus fifteen. Percent SO i don't think that
necessarily would surprise you given the demographics Of New. England
but they're sort of mixed in terms of where they're
trending overall when you look at the business and the
(51:32):
health of it long.
Speaker 2 (51:33):
Term, yeah and of course the television ratings also this
season were much much. Stronger, Now i'm somebody who you,
know signed up For nesson after they changed that whole
format there and basically you, know took me to the.
Cleaners BUT i, love you, know watching the. Socks so
there's NOTHING i can really do about it at this.
Point but tell us about ratings for The Red sox
(51:55):
this past.
Speaker 8 (51:55):
Season, yeah their ratings certainly did trend up for and,
look the key one of the key things here is
they're they're you, know sort of navigating the migration of
consumers to different. Platforms, notably they're at nests in three
sixty percentage and they did see a forty six percent
(52:16):
year over year increase for their Nest in three sixty.
Subscription SO i have no idea what their base. Is
it could be incredibly. Small if you're paying for it,
already you're obviously not going to pay for Nest in
three sixty on top of, that AND i don't think
you have. To but they're seeing some growth. There And
Major League baseball as a whole had a really good
(52:37):
year in terms of their numbers with national. Games so
there are definitely things that The Red sox of the
league have done in terms of speeding up the. GAMES
i heard a stat yesterday and this isn't, exact the
number of games nine inn games that went three and
a half hours this year was like four or. Five
two years ago it was like three hundred and fifty. Something,
(52:59):
Wow baseball, definitely AND i got that from a sports media,
guy SO i know that number is not, exact but that's.
Incredible like the pace of play has certainly picked. Up
it's a more appealing. Product there's more, action it's, faster
and those are. Great, clearly whatever they've done and the rule, changes,
pitchclock all of it that is, working not just for
(53:21):
The Red, sox but for, everybody and let's face, It
Red Sox yankees playoff game would generally take four hours or.
MORE i don't know what thatts are on the previous,
series but that's a good thing for all of us
because four hours is a long time to spend doing.
Speaker 3 (53:38):
Anything, yeah that is so.
Speaker 4 (53:39):
TRUE i know that we didn't talk about this prior
to you coming, on BUT i think you know enough
About New england sports that you can address. This we
are about to begin The celtics season with new ownership
and we thought that With grossbeck would still be the.
(54:00):
Governor that is not the. Case we've seen some, trades
we've seen some. Changes what are you sort of anticipating
as we get ready to start The celtics season.
Speaker 8 (54:09):
Again, WELL i just was recently at A celtics partnership
summit two weeks. Ago there's lots of optimism. There the new,
Owner Real, chisholm was there speaking With Brad stevens and
with the coach as. Well so, LOOK i think there's
a lot there's a lot of optimism. There, truthfully clearly
(54:30):
they're down a great. PLAYER i, think As Joe missoula has,
said this is a year where he's not going to
have to manage a. Roster he's going to coach a, roster,
right because they're definitely younger and a little bit, greener
AND i think he's excited about that. Prospect, LOOK i
think this team. Could i'm not going to tell you
they're going to make AN nba, finals BUT i think
they're in the, mix even with Without Jason. TATUM i
(54:54):
just think they have good talent and they're well. Run
AND i don't know that anything's really going to. Change
at least my sense is from talking to people that
from a business, standpoint things aren't going to change with
the team on or off the.
Speaker 2 (55:05):
Court, yeah but with that purchase price of six billion,
DOLLARS i wonder.
Speaker 8 (55:10):
What is that asking, That. Joe, yeah that's the first
THING i. Say, look the mortgage is bigger a million dollar.
House that's going to affect your your. Spending, now Clearly
i'm not buying a six billion dollar house IF i
can't afford. It BUT i don't believe any owner is
in the business of losing. Money they might be chasing,
banners As wick always said he. Did but, Look i'm
(55:31):
sure there's a. Budget but EVERYONE i talked to AND
i asked people directly that people who worked in the front,
office are you guys under do you feel under more
pressure to get more out of, sponsorships to do, this
to do? That and the SENSE i get is it's
business as. Usual the new owner did his due. Diligence
he knows the, numbers so he's fully aware of what
(55:55):
the what the ceiling, is AND i guess what the floor.
Is so yeahel good about. It and he keeps saying
we're going after, championships.
Speaker 2 (56:03):
Right and twenty dollars hot, dogs you, know something like.
Speaker 8 (56:05):
That that's not unique to, them, right?
Speaker 2 (56:10):
Anybody?
Speaker 8 (56:11):
Right SO i don't. Know and, look we could have
that conversation about cable prices and content and that's not going.
Down but that's the function of where these leagues. Are
that's a deeper. Discussion we should have it, someday but
that's not.
Speaker 2 (56:24):
Changing all, right we'll do He's. Skipperham he, is of
course the professor Of business With sports there At Suffolk.
University thank you for joining us on The New England Business.
Speaker 4 (56:31):
Report, Well, joe that's going to do it for this
edition of The New England Business. Reports i'm glad everybody
could be with us on This october, Fifth let's take
a look at what's coming up Next. Sunday it may
only be Early, october but predictions for the upcoming holiday shopping.
Speaker 3 (56:48):
Season are already.
Speaker 4 (56:50):
Out we're going to take a look at what could
be a very interesting season for retailers in the area
that's coming up Next sunday at eight am on The
New wing In Business report right here on The voice
Of boston w R k O A m six eighty
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