August 5, 2025 • 37 mins
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 5th, 2025
Featuring:
1) Andrew Cuomo, NYC Mayoral candidate and former NY Governor, on the state of the race and how New York City is a national story.
2) Erica Groshen, former Commissioner of the Bureau of Labor Statistics and currently a Senior Advisor at Cornell, on President Trump firing a BLS chief after weak jobs data.
3) Henrietta Treyz, co-founder at Veda Partners, on President Trump's tariff push
4) Lisa Mateo joins with the latest headlines in newspapers across the US, including how AI is listening to your meetings and how NYC's iconic Flatiorn Building will get bathed in lights for the first time in 123 years
See omnystudio.com/listener for privacy information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Surveillance Podcast. Catch us live weekdays at seven am Eastern
on Apple CarPlay or Android Auto with the Bloomberg Business app.
Listen on demand wherever you get your podcasts, or watch
(00:25):
us live on YouTube.
Speaker 2 (00:27):
Maybe we made a real commitment here at Bloomberg Surveillance
that we would speak to the mayoral candidates. We're now
in the habit of repeating conversations. We spoke earlier to
Andrew Cromo, of course, the former governor of the state
of New York. This for the mayor's race and a
vote in November. Governor Clomo, thank you so much for
joining us again at Bloomberg this morning. I'm going to
(00:50):
cut to the chase. I talked to my number one advisor,
Martin Schenker this morning, decades of five Borough experience. Here's
his question, how do you get the younger voter. You've
got the older voters in the outer burroughs, You've got
a lot of Manhattan voting for you, Ander Cromo, How
do you get the younger voter in this election?
Speaker 3 (01:12):
Yeah, I know it's a very good question, and thank
you and good morning. Thank you for having me what
we learned in the primaries. You had a tremendous vote
of the under thirty, which is really a national phenomenon.
They're highly energized. It started as a political movement that
was anti Trump. It's now further energized by socialism, income equality,
(01:39):
and this situation in the Middle East.
Speaker 4 (01:42):
Gozam.
Speaker 3 (01:43):
But my point to the under thirty years. Look, I
agree with your statement of the problems. Yes, affordability is
a major issue. Yes, your rent is a major issue.
But the solutions being offered by Assemblyman Mom are not
real solutions. The answer is not freezing the rent for
(02:06):
four years. Economically, that doesn't work. Landlords are not going
to subsidize buildings. They'll walk away from buildings. So, yes,
the problems they have identified are correct. Know the solutions
offered by Assemblyman Mam Donnie will not solve the problem.
Speaker 5 (02:27):
Governor, what is your path to victory? As you sit
here today? Can you still win if Mayor Adams does
not drop out.
Speaker 3 (02:37):
In a multi candidate race. Yes, you can theoretically win.
The math is much more difficult. I think reality will
set in at one point because the existential threat is
I think Assemblyman Mam Donnie as mayor of New York
(02:59):
and many Democratic leaders feel that the business community feels
that people feel that this is a radical form of socialism, socialism,
economic socialism in New York City, which is the heart
of business and corporate America. And how does socialism work
(03:21):
in New York City? How do you have a socialist
city in a capitalist nation? The Assemblyman is anti police,
both for defunding the police, dismantling the police. Said the
police are wicked and corrupt as an institution, said the
police are racists. How do you provide public safety? How
(03:44):
do you recruit police officers? How do you keep police officers?
If that's your position visa e. The police, So he
is the threat. You have several candidates who are now running,
and senior Democrats have said, look, you get to September.
The strongest candidate should go forward one on one to
(04:05):
try to beat Mamdani, and the other candidate should defer.
And I've agreed to that. I said, if I'm not
the strongest candidate in September, then i will defer.
Speaker 5 (04:17):
Well, Governor with a little bit of hindsight, Now, what
is Mam Donnie's success in the primary. Tell you about
the New York City electorate right now.
Speaker 3 (04:28):
What it says is, first, you did have an aberration
in the primary turnout. You had an explosion of this
under thirty that actually distorted the turnout. That's why the
polls were all wrong. Right, The polls all had me
way ahead fifteen twenty points. They did not account for
this aberration in the turnout, which was the under thirty
(04:51):
year olds who voted at an extraordinary historic proportion. Everyone
else voted sort of at the same level of ti
out except the under thirty, and he had connected with
them very well on social media, TikTok et cetera. That
we expect to continue in the general. But what happens
(05:11):
in the general is you have a much larger universe
of voters. Right, It's not just the activist Democrats in
a primary small universe. It's moderate Democrats, it's Out of
Borough Democrats, it's older Democrats, it's independence, it's Republicans. So
it's a much much different universe that you're drawing from.
Speaker 2 (05:33):
Andrew Cromo were former governor of the Empire State. We
welcome all of you across the nation on the way
you listen to Bloomberg survey and that's good morning across Canada,
around the world as well and on YouTube. We greatly
appreciate your interests of the mayoral race vote in November. Governor,
I want to get into the nitty gritty here wonderful
(05:54):
questions from our Bloomberg News team. Yesterday it's Saint Bartholomew's Church.
There was an inter denominational service including father and Rique
Salvo from Saint Patrick's Cathedral to try to pick up
the pieces of again violence in New York. Every conversation
(06:15):
is what are we going to do to halt slow
the attrition of the New York Police Department. What's the
CUOMO plan day one to get more NYPD on the
street and in the cars.
Speaker 3 (06:31):
Yeah, it's a very good point. Public safety is job one, right.
Affordability is a major issue, no doubt, and there are
other issues percolating, but public safety is and always has
been the foundation. Nothing works without public safety. And crime
(06:53):
is up. Some crime levels, some categories of crime down,
but crime overall is up and people feel it. Yes,
two interrelated issues in my opinion, to get the police back,
and you have to get them back. We don't just
have trouble recruiting police right now, historic issues. Back in
(07:18):
the day, you would take a test to become a
police officer, you'd score on the test, you'd wait two
three years to be called. We can't now fill a class,
and the attrition rate is very high. They're leaving at
higher rates than ever before.
Speaker 4 (07:32):
Why.
Speaker 3 (07:33):
Number one, the salaries, and I've called for increasing the
starting salaries. Starting salaries about sixty thousand dollars. I would
do a retention bonus by the end of the first year,
an additional fifteen thousand, because literally our salaries are not competitive.
But second, they've also been demoralized. You know, in this city,
(07:57):
like many other cities across the country, you've gone through
period the past five six, seven years where this socialist
faction of the Democratic Party has become dominant in these
big cities, and they have demoralized the police. Right literally
the statements I read you from Emblyman, Mom, d you
(08:19):
call people corrupt and racing.
Speaker 2 (08:21):
Okay, nicely, governor worked, nicely, explained Paul, and I have
talked to all the different candidates. But you carry a heritage,
someone say, a baggage of your actions your father of
a time that many people remember is being safer. What
are the actions Andrew Cuomo will take to build that
(08:43):
morale and to get to pay from an absurd sixty
thousand day one up to where it should be.
Speaker 3 (08:51):
Yeah, it's I think two steps. First day one, raise
the salary. It will have a practical effect, you'll be
more competitive, but it will also say to police, I
value you, I believe in you. And the second factor
is I will have your back. As mayor, the relationship
(09:14):
between the mayor and the police is very important. The
police are out there every day, they're risking their lives.
It's inevitable that they're going to wind up in a controversy.
They have to know that the mayor is going to
have their back. And right now they feel alienated from
city government, and that has been going on for a while.
(09:37):
You go back to Mayor Deblasio, they literally turn their
back at a police funeral. I'd never seen that before,
but that was the symbolism of the NYPD saying we
feel alienated and you're making us the enemy when we're
not the enemy. We're actually the good guy.
Speaker 2 (09:58):
Yep.
Speaker 5 (09:59):
Governor, your donors, your supporters, the donors. That's back to
you in the primary. Will they continue to back you
in this general election?
Speaker 3 (10:08):
Yes, they will. What they're looking for is the same
thing everyone is looking for, is what is the path forward?
Speaker 6 (10:15):
Right?
Speaker 3 (10:18):
You do have a multi candidate field. Everyone is petrified
about electing a socialist who's anti police, who they feel
will bankrupt New York City. Right, If you're anti business,
what makes you think the businesses are going to come here,
let alone stay here? If you're anti police, what makes
(10:39):
me think that you're going to make the city safer?
If anything is going to get more dangerous. So everyone
is afraid of that happening. They don't yet see the
path with both Eric Adams and myself and as a Republican,
And that's why the path has to be one of
the candidates whoever is not stronger, drops out one on one.
(11:05):
I believe I beat the assemblyment, but you have to
get to that point.
Speaker 5 (11:11):
When is that point? Is there a drop dead date
that you believe from a political perspective that either you
or mayor Adams needs to make that decision.
Speaker 3 (11:19):
Look, you're in August now, everyone is doing whatever they do.
September after Labor Day, people get serious about it. And
I think you get to mid September, and that's going
to be the let's call it the drop dead date
where you're going to have to winnow down the field
or people will think there's no way to beat the
(11:42):
assemblyman and then there'll be just a resignation.
Speaker 2 (11:47):
I look, Andrew Chromo, I'm forget get in folks the
nationwide and across New York City. Good morning, Bloomberg eleventh three.
Ho Andrew Cuomo with us here, really after very difficult
ten days for the city looking forward to the election
in November, Andrew Cromo within as Paul correctly mentions, the
(12:08):
drop dead date and all that, you got to go
out and speak to people. There was a time, and
you're old enough to remember that time where with your
father's process or your early process, there were methods. What's
the modern method to reach people in New York City,
particularly those young people that you've got to grab.
Speaker 3 (12:30):
Look, it is all all about social media. The number,
the percentage of under thirty who get in news from
TikTok is overwhelming. It's just incredible. Frankly, you know, first
of all, news from TikTok to me is a sort
(12:54):
of question about concept in general. But it is all
about social media, especially for the under thirty, and that
is something that I'm now focusing on very heavily. And yes,
I'm moving around the city. I'm doing all the retail,
if you will, and the traditional media, but it's it's
(13:17):
social media.
Speaker 2 (13:18):
I look at and post got a whole Let me
get one more question and Governor and Andrew Paul rather
as a whole series of good questions. I'm standing outside
the Waldorf and okay, I'm one of the haves folks,
and I'm looking up Park Avenue at the renaissance of
this city. Or i can drive out across a bridge
to LGA and I'm looking at the renaissance of this city,
(13:43):
or the tunnels. Paul going to be here in a
couple of years, and I'm looking at the renaissance of
this city.
Speaker 4 (13:50):
Why are those young kids so upset if.
Speaker 2 (13:53):
We seem to be building and burgeoning like maybe three
other cities in this nation.
Speaker 3 (14:00):
Ah, that is the great anomaly. Uh, that is the
New York City.
Speaker 4 (14:06):
I see.
Speaker 3 (14:07):
I see a city of great potential and great progress.
LGA for those people who don't pick up the acronym,
we have a new LaGuardia Airport. Finally, LaGuardia Airport was
the worst airport in the United States of America. Joe
Biden made that famous comment about if you were blindfolded,
do you think you were in the third world country.
(14:29):
We built a brand new airport, which they said was impossible.
It was not rated, by the way, the best airport
in the United States. Plug for New York City shamelessly,
New Moynihand train station, new Second Avenue subway, New Shirley
Children Park in Brooklyn. We were attracting AI technology. This
(14:50):
city can really be poised to take off, and that's exciting.
And the problems we have a road manager. You know,
this is not a post nine to eleven period. It's
not COVID. It's what they will operational issues. You have
a public safety issue, higher cops. We've done it before.
We have an affordable housing problem. Build affordable housing. We've
(15:12):
done it before. You know, we know how to do
these things. Under thirty. This is more theoretical and ideological.
We want a socialist society. Affordability is not just affordability
(15:33):
for them, it's overall economic equality. You shouldn't have billionaires
and people who can't afford enough to sustain their family
in a reasonable way. So it's an ideological dispute the
Middle East and Gaza is very big in that issue.
(15:55):
And the Assemblyman talked more about Israel and Goza then
he did public safety and economic development. You would think
he's running for a position in the United Nations more
than running for mayor. Yep, but that's their interest.
Speaker 5 (16:14):
Governor. A lot of folks are saying that you had
your chance to beat mister Mamdani in the primary, you
did not. Why not let Eric Adams get his turn?
How do you respond to them, Well.
Speaker 3 (16:26):
Eric Adams had his turn, right. Eric Adams was mayor
for four years and New Yorkers have said they are
unsatisfied with what he has done as mayor. He's had
a string of very serious scandals and corruption issues. And
then Mayor Adams was indicted, as you recall, and then
(16:50):
President Trump dropped the charges for Mayor Adams conditioned on
Mayor Adams cooperating with President Trump and Democrats. That was
the kiss of death that made the Mayor of New
York the puppet of President Trump. And that was the
(17:12):
mayor putting his self interest over the people of New York.
And that's why the mayor dropped out of the primary. Right,
he was in the Democratic primary, and he dropped out
because he wasn't competitive. And in the general election, seventy
percent of the voters are Democrats. So if you're not
competitive with Democrats, you're not competitive.
Speaker 2 (17:31):
And tokomone time for one more question. I had the
clearest memories is up in western New York of a
gentleman from Italy talking about his grandparents. His parents, I
should say, back in the nineteen tens, literally in fear
of quote unquote being picked up after the entrance, whether
it's Ellis Islander or wherever. Right now, we're picking up
(17:54):
people in these five boroughs as reports day after day.
How would you handle this city is a sanctuary versus
a Trump administration?
Speaker 3 (18:06):
Oh, you have to fight at every step of the way. Look,
I think President Trump, I think he has gone too far.
When he there's no doubt that the illegal immigration was
an issue, and he identified that and he ran for
president on it and he won. He has gone too far.
If you're talking about dangerous criminals, Americans support you, New
(18:31):
Yorkers support you. We're not going to harbor criminals. If
you have a personal committeed of a dangerous crime, a
serious crime, deport them. But when you start picking up
people who have been in this city, who are working,
who are families, they've been here for years, they're paying taxes,
they're taking jobs that nobody else wants to take. By
(18:53):
the way, they're working in the back rooms of restaurants,
the landscapers, they're doing manual labor that no one else
can do. And you're disrupting families, and you're doing it
without any due process. And by the way, you're making mistakes,
you're picking up people who were here legally and putting
(19:13):
them on a plane. You've gone too far. And that's
what the sanctuary city laws are. They're basically due process guarantees.
And I passed the sanctuary law for the State of
New York as governor. The City of New York has
a city law on top of the state law.
Speaker 2 (19:33):
And it's just Andrew. We're out of time. Governor Culmwall,
thank you so much for being with us today. We're
looking forward to speaking to you on the road to November.
Speaker 1 (19:49):
You're listening to the Bloomberg Surveillance podcast. Catch us Live
weekday afternoons from seven to ten am Eastern Listen on
Applecarplay and Android Otto with the Bloomberg Business app watch
us live on YouTube.
Speaker 2 (20:02):
The way we find guests here varies. Some are pitched
to us as you can imagine. Others we search and
search and search. We really use Bloomberg News articles are
good competitors at financial times or that. The way I
found Erica Groschen was a paper in two thousand and
three where there was an exceptionally mathematical four box scattered
(20:25):
dot chart, which she followed up at the New York
Fed with the second four box scattered dot chart. And
it was just like Paul Newman and Robert Redford looking
across the valley, who are those guys? Who is this
economist joining us now in the national uproar over how
we count the beans? Definitive? Erica Groschen, she's a former
(20:49):
commissioner of the Bureau of Labor Statistics out of Madison
and Harvard and now with a shingle out at Cornell
is well Erica, who should the next BLS had listened to?
How do you imagine BLS will go forward?
Speaker 4 (21:08):
Well?
Speaker 7 (21:08):
I think the next BLS commissioner should follow in the
steps of all of the preceding BLS commissioners. And that
really starts with the very first BLS commissioner, Carol Wright,
and we're talking about eighteen eighty four, and I want
to read you what he said about about the commitment
(21:33):
that he thought was the BLS was making to the
American people. He said, BLS would be devoted to and
I quote, the fearless publication of the facts, regardless, without
regard to the influence those facts may have upon any
party's position or any partisan's views. That was eighteen eighty four,
(21:56):
and that, I think is what we're looking for some
one with the technical chops and the commitment that all
the previous BLS commissioners have had.
Speaker 2 (22:08):
Carol Wright served under Sheridan in the Shenandoah Valley and
the Civil War, so I assume he knew how to
shoot a rifle.
Speaker 4 (22:17):
This is Erica Groschen.
Speaker 2 (22:18):
This is a war of how we have counted data
since at least nineteen forty seven, people like you doing
really grinding work, week after week, month after month to
count the beans of the economy. Is the data for
the next jobs report believable?
Speaker 7 (22:40):
Yes, Because the acting Commissioner at BLS is Bill Wyatrowski,
and I chose him to be deputy Commissioner when I
was there. He has been acting commissioner twice already, in
between my term and Bill Beach's term, and then between
Bi Beach and Erica mcintarfer. He's an excellent leader and
(23:06):
just an a one data NERD. Just the kind of
guy we need to continue things. Uh, And so I
don't think anybody should worry about the quality of BLS
data while he's in.
Speaker 4 (23:17):
The help Paul why Trusky out of the school.
Speaker 2 (23:20):
Eric is familiar with the schools south of Harvard's.
Speaker 4 (23:22):
Yale gotcha well, Erica.
Speaker 5 (23:26):
President Trump cited the poor quality coming out of the
of the data of the US, euro and labor and statistics.
Can you comment on that, How is the quality of
data today and has it improved or deteriorated over the years.
Speaker 7 (23:43):
That's a nuanced question. BLS has twenty five programs, you know,
it produces a lot of data. So I think you
have two things going in opposite directions. One is that
that BLS is always improving and so, and science is
improving and computer technology is improving, and so there are
(24:08):
many ways in which the data that the BLS produces
are much better than ever before, and that's what you
expect of a statistical agency. On the other hand, everywhere,
including in the BLS surveys, we have declining response rates
and is problematic for most of most of BLS programs
(24:32):
because they are mostly survey based. And I'll throw in
one other thing that the BLS has been suffering from
very poor funding for at least the ten last ten years.
Speaker 2 (24:44):
Erica, you nail the question about changing technology the distrust
of people that aren't like Watroustky or Grossing. The distrust
is that they understand viscerally that the process of interviewing
people collecting the data has changed because everybody's got a
(25:05):
cell phone and the other eight things you're expert at
that I'm not expert at. How did the educated, fancy
people in math and statistics get back the trust of
people that see new technology devastating our ability to gather data.
Speaker 7 (25:25):
Well, technology is both making it more difficult to gather
data in what I call the stats two point oh world,
the very heavily survey based world. At the same time,
technology has really advanced the amount of data out there
that we're keeping on all sorts of transactions, and it
(25:48):
has really advanced our ability to process that data and
combine it into new and interesting and very useful statistics.
So we have these two two courses at work at
the same time, and the stats three point oer world,
which the agencies are just itching to get into BLS
(26:11):
and they're making progress, but it's very slow, is a
world where we use more and more, more and more
alternative data sources and we come up with these blendid
data products. That takes investment in research and setting up
systems so that the feeds work and the underlying data
(26:33):
is reliable. So there's a whole new set of activities
for the BLS. But that's the direction we have to.
Speaker 6 (26:40):
Go in Erica.
Speaker 2 (26:41):
Thank you so much, Eric Grosch and the Phone Commissioner
at BOLS.
Speaker 1 (26:44):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also listen live
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say Alexa play Bloomberg eleven.
Speaker 2 (27:01):
I don't know where to begin, Paul doesn't know where
to begin. We're not sure what happened in the last
twenty four hours. We're not sure what's going to happen
in the next twenty four hours. We're not even sure
what's going to happen in September. To answer all those questions,
Henrietta Trees a Veda partner. She has been a life
force for us. Here's the headline, Henriette and the Cook
political report, Western standoff Matthew klein Ford bid pits one
(27:25):
time sheriff against Nevada's top cop. And then I see
another article that says the Democrats are trying to find
candidates with military experience to find the center of the nation.
What are progressives to do? I mean, just as simple
as that. It seems like everybody's running away from the.
Speaker 8 (27:46):
Left, well, certainly in Nevada. I mean the Harry Reid machine.
Speaker 6 (27:51):
We've watched that get whittled down to the bare minimum,
barely hanging on with some Senate seats there the last round.
Speaker 8 (27:58):
Nevada is not a.
Speaker 6 (27:59):
State the dem I should anticipate being able to win,
especially with the president's proposal for no taxes on tips.
Even though it was rather small, it definitely resonates as
a campaign slogan, and I think that's a state much
like Florida that might not come back to Democrats for
a very long time.
Speaker 5 (28:17):
So, Henrietta, we're going to get our good friends in
Congress coming back, supposedly in a few weeks here or soon.
What's the agenda for Congress when they do get back
in session. There's a lot of cross currents out there,
but I'm guessing there's some nuts and bolts that they
need to focus on.
Speaker 6 (28:35):
Yeah, the main agenda is don't shut it down. That's
the whole goal. We shouldn't ask for more than that.
I mean, they just left.
Speaker 8 (28:41):
They'll be gone.
Speaker 6 (28:41):
Until September second, and the second that they get back,
the first thing that they have tied up is a
vote on an appropriations package to keep another part of
the government open.
Speaker 8 (28:51):
So we have twelve appropriations bills.
Speaker 6 (28:53):
The House has done two, the Senate has done three.
Speaker 8 (28:56):
I have twenty five percent on that.
Speaker 6 (28:58):
We're going to shut down on October first, And you
can see why Democrats can't get a word in. Edge wise,
they held up the nominations process even into the weekend,
which is asking a lot in late July for them
to stay in session. And they're all trying to have
some sort of opportunity to make a splash or get
any kind of attention. And this is the first real
opportunity since Senator Schumer whiffed on the first one to
(29:21):
have something that they can really push back against the president.
I think the most important thing for investors to watch
is the decision from the Federal Circuit Court about whether
he can keep these tariffs or not. That is the
most important thing for the entire second half of this year.
Speaker 8 (29:35):
As we wake up.
Speaker 2 (29:36):
I'm going to it's Pearl Paul's turn to ask a
brilliant question that's so important.
Speaker 4 (29:40):
I'm going to be rude. Henrietta walk us through that process.
Speaker 2 (29:44):
It goes against the president by definition, it goes to
the Supreme.
Speaker 8 (29:48):
Court, right, not necessarily.
Speaker 6 (29:51):
So there's a lot of speculation here that because the
Court of International Trade found unanimously and their three body
panel that the president does not have this authority. Now
when the twelve body panel of the Federal Circuit Court
hears that if they find a similar conclusion, the Supreme
Court might not be inclined to take up the case
even if the President appeals.
Speaker 8 (30:10):
So we have this really high tense battle that's there.
Speaker 4 (30:13):
But then we have brief us here on November, then
what happens.
Speaker 6 (30:18):
So let's say we're probably in the September time horizon
when the sec gives us a result, maybe even in
the next two or three weeks, is possible. They've been
moving really quickly. The President will appeal and all the
tariffs will be sort of in suspended animation unless they say, okay,
you can keep a mom while the Supreme Court continues
to discuss. Then the Supreme Court takes it up the
(30:40):
first week of October, and we maybe get an answer
from them at the late October period.
Speaker 8 (30:44):
So for investors, I guess the way to.
Speaker 6 (30:46):
Think about this is you have certainty that these AIPA
tariffs will be on through the end mid October at least,
but that could be pulled forward and it might be
stripped entirely, and then at that point we could do
an entire segment about the four million options that the
White House is looking at right now.
Speaker 8 (31:03):
But this is when we go to work, you know, do.
Speaker 6 (31:04):
We need a reconciliations bill, do we need a sanctions package?
Are they going to just act as if are they
going to try to get Congress to codify the ABA
tyres for them, which they do not have the votes
for so it's going to be a wild ride if
that comes to pass.
Speaker 5 (31:16):
Wow, I wasn't aware this whole court thing was taking place.
Lost the memory banks.
Speaker 4 (31:22):
I mean, you got the kegger out in the deck
of exactly right.
Speaker 2 (31:25):
Yep, of course it's nuts, folks, I have any idea
at least.
Speaker 5 (31:31):
So Henrietta, I'm going to ask this because I asked
every time we chat with you, and I don't do
it every time. I try to save it for once
every week or two. But where are the Democrats? Where's
a democratic voice today?
Speaker 8 (31:43):
There's not a unified democratic voice today.
Speaker 6 (31:45):
They are spread all around there trying to unify around
whatever they can grab. So I mentioned that they were
suspending the nominations over the weekend and not really coming
to an agreement.
Speaker 8 (31:55):
That's all over the Epstein files.
Speaker 6 (31:56):
And you could say it doesn't matter to wall straight,
and that's true, but it resonates on the on the
on Main Street, and it's in conversations across the country
and you can see that in the polling. So they're
trying to seize on something there. They are trying to
talk about the tariffs. You'll see that members are coming
out and now are increasingly sort of united around opposition
to tariffs, but they have a little bit of a
(32:18):
squishy headline. No surprise there that I'll say things like,
in some cases tariffs are helpful, but in this case
they're a tragedy, you know, So it's not really a
neat talking point, and they really need to. I think
what we're seeing in these town halls is that the people,
the actual American public, are focusing on the one big
beautiful bill, cuts to medicaid, cuts to snap and you
(32:39):
can see that in even Nebraska.
Speaker 2 (32:40):
Right now, Henrietta, Thank you so much, Henria. To Tre's
Veda Partners.
Speaker 1 (32:50):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Apple, Cockplay and Android Auto.
With the Bloomberg Business app, you can all so watch
us live every weekday on YouTube and always on the
Bloomberg terminal.
Speaker 2 (33:05):
The newspapers, here's Lisa Mna.
Speaker 9 (33:07):
Say, Okay, you might want to watch what you're saying
at your next work meeting because AI is listening, it's
taking notes. So just to let you know, a lot
more companies are using this note taking software and it's
catching every word. Even you know, the chit chat, you
know what you were doing over the weekend, or hey,
here's what I'm having for lunch or maybe something you
know personal. It's all being blasted out in you know.
Speaker 2 (33:31):
Your studio.
Speaker 5 (33:33):
Sure, who knows what's going on? You know, you have
to assume everybody's watching, everybody's listening.
Speaker 8 (33:39):
That's a good.
Speaker 2 (33:41):
Is it only is the software only on Zoom or
is it beyond Zoom?
Speaker 9 (33:46):
It's usually well they have zoom AI's companion. I think
Google has one too, But it basically like records everything.
There is a notice that lets you know it is
being recorded. So people aren't, you know, just being recorded
without knowledge of it.
Speaker 2 (33:59):
I hit someone tell me once, never start a meeting
if someone has a cell phone on the table faced down.
Speaker 9 (34:04):
Okay, that's that's.
Speaker 1 (34:09):
It is.
Speaker 9 (34:09):
But that's said, it's said, and some people are saying
it's an invasion of their privacy if they're talking about
personal things on the call.
Speaker 8 (34:16):
So that's that's the biggest.
Speaker 2 (34:18):
If we would ever talk about our.
Speaker 4 (34:19):
Children next, never, never.
Speaker 9 (34:23):
This is New York City's iconic flat iron building, right, Okay,
we've seen it, we know about it. Right the corner
of Fifth Avenue Broadway's twenty third Street. It is going
to be light up, lit up for the first time
in one hundred and twenty three years. You've seen it, right,
the scaffolding. It's a little bit of a nice to
wor yes forever, it seems like, But now the New
(34:43):
York Post is saying it. Later this year it's going
to be opened up as luxury condo apartments and they're
going to be pused.
Speaker 5 (34:50):
Sure about the building Madison Square, So it's going to
be it's going to be people.
Speaker 9 (34:56):
Live in it, luxury condo apartments, and it's going to
be lit up. It has about a thousand different new windows.
To check it out on YouTube if you're watching, there's
a rendering there. So if you're watching on YouTube, that's
what you can see. And so that's what it looks like.
It got the approval from the Landmarks Preservation Commission, so
it looks really nice.
Speaker 5 (35:17):
Well, you know, when that building was built, it was
the tallest skyscraper in Manhattan.
Speaker 9 (35:21):
Correct, Yes it was, It definitely was. But now it's
history making, so it'll be lit up like a Christmas tree. Okay,
so we've been talking about Palenteer earnings, right, but it's
what executives are saying during the earnings call that has
people in elite education a little like, what are they
talking about? So on the call, executives basically said, once
(35:42):
you come to the company, you're a Palanteerian. No one
cares about where you went to college. So the CEO
kind of put it out there. He said, we're making
new credential, independent class and background at Pallenteer. And it's
kind of following along the lines of what other Silicon
Valley founders investors have said. You know, they've kind of
rejected higher education a favorite non traditional paths like going
(36:05):
to Palenteer or finding a company out of high school,
things like that. So I kind of put this light
on elite education.
Speaker 2 (36:11):
I mentioned people, yes this is gospel. One is Michael
Bloomberg and the others James Diamond. When I came here,
they read me the Riot Act about fancy schools. They
didn't care about I did this, I did that, you
know whatever. It's it's a cultural thing and we've lived
it at Bloomberg. I mean, it's Benzess great. So Palenteer's
(36:32):
doing the same thing.
Speaker 9 (36:32):
So Palenteers CEO is saying the same thing. You know,
we don't care about the fancy education where you come from.
You know you're here to learn the palatina.
Speaker 2 (36:41):
I guess my mother called it Harvard on the brain.
Lisa Matteo, thank you so much, greatly, greatly appreciate smart
newspapers this morning, Lisa, Lisa Matteo, the newspapers.
Speaker 1 (36:53):
This is the Bloomberg Surveillance podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each weekday,
seven to ten am Eastern on Bloomberg dot Com, the
iHeartRadio app, tune In, and the Bloomberg Business app. You
can also watch us live every weekday on YouTube and
(37:14):
always on the Bloomberg terminal
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Surveillance Podcast. Catch us live weekdays at seven am Eastern
on Apple CarPlay or Android Auto with the Bloomberg Business app.
Listen on demand wherever you get your podcasts, or watch
(00:25):
us live on YouTube.
Speaker 2 (00:27):
Maybe we made a real commitment here at Bloomberg Surveillance
that we would speak to the mayoral candidates. We're now
in the habit of repeating conversations. We spoke earlier to
Andrew Cromo, of course, the former governor of the state
of New York. This for the mayor's race and a
vote in November. Governor Clomo, thank you so much for
joining us again at Bloomberg this morning. I'm going to
(00:50):
cut to the chase. I talked to my number one advisor,
Martin Schenker this morning, decades of five Borough experience. Here's
his question, how do you get the younger voter. You've
got the older voters in the outer burroughs, You've got
a lot of Manhattan voting for you, Ander Cromo, How
do you get the younger voter in this election?
Speaker 3 (01:12):
Yeah, I know it's a very good question, and thank
you and good morning. Thank you for having me what
we learned in the primaries. You had a tremendous vote
of the under thirty, which is really a national phenomenon.
They're highly energized. It started as a political movement that
was anti Trump. It's now further energized by socialism, income equality,
(01:39):
and this situation in the Middle East.
Speaker 4 (01:42):
Gozam.
Speaker 3 (01:43):
But my point to the under thirty years. Look, I
agree with your statement of the problems. Yes, affordability is
a major issue. Yes, your rent is a major issue.
But the solutions being offered by Assemblyman Mom are not
real solutions. The answer is not freezing the rent for
(02:06):
four years. Economically, that doesn't work. Landlords are not going
to subsidize buildings. They'll walk away from buildings. So, yes,
the problems they have identified are correct. Know the solutions
offered by Assemblyman Mam Donnie will not solve the problem.
Speaker 5 (02:27):
Governor, what is your path to victory? As you sit
here today? Can you still win if Mayor Adams does
not drop out.
Speaker 3 (02:37):
In a multi candidate race. Yes, you can theoretically win.
The math is much more difficult. I think reality will
set in at one point because the existential threat is
I think Assemblyman Mam Donnie as mayor of New York
(02:59):
and many Democratic leaders feel that the business community feels
that people feel that this is a radical form of socialism, socialism,
economic socialism in New York City, which is the heart
of business and corporate America. And how does socialism work
(03:21):
in New York City? How do you have a socialist
city in a capitalist nation? The Assemblyman is anti police,
both for defunding the police, dismantling the police. Said the
police are wicked and corrupt as an institution, said the
police are racists. How do you provide public safety? How
(03:44):
do you recruit police officers? How do you keep police officers?
If that's your position visa e. The police, So he
is the threat. You have several candidates who are now running,
and senior Democrats have said, look, you get to September.
The strongest candidate should go forward one on one to
(04:05):
try to beat Mamdani, and the other candidate should defer.
And I've agreed to that. I said, if I'm not
the strongest candidate in September, then i will defer.
Speaker 5 (04:17):
Well, Governor with a little bit of hindsight, Now, what
is Mam Donnie's success in the primary. Tell you about
the New York City electorate right now.
Speaker 3 (04:28):
What it says is, first, you did have an aberration
in the primary turnout. You had an explosion of this
under thirty that actually distorted the turnout. That's why the
polls were all wrong. Right, The polls all had me
way ahead fifteen twenty points. They did not account for
this aberration in the turnout, which was the under thirty
(04:51):
year olds who voted at an extraordinary historic proportion. Everyone
else voted sort of at the same level of ti
out except the under thirty, and he had connected with
them very well on social media, TikTok et cetera. That
we expect to continue in the general. But what happens
(05:11):
in the general is you have a much larger universe
of voters. Right, It's not just the activist Democrats in
a primary small universe. It's moderate Democrats, it's Out of
Borough Democrats, it's older Democrats, it's independence, it's Republicans. So
it's a much much different universe that you're drawing from.
Speaker 2 (05:33):
Andrew Cromo were former governor of the Empire State. We
welcome all of you across the nation on the way
you listen to Bloomberg survey and that's good morning across Canada,
around the world as well and on YouTube. We greatly
appreciate your interests of the mayoral race vote in November. Governor,
I want to get into the nitty gritty here wonderful
(05:54):
questions from our Bloomberg News team. Yesterday it's Saint Bartholomew's Church.
There was an inter denominational service including father and Rique
Salvo from Saint Patrick's Cathedral to try to pick up
the pieces of again violence in New York. Every conversation
(06:15):
is what are we going to do to halt slow
the attrition of the New York Police Department. What's the
CUOMO plan day one to get more NYPD on the
street and in the cars.
Speaker 3 (06:31):
Yeah, it's a very good point. Public safety is job one, right.
Affordability is a major issue, no doubt, and there are
other issues percolating, but public safety is and always has
been the foundation. Nothing works without public safety. And crime
(06:53):
is up. Some crime levels, some categories of crime down,
but crime overall is up and people feel it. Yes,
two interrelated issues in my opinion, to get the police back,
and you have to get them back. We don't just
have trouble recruiting police right now, historic issues. Back in
(07:18):
the day, you would take a test to become a
police officer, you'd score on the test, you'd wait two
three years to be called. We can't now fill a class,
and the attrition rate is very high. They're leaving at
higher rates than ever before.
Speaker 4 (07:32):
Why.
Speaker 3 (07:33):
Number one, the salaries, and I've called for increasing the
starting salaries. Starting salaries about sixty thousand dollars. I would
do a retention bonus by the end of the first year,
an additional fifteen thousand, because literally our salaries are not competitive.
But second, they've also been demoralized. You know, in this city,
(07:57):
like many other cities across the country, you've gone through
period the past five six, seven years where this socialist
faction of the Democratic Party has become dominant in these
big cities, and they have demoralized the police. Right literally
the statements I read you from Emblyman, Mom, d you
(08:19):
call people corrupt and racing.
Speaker 2 (08:21):
Okay, nicely, governor worked, nicely, explained Paul, and I have
talked to all the different candidates. But you carry a heritage,
someone say, a baggage of your actions your father of
a time that many people remember is being safer. What
are the actions Andrew Cuomo will take to build that
(08:43):
morale and to get to pay from an absurd sixty
thousand day one up to where it should be.
Speaker 3 (08:51):
Yeah, it's I think two steps. First day one, raise
the salary. It will have a practical effect, you'll be
more competitive, but it will also say to police, I
value you, I believe in you. And the second factor
is I will have your back. As mayor, the relationship
(09:14):
between the mayor and the police is very important. The
police are out there every day, they're risking their lives.
It's inevitable that they're going to wind up in a controversy.
They have to know that the mayor is going to
have their back. And right now they feel alienated from
city government, and that has been going on for a while.
(09:37):
You go back to Mayor Deblasio, they literally turn their
back at a police funeral. I'd never seen that before,
but that was the symbolism of the NYPD saying we
feel alienated and you're making us the enemy when we're
not the enemy. We're actually the good guy.
Speaker 2 (09:58):
Yep.
Speaker 5 (09:59):
Governor, your donors, your supporters, the donors. That's back to
you in the primary. Will they continue to back you
in this general election?
Speaker 3 (10:08):
Yes, they will. What they're looking for is the same
thing everyone is looking for, is what is the path forward?
Speaker 6 (10:15):
Right?
Speaker 3 (10:18):
You do have a multi candidate field. Everyone is petrified
about electing a socialist who's anti police, who they feel
will bankrupt New York City. Right, If you're anti business,
what makes you think the businesses are going to come here,
let alone stay here? If you're anti police, what makes
(10:39):
me think that you're going to make the city safer?
If anything is going to get more dangerous. So everyone
is afraid of that happening. They don't yet see the
path with both Eric Adams and myself and as a Republican,
And that's why the path has to be one of
the candidates whoever is not stronger, drops out one on one.
(11:05):
I believe I beat the assemblyment, but you have to
get to that point.
Speaker 5 (11:11):
When is that point? Is there a drop dead date
that you believe from a political perspective that either you
or mayor Adams needs to make that decision.
Speaker 3 (11:19):
Look, you're in August now, everyone is doing whatever they do.
September after Labor Day, people get serious about it. And
I think you get to mid September, and that's going
to be the let's call it the drop dead date
where you're going to have to winnow down the field
or people will think there's no way to beat the
(11:42):
assemblyman and then there'll be just a resignation.
Speaker 2 (11:47):
I look, Andrew Chromo, I'm forget get in folks the
nationwide and across New York City. Good morning, Bloomberg eleventh three.
Ho Andrew Cuomo with us here, really after very difficult
ten days for the city looking forward to the election
in November, Andrew Cromo within as Paul correctly mentions, the
(12:08):
drop dead date and all that, you got to go
out and speak to people. There was a time, and
you're old enough to remember that time where with your
father's process or your early process, there were methods. What's
the modern method to reach people in New York City,
particularly those young people that you've got to grab.
Speaker 3 (12:30):
Look, it is all all about social media. The number,
the percentage of under thirty who get in news from
TikTok is overwhelming. It's just incredible. Frankly, you know, first
of all, news from TikTok to me is a sort
(12:54):
of question about concept in general. But it is all
about social media, especially for the under thirty, and that
is something that I'm now focusing on very heavily. And yes,
I'm moving around the city. I'm doing all the retail,
if you will, and the traditional media, but it's it's
(13:17):
social media.
Speaker 2 (13:18):
I look at and post got a whole Let me
get one more question and Governor and Andrew Paul rather
as a whole series of good questions. I'm standing outside
the Waldorf and okay, I'm one of the haves folks,
and I'm looking up Park Avenue at the renaissance of
this city. Or i can drive out across a bridge
to LGA and I'm looking at the renaissance of this city,
(13:43):
or the tunnels. Paul going to be here in a
couple of years, and I'm looking at the renaissance of
this city.
Speaker 4 (13:50):
Why are those young kids so upset if.
Speaker 2 (13:53):
We seem to be building and burgeoning like maybe three
other cities in this nation.
Speaker 3 (14:00):
Ah, that is the great anomaly. Uh, that is the
New York City.
Speaker 4 (14:06):
I see.
Speaker 3 (14:07):
I see a city of great potential and great progress.
LGA for those people who don't pick up the acronym,
we have a new LaGuardia Airport. Finally, LaGuardia Airport was
the worst airport in the United States of America. Joe
Biden made that famous comment about if you were blindfolded,
do you think you were in the third world country.
(14:29):
We built a brand new airport, which they said was impossible.
It was not rated, by the way, the best airport
in the United States. Plug for New York City shamelessly,
New Moynihand train station, new Second Avenue subway, New Shirley
Children Park in Brooklyn. We were attracting AI technology. This
(14:50):
city can really be poised to take off, and that's exciting.
And the problems we have a road manager. You know,
this is not a post nine to eleven period. It's
not COVID. It's what they will operational issues. You have
a public safety issue, higher cops. We've done it before.
We have an affordable housing problem. Build affordable housing. We've
(15:12):
done it before. You know, we know how to do
these things. Under thirty. This is more theoretical and ideological.
We want a socialist society. Affordability is not just affordability
(15:33):
for them, it's overall economic equality. You shouldn't have billionaires
and people who can't afford enough to sustain their family
in a reasonable way. So it's an ideological dispute the
Middle East and Gaza is very big in that issue.
(15:55):
And the Assemblyman talked more about Israel and Goza then
he did public safety and economic development. You would think
he's running for a position in the United Nations more
than running for mayor. Yep, but that's their interest.
Speaker 5 (16:14):
Governor. A lot of folks are saying that you had
your chance to beat mister Mamdani in the primary, you
did not. Why not let Eric Adams get his turn?
How do you respond to them, Well.
Speaker 3 (16:26):
Eric Adams had his turn, right. Eric Adams was mayor
for four years and New Yorkers have said they are
unsatisfied with what he has done as mayor. He's had
a string of very serious scandals and corruption issues. And
then Mayor Adams was indicted, as you recall, and then
(16:50):
President Trump dropped the charges for Mayor Adams conditioned on
Mayor Adams cooperating with President Trump and Democrats. That was
the kiss of death that made the Mayor of New
York the puppet of President Trump. And that was the
(17:12):
mayor putting his self interest over the people of New York.
And that's why the mayor dropped out of the primary. Right,
he was in the Democratic primary, and he dropped out
because he wasn't competitive. And in the general election, seventy
percent of the voters are Democrats. So if you're not
competitive with Democrats, you're not competitive.
Speaker 2 (17:31):
And tokomone time for one more question. I had the
clearest memories is up in western New York of a
gentleman from Italy talking about his grandparents. His parents, I
should say, back in the nineteen tens, literally in fear
of quote unquote being picked up after the entrance, whether
it's Ellis Islander or wherever. Right now, we're picking up
(17:54):
people in these five boroughs as reports day after day.
How would you handle this city is a sanctuary versus
a Trump administration?
Speaker 3 (18:06):
Oh, you have to fight at every step of the way. Look,
I think President Trump, I think he has gone too far.
When he there's no doubt that the illegal immigration was
an issue, and he identified that and he ran for
president on it and he won. He has gone too far.
If you're talking about dangerous criminals, Americans support you, New
(18:31):
Yorkers support you. We're not going to harbor criminals. If
you have a personal committeed of a dangerous crime, a
serious crime, deport them. But when you start picking up
people who have been in this city, who are working,
who are families, they've been here for years, they're paying taxes,
they're taking jobs that nobody else wants to take. By
(18:53):
the way, they're working in the back rooms of restaurants,
the landscapers, they're doing manual labor that no one else
can do. And you're disrupting families, and you're doing it
without any due process. And by the way, you're making mistakes,
you're picking up people who were here legally and putting
(19:13):
them on a plane. You've gone too far. And that's
what the sanctuary city laws are. They're basically due process guarantees.
And I passed the sanctuary law for the State of
New York as governor. The City of New York has
a city law on top of the state law.
Speaker 2 (19:33):
And it's just Andrew. We're out of time. Governor Culmwall,
thank you so much for being with us today. We're
looking forward to speaking to you on the road to November.
Speaker 1 (19:49):
You're listening to the Bloomberg Surveillance podcast. Catch us Live
weekday afternoons from seven to ten am Eastern Listen on
Applecarplay and Android Otto with the Bloomberg Business app watch
us live on YouTube.
Speaker 2 (20:02):
The way we find guests here varies. Some are pitched
to us as you can imagine. Others we search and
search and search. We really use Bloomberg News articles are
good competitors at financial times or that. The way I
found Erica Groschen was a paper in two thousand and
three where there was an exceptionally mathematical four box scattered
(20:25):
dot chart, which she followed up at the New York
Fed with the second four box scattered dot chart. And
it was just like Paul Newman and Robert Redford looking
across the valley, who are those guys? Who is this
economist joining us now in the national uproar over how
we count the beans? Definitive? Erica Groschen, she's a former
(20:49):
commissioner of the Bureau of Labor Statistics out of Madison
and Harvard and now with a shingle out at Cornell
is well Erica, who should the next BLS had listened to?
How do you imagine BLS will go forward?
Speaker 4 (21:08):
Well?
Speaker 7 (21:08):
I think the next BLS commissioner should follow in the
steps of all of the preceding BLS commissioners. And that
really starts with the very first BLS commissioner, Carol Wright,
and we're talking about eighteen eighty four, and I want
to read you what he said about about the commitment
(21:33):
that he thought was the BLS was making to the
American people. He said, BLS would be devoted to and
I quote, the fearless publication of the facts, regardless, without
regard to the influence those facts may have upon any
party's position or any partisan's views. That was eighteen eighty four,
(21:56):
and that, I think is what we're looking for some
one with the technical chops and the commitment that all
the previous BLS commissioners have had.
Speaker 2 (22:08):
Carol Wright served under Sheridan in the Shenandoah Valley and
the Civil War, so I assume he knew how to
shoot a rifle.
Speaker 4 (22:17):
This is Erica Groschen.
Speaker 2 (22:18):
This is a war of how we have counted data
since at least nineteen forty seven, people like you doing
really grinding work, week after week, month after month to
count the beans of the economy. Is the data for
the next jobs report believable?
Speaker 7 (22:40):
Yes, Because the acting Commissioner at BLS is Bill Wyatrowski,
and I chose him to be deputy Commissioner when I
was there. He has been acting commissioner twice already, in
between my term and Bill Beach's term, and then between
Bi Beach and Erica mcintarfer. He's an excellent leader and
(23:06):
just an a one data NERD. Just the kind of
guy we need to continue things. Uh, And so I
don't think anybody should worry about the quality of BLS
data while he's in.
Speaker 4 (23:17):
The help Paul why Trusky out of the school.
Speaker 2 (23:20):
Eric is familiar with the schools south of Harvard's.
Speaker 4 (23:22):
Yale gotcha well, Erica.
Speaker 5 (23:26):
President Trump cited the poor quality coming out of the
of the data of the US, euro and labor and statistics.
Can you comment on that, How is the quality of
data today and has it improved or deteriorated over the years.
Speaker 7 (23:43):
That's a nuanced question. BLS has twenty five programs, you know,
it produces a lot of data. So I think you
have two things going in opposite directions. One is that
that BLS is always improving and so, and science is
improving and computer technology is improving, and so there are
(24:08):
many ways in which the data that the BLS produces
are much better than ever before, and that's what you
expect of a statistical agency. On the other hand, everywhere,
including in the BLS surveys, we have declining response rates
and is problematic for most of most of BLS programs
(24:32):
because they are mostly survey based. And I'll throw in
one other thing that the BLS has been suffering from
very poor funding for at least the ten last ten years.
Speaker 2 (24:44):
Erica, you nail the question about changing technology the distrust
of people that aren't like Watroustky or Grossing. The distrust
is that they understand viscerally that the process of interviewing
people collecting the data has changed because everybody's got a
(25:05):
cell phone and the other eight things you're expert at
that I'm not expert at. How did the educated, fancy
people in math and statistics get back the trust of
people that see new technology devastating our ability to gather data.
Speaker 7 (25:25):
Well, technology is both making it more difficult to gather
data in what I call the stats two point oh world,
the very heavily survey based world. At the same time,
technology has really advanced the amount of data out there
that we're keeping on all sorts of transactions, and it
(25:48):
has really advanced our ability to process that data and
combine it into new and interesting and very useful statistics.
So we have these two two courses at work at
the same time, and the stats three point oer world,
which the agencies are just itching to get into BLS
(26:11):
and they're making progress, but it's very slow, is a
world where we use more and more, more and more
alternative data sources and we come up with these blendid
data products. That takes investment in research and setting up
systems so that the feeds work and the underlying data
(26:33):
is reliable. So there's a whole new set of activities
for the BLS. But that's the direction we have to.
Speaker 6 (26:40):
Go in Erica.
Speaker 2 (26:41):
Thank you so much, Eric Grosch and the Phone Commissioner
at BOLS.
Speaker 1 (26:44):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also listen live
on Amazon Alexa from our flagship New York station. Just
say Alexa play Bloomberg eleven.
Speaker 2 (27:01):
I don't know where to begin, Paul doesn't know where
to begin. We're not sure what happened in the last
twenty four hours. We're not sure what's going to happen
in the next twenty four hours. We're not even sure
what's going to happen in September. To answer all those questions,
Henrietta Trees a Veda partner. She has been a life
force for us. Here's the headline, Henriette and the Cook
political report, Western standoff Matthew klein Ford bid pits one
(27:25):
time sheriff against Nevada's top cop. And then I see
another article that says the Democrats are trying to find
candidates with military experience to find the center of the nation.
What are progressives to do? I mean, just as simple
as that. It seems like everybody's running away from the.
Speaker 8 (27:46):
Left, well, certainly in Nevada. I mean the Harry Reid machine.
Speaker 6 (27:51):
We've watched that get whittled down to the bare minimum,
barely hanging on with some Senate seats there the last round.
Speaker 8 (27:58):
Nevada is not a.
Speaker 6 (27:59):
State the dem I should anticipate being able to win,
especially with the president's proposal for no taxes on tips.
Even though it was rather small, it definitely resonates as
a campaign slogan, and I think that's a state much
like Florida that might not come back to Democrats for
a very long time.
Speaker 5 (28:17):
So, Henrietta, we're going to get our good friends in
Congress coming back, supposedly in a few weeks here or soon.
What's the agenda for Congress when they do get back
in session. There's a lot of cross currents out there,
but I'm guessing there's some nuts and bolts that they
need to focus on.
Speaker 6 (28:35):
Yeah, the main agenda is don't shut it down. That's
the whole goal. We shouldn't ask for more than that.
I mean, they just left.
Speaker 8 (28:41):
They'll be gone.
Speaker 6 (28:41):
Until September second, and the second that they get back,
the first thing that they have tied up is a
vote on an appropriations package to keep another part of
the government open.
Speaker 8 (28:51):
So we have twelve appropriations bills.
Speaker 6 (28:53):
The House has done two, the Senate has done three.
Speaker 8 (28:56):
I have twenty five percent on that.
Speaker 6 (28:58):
We're going to shut down on October first, And you
can see why Democrats can't get a word in. Edge wise,
they held up the nominations process even into the weekend,
which is asking a lot in late July for them
to stay in session. And they're all trying to have
some sort of opportunity to make a splash or get
any kind of attention. And this is the first real
opportunity since Senator Schumer whiffed on the first one to
(29:21):
have something that they can really push back against the president.
I think the most important thing for investors to watch
is the decision from the Federal Circuit Court about whether
he can keep these tariffs or not. That is the
most important thing for the entire second half of this year.
Speaker 8 (29:35):
As we wake up.
Speaker 2 (29:36):
I'm going to it's Pearl Paul's turn to ask a
brilliant question that's so important.
Speaker 4 (29:40):
I'm going to be rude. Henrietta walk us through that process.
Speaker 2 (29:44):
It goes against the president by definition, it goes to
the Supreme.
Speaker 8 (29:48):
Court, right, not necessarily.
Speaker 6 (29:51):
So there's a lot of speculation here that because the
Court of International Trade found unanimously and their three body
panel that the president does not have this authority. Now
when the twelve body panel of the Federal Circuit Court
hears that if they find a similar conclusion, the Supreme
Court might not be inclined to take up the case
even if the President appeals.
Speaker 8 (30:10):
So we have this really high tense battle that's there.
Speaker 4 (30:13):
But then we have brief us here on November, then
what happens.
Speaker 6 (30:18):
So let's say we're probably in the September time horizon
when the sec gives us a result, maybe even in
the next two or three weeks, is possible. They've been
moving really quickly. The President will appeal and all the
tariffs will be sort of in suspended animation unless they say, okay,
you can keep a mom while the Supreme Court continues
to discuss. Then the Supreme Court takes it up the
(30:40):
first week of October, and we maybe get an answer
from them at the late October period.
Speaker 8 (30:44):
So for investors, I guess the way to.
Speaker 6 (30:46):
Think about this is you have certainty that these AIPA
tariffs will be on through the end mid October at least,
but that could be pulled forward and it might be
stripped entirely, and then at that point we could do
an entire segment about the four million options that the
White House is looking at right now.
Speaker 8 (31:03):
But this is when we go to work, you know, do.
Speaker 6 (31:04):
We need a reconciliations bill, do we need a sanctions package?
Are they going to just act as if are they
going to try to get Congress to codify the ABA
tyres for them, which they do not have the votes
for so it's going to be a wild ride if
that comes to pass.
Speaker 5 (31:16):
Wow, I wasn't aware this whole court thing was taking place.
Lost the memory banks.
Speaker 4 (31:22):
I mean, you got the kegger out in the deck
of exactly right.
Speaker 2 (31:25):
Yep, of course it's nuts, folks, I have any idea
at least.
Speaker 5 (31:31):
So Henrietta, I'm going to ask this because I asked
every time we chat with you, and I don't do
it every time. I try to save it for once
every week or two. But where are the Democrats? Where's
a democratic voice today?
Speaker 8 (31:43):
There's not a unified democratic voice today.
Speaker 6 (31:45):
They are spread all around there trying to unify around
whatever they can grab. So I mentioned that they were
suspending the nominations over the weekend and not really coming
to an agreement.
Speaker 8 (31:55):
That's all over the Epstein files.
Speaker 6 (31:56):
And you could say it doesn't matter to wall straight,
and that's true, but it resonates on the on the
on Main Street, and it's in conversations across the country
and you can see that in the polling. So they're
trying to seize on something there. They are trying to
talk about the tariffs. You'll see that members are coming
out and now are increasingly sort of united around opposition
to tariffs, but they have a little bit of a
(32:18):
squishy headline. No surprise there that I'll say things like,
in some cases tariffs are helpful, but in this case
they're a tragedy, you know, So it's not really a
neat talking point, and they really need to. I think
what we're seeing in these town halls is that the people,
the actual American public, are focusing on the one big
beautiful bill, cuts to medicaid, cuts to snap and you
(32:39):
can see that in even Nebraska.
Speaker 2 (32:40):
Right now, Henrietta, Thank you so much, Henria. To Tre's
Veda Partners.
Speaker 1 (32:50):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Apple, Cockplay and Android Auto.
With the Bloomberg Business app, you can all so watch
us live every weekday on YouTube and always on the
Bloomberg terminal.
Speaker 2 (33:05):
The newspapers, here's Lisa Mna.
Speaker 9 (33:07):
Say, Okay, you might want to watch what you're saying
at your next work meeting because AI is listening, it's
taking notes. So just to let you know, a lot
more companies are using this note taking software and it's
catching every word. Even you know, the chit chat, you
know what you were doing over the weekend, or hey,
here's what I'm having for lunch or maybe something you
know personal. It's all being blasted out in you know.
Speaker 2 (33:31):
Your studio.
Speaker 5 (33:33):
Sure, who knows what's going on? You know, you have
to assume everybody's watching, everybody's listening.
Speaker 8 (33:39):
That's a good.
Speaker 2 (33:41):
Is it only is the software only on Zoom or
is it beyond Zoom?
Speaker 9 (33:46):
It's usually well they have zoom AI's companion. I think
Google has one too, But it basically like records everything.
There is a notice that lets you know it is
being recorded. So people aren't, you know, just being recorded
without knowledge of it.
Speaker 2 (33:59):
I hit someone tell me once, never start a meeting
if someone has a cell phone on the table faced down.
Speaker 9 (34:04):
Okay, that's that's.
Speaker 1 (34:09):
It is.
Speaker 9 (34:09):
But that's said, it's said, and some people are saying
it's an invasion of their privacy if they're talking about
personal things on the call.
Speaker 8 (34:16):
So that's that's the biggest.
Speaker 2 (34:18):
If we would ever talk about our.
Speaker 4 (34:19):
Children next, never, never.
Speaker 9 (34:23):
This is New York City's iconic flat iron building, right, Okay,
we've seen it, we know about it. Right the corner
of Fifth Avenue Broadway's twenty third Street. It is going
to be light up, lit up for the first time
in one hundred and twenty three years. You've seen it, right,
the scaffolding. It's a little bit of a nice to
wor yes forever, it seems like, But now the New
(34:43):
York Post is saying it. Later this year it's going
to be opened up as luxury condo apartments and they're
going to be pused.
Speaker 5 (34:50):
Sure about the building Madison Square, So it's going to
be it's going to be people.
Speaker 9 (34:56):
Live in it, luxury condo apartments, and it's going to
be lit up. It has about a thousand different new windows.
To check it out on YouTube if you're watching, there's
a rendering there. So if you're watching on YouTube, that's
what you can see. And so that's what it looks like.
It got the approval from the Landmarks Preservation Commission, so
it looks really nice.
Speaker 5 (35:17):
Well, you know, when that building was built, it was
the tallest skyscraper in Manhattan.
Speaker 9 (35:21):
Correct, Yes it was, It definitely was. But now it's
history making, so it'll be lit up like a Christmas tree. Okay,
so we've been talking about Palenteer earnings, right, but it's
what executives are saying during the earnings call that has
people in elite education a little like, what are they
talking about? So on the call, executives basically said, once
(35:42):
you come to the company, you're a Palanteerian. No one
cares about where you went to college. So the CEO
kind of put it out there. He said, we're making
new credential, independent class and background at Pallenteer. And it's
kind of following along the lines of what other Silicon
Valley founders investors have said. You know, they've kind of
rejected higher education a favorite non traditional paths like going
(36:05):
to Palenteer or finding a company out of high school,
things like that. So I kind of put this light
on elite education.
Speaker 2 (36:11):
I mentioned people, yes this is gospel. One is Michael
Bloomberg and the others James Diamond. When I came here,
they read me the Riot Act about fancy schools. They
didn't care about I did this, I did that, you
know whatever. It's it's a cultural thing and we've lived
it at Bloomberg. I mean, it's Benzess great. So Palenteer's
(36:32):
doing the same thing.
Speaker 9 (36:32):
So Palenteers CEO is saying the same thing. You know,
we don't care about the fancy education where you come from.
You know you're here to learn the palatina.
Speaker 2 (36:41):
I guess my mother called it Harvard on the brain.
Lisa Matteo, thank you so much, greatly, greatly appreciate smart
newspapers this morning, Lisa, Lisa Matteo, the newspapers.
Speaker 1 (36:53):
This is the Bloomberg Surveillance podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each weekday,
seven to ten am Eastern on Bloomberg dot Com, the
iHeartRadio app, tune In, and the Bloomberg Business app. You
can also watch us live every weekday on YouTube and
(37:14):
always on the Bloomberg terminal
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