October 6, 2025 • 32 mins
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyOctober 6th, 2025
Featuring:
1) Steve Chiavarone, Deputy CIO: Equities at Federated Hermes, joins to discuss finding value in what he considers a reaccelerating economy. US equity futures rose as investors bet that a resilient economy and Federal Reserve easing will continue to support corporate earnings.
2) Jordan Rochester, Head: FICC Strategy EMEA at Mizuho, talks the market implications of political turmoil in France and Japan. Japan’s Nikkei 225 index jumped to an all-time high as Sanae Takaichi was in line to become Japan’s next prime minister. European stocks dropped, with France’s CAC 40 benchmark plunging more than 2% amid fresh political turmoil.
3) Curtis Sliwa, Republican candidate for NYC mayoral race, on his candidacy, fundraising, and policies in his campaign for NYC mayor. Support for Republican Curtis Sliwa has mostly tallied in the low double digits, putting him in third place behind the former Democratic governor Andrew Cuomo, who’s running as an independent, and Democratic nominee Zohran Mamdani.
4) Lisa Mateo joins with the latest headlines in newspapers across the US, including Bloomberg's story on Taylor Swift's album release party and WSJ's report on why grown-ups are trading happy hour for field day activities.
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 car Play or Android Auto with the Bloomberg
Business App. Listen on demand wherever you get your podcasts,
(00:25):
or watch us live on YouTube.
Speaker 2 (00:27):
Demon shivererbu Fedator has perfect to speak to you this morning.
Is there a melt up out there?
Speaker 3 (00:33):
I think we're headed higher. I mean, I'll start there.
I mean, I think there's a couple of things going on. One,
you know, on the tech front, people have been waiting
or worrying about when tech capax is going to peak,
and I think the amald the AMD deal today is
another reminder that we're not there yet. And then I
think when you look at the rest of the market,
and we just did this exercise, earnings estimates are not
(00:56):
only holding in and rising, but we think they're still
too low and likely to have even higher. And I
think that is driving markets higher. When you have an
environment tom when rates are coming down and earnings are accelerating,
equities go higher.
Speaker 4 (01:10):
So okay, so equities go higher.
Speaker 5 (01:12):
One of the underpinnings of that bullish call here is
the Federal reserve. How do you think the Fed's going
to proceed from here? We got that one twenty five
basis point cut, which was welcomed.
Speaker 4 (01:21):
Where do we go from here?
Speaker 3 (01:22):
Do you think, well, they can't very well be data dependent, right, Yeah,
that's right, we're not. We're not getting a whole bunch. Look,
you know, what we've said is that you've had kind
of two economies. You've had the high end consumer, you've
had tech, and you've had tech gaffex and it's doing fine.
The rest of the economy has essentially been in a recession,
whether it's shipping, whether it's small business, whether it's housing,
whether it's autos, whether it's the low and mid end consumer.
(01:44):
And I think that that is becoming the primary focus
of the FED, particularly as it's affecting labor markets and
they're slowing. So, you know, we've always been of the
belief that a slow, steady path to neutral made the
most sense. We thought they would start that or continue
that path in the first part of this year. They
took a six month break. We think they're now resuming
that path. So we expect twenty five in October, twenty
(02:06):
five of December, and then three twenty fives next year.
Speaker 2 (02:08):
If we stay, we don't see exuberance. Is it just
one big overt or subtle short cover that's going on
right now? And even if it wasn't a blatant shorts,
people that said I'm not going to participate, and here
they are in October going damn, I got to get in.
Speaker 3 (02:27):
We said back in April that what we would see
is a slow, soul crushing grind higher. And what you
had is you had this kind of perfect mix of
extreme and sudden bearishness that hit in April. Kind of
folks that are always bearish that finally saw come upance,
people that are bearished for political reasons, people that were
(02:48):
bearish on tech, and when they jumped into that bearish
kind of pond in April, and then you started to
see things get better. You started to see progress on
one big beautiful bill. You saw some certainty around tariffs.
We said that they would slowly be drawn in as
the fundamentals took over. I think that's just what we're seeing, Tom,
is that you can't be wrong all year.
Speaker 5 (03:09):
How about this market in terms of concentration, Steve on
the equity side, here, is that a concern too, that
we've had that concentration seemingly for several years now.
Speaker 3 (03:20):
Yes, But what I'd say is, if you look underneath
the hood, particularly over the last couple of months, you've
seen small caps assert themselves.
Speaker 4 (03:27):
Small caps out performed by six percent.
Speaker 3 (03:28):
In August and are holding their own again.
Speaker 4 (03:30):
You know here as we get into.
Speaker 3 (03:31):
October, I think you see some of the early cyclicals,
whether it's the home builders, whether it's some of the
shipping names, the market is acting early cycle. There's elements
of the market that are early cycle beat up plays
that are starting.
Speaker 4 (03:44):
To get off the mat.
Speaker 3 (03:45):
So am I worried about concentration, not now, but I
do want to see it broad now within the.
Speaker 2 (03:50):
Core federated approach, which is the iconic images of Steve
Us and Steve Chiver. It's about free cash flow growth rate.
Here anybody telling me it's broken. It is the financial
system that generates free cash flow still in place. It is.
Speaker 3 (04:09):
And I think the question is, and this is where
it gets interesting, Tom, is you know, the story for
the last couple of years has been about pre cash
flow generation and asset light businesses. What we've seen is
amongst these mag seven all of a sudden they're becoming
capex heavy, right they're not as asset light as they were,
and now the market's been willing to reward that.
Speaker 6 (04:29):
Right now.
Speaker 3 (04:30):
We'll see if that continues. It's incumbent upon them to
continue to demonstrate, and they have the last couple of
quarters that there's a return on that invested capital. And
as long as that's the case, I think these names
continue to power higher.
Speaker 2 (04:42):
One more question, what do the Yankees need to do to.
Speaker 4 (04:45):
Get back home?
Speaker 3 (04:46):
I think the Yankees need to get organizationally, back to
playing good baseball, moving runners over, having productive outs, getting
ahead in the count. I think they need more changes
than what's going to happen over the says.
Speaker 2 (04:58):
This is pre gardener you're talking about.
Speaker 3 (05:00):
I'd like to see some good old fashioned, fundamental baseball
allah the Joe Tory Don Zimmer years, But I don't
think it's in the career.
Speaker 2 (05:06):
Go see he said that because he saw how I
fit my buss. Yeah, it sucks. Checker like dun Zimber,
Steve Shivone, go away, Steve Shiver over. This is federated.
Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1 (05:28):
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, or
watch us live on YouTube.
Speaker 2 (05:40):
First name I requested here with a blow up in
Japan of LDP shocking with the reaffirmation of abbe politics.
Yes she's the first woman, but far more she loves
Iron Maiden and black Sabbath. Wow, A conservative members looks
like they'll be appointed here in a couple weeks. Minister
Suna Takichi. Jordan Rochester joins us with the return, let
(06:04):
me get this out of the way as quick as
I can. Can you give a target on yen right now?
Is this an opportunity for strong yen at one fifty?
Speaker 6 (06:14):
I think that is a good A good question, Tom.
Speaker 7 (06:16):
I think it is so that this is going to
be counterintuitive to many people who've been listening channelists.
Speaker 6 (06:21):
Probably.
Speaker 7 (06:22):
Sanae Takeichi is a disciple of armenomics, and armenomics typically
means higher dolly En. However, she's been neutralized in terms
of her pulsive views because the LDP have lost a
lot of seats the ARME faction itself has lost a
lot of seats, so I don't think she's going to
be the big fiscal spender, the big monetary eas that
Abe was. Japan has an inflation problem, so I think
(06:43):
we actually go back down to one forty two in
dolly En. The timing of that has been delayed, of course,
but I think that that's still going to be a
late Q four Q one story.
Speaker 2 (06:50):
Okay, so there's the fair Fax. We're going to switch
gears here today and talk about politics of Japan and
what it means for Americans, and I quite Jordan Rochester
of Mizuo with Robert Feldman and Morgan Stanley with an
extraordinary perspective on Japan. The bottom line, Jordan is I
see price down in bonds, yield up. What does that
(07:13):
mean for the financial system of Japan.
Speaker 7 (07:18):
Well, it's the ultra long end where the yields have
gone up the most. This is the part of the
JDB curb which has probably the least amount of demand
now from domestic investors. For the first time in the history.
I've been watching this part of the curb. And who's
buying it? Tom, it's actually foreign investors. A large amounts
of American investment into this long end over fifty to
nearly sixty percent of the trading volume in the ultra
(07:40):
long end, which is anything that's from around twenty to
thirty year JGBS is traded by foreigners, and what they
demand when they have this uncertainty, they demand a high yield,
lower price. So that's been a big driver of that.
But for the front end of the curve and for
the Japanese financial stability, I don't think it's going to
be too big of a risk right now because the
sort of front end has been much more well behaved
(08:03):
and the market is treating this as a cautious Bank
of Japan hiking cycle rather than being two behind the curve.
At one point the market might start to say that,
and indeed the long end it might be implying that.
But right now, the market's been very kind to the
BOJ and Japan. And yes we've lowered the pricing for
BOJ redwigs, but you've got the nickeye at the historical highs.
Speaker 2 (08:23):
I was shocked at the reporting today and the immigration
into Japan. The delta here, thank you CFR Sheila Smith.
Over it's comes on foreign relations. Is there a seismic
immigration migrant change in Japan that underpins this Jordan Rochester.
Speaker 7 (08:42):
You've actually seen a big increase in the number of
foreign workers in Japan. So it's close to three point
eight percent four percent of total employees in Japan are
foreign born, and this is because of the demographic problem.
Roughly around six hundred thousand people less in Japan due
to more deaths than births is right here and now,
and that could be rising to a million in a
(09:04):
decade or so. So Japan needs immigration to fix that gap.
But you have now elected a conservative PM. She's conservative
in her ideals. And there's also another party called the
Sansato Party in Japan, which is essentially a position which
is not as pro immigration as the other parties are.
So there is a back clash to the rise in immigration.
There is a backlash to the rise in tourism as
(09:24):
well culturally, and that's taking place in Japanese politics.
Speaker 5 (09:28):
So, Jordan, I'd love for you to just to kind
of summarize or synthesize for our listeners, our viewers who
aren't really familiar with Japanese politics what this win by
Miss Tagichi means for Japan.
Speaker 7 (09:44):
Pretty much for most of Japanese modern history. The LDP party,
which is she is now the leader of, has been
in charge only for a few periods, have they not,
And it's usually between the different factions of the LDP
that policy agendas are determined which which faction is larger
in the vote share and take she stands out as
soon who's quite different. She's not from a political dynasty.
(10:07):
She is more of an ordinary person in terms of
she doesn't naturally belong to any of those factions, so
she has the ability to negotiate between them all. But
she does have very strong opinions on her political policy front,
such as higher fiscal spending. She said it was essentially
going to be inevitable that there'll be high levels of
deficit financing bonds. She also is more dubbish on monetary policy.
(10:31):
She said it was foolish last year for the Bankpan
to raise rates. So you have a leader who regards
her south now as the Iron Lady of Japan.
Speaker 6 (10:40):
She's a big fan of Margaret Thatcher in the UK.
Speaker 7 (10:42):
As a result, Take she so sane nomics you'll hear
a lot more about is very similar to arb nomics,
but she doesn't have a mandate. So the LDP is
actually struggling in the polls. They had an election last year,
they had an Upper House election this year, they lost
a lot of seats. Their usual ability to pass policy
based on the leader who's in charge, it's not possible
(11:05):
without a coalition partner. So they're looking at all these
smaller parties who are much smaller in size than the
LDP to try and find a sort of cohabitation. But
I think the endgame really is that Takeichi will hope
that she has a bounce in her polling and she
will probably look to call an election, probably not this year,
but if the polls bounce for her, it will be
next year and hopefully she gets that majority will be
(11:27):
the aim for that Prime Minister. Sheba, the outgoing prime minister,
tried the same trick and failed. Unfortunately, they lost seats
in that snap election that was called, so it's not
guaranteed that election equals seats gained, but takichbu following the
polls to see if that could happen.
Speaker 5 (11:44):
Let's go to the other side of the world here, Jordan.
What's going on in France. We see the euro a
little bit weaker here and what are you hearing from
your clients about maybe some of the turmoil or just
unsettled nature of the French politics.
Speaker 7 (12:00):
In French, you'd say, alapubel in the trash, goes one
prime minister and here comes another.
Speaker 6 (12:06):
We don't know who the next prime minister will be.
Speaker 7 (12:09):
I think France is now in their fifth primester, fifth
prime minister in just a few years.
Speaker 6 (12:12):
I'm struggling to keep count. We're having a mixture of ideas.
Speaker 7 (12:16):
Being floated around by clients and in the market there
is obviously the idea that another prime minister will be chosen,
another technocratic choice. The problem is that the parliament is
very divided, the public is very divided, and it feels
like this is boiling up to the need to have
another election. And that's what's adding to the risk premium
in the French oats. This parliament doesn't really have a mandate.
(12:38):
The parties within the parliament can't agree to with each other.
Speaker 6 (12:42):
You need the public to decide.
Speaker 7 (12:44):
And whilst the frustrating thing is we look at opinion
polling and the opinion polling suggests that we'll roughly get
the exact same outcome for the parliament, but that's now.
It might be the case that once this election is triggered,
the polls change and we do get a sort of
direction in which way they want to leave. Do they
want to lean center left or center right. But in
answer to the question, I think that it's very difficult
for oats to perform here when you don't hear the
(13:05):
primester is and you don't know if there's going to
be an election, and I think that we'll be down
the line.
Speaker 2 (13:09):
Brilliant joining us, just brilliant. Thank you so much, greatly
appreciate it, Stay with us. More from Bloomberg Surveillance coming
up after this.
Speaker 1 (13:24):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
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say Alexa play Bloomberg eleven thirty.
Speaker 2 (13:41):
We digress here to a really important interview, and I
would suggest an important national interview if we assume that
we have fractured politics, as it were some France or Japan.
Hello man, Okay, maybe New York City's are templated for
US joining is someone who is the all within New
(14:02):
York City Courtiously, what joins us now candidate for mayor, always, always,
forever affiliated with the GOP and the Republican candidate. First
of all, I look at any kind of polling and
I'm sort of surprised that you're just sub twenty percent.
Have you ever polled this high? Is this a normal polling?
Speaker 4 (14:23):
I think at this point.
Speaker 8 (14:24):
I think at this point of the election cycle, yes,
because they're just polling Republicans who are only ten percent
of the electorate. So we're talking independence that they don't poll.
Sometimes they do, and I do incredibly well with them,
some moderate Democrats. And then remember I have an independent
line that nobody has factored in, Protect animals, no kill,
(14:45):
shelter's animal abuses in jail, very popular with women who
rescue animals, and naturally they're not heard from in the polls.
Speaker 2 (14:53):
I look at the New York Times. They got fancy
buttons I can press. I'm not a sophisticated this curtis
like Paul Sweeney is. But if I x Adams, think
of a tab where I can take him out, ye,
and I do the math Courtislee what plus Andrew Cuomo.
Guess what. It doesn't equal Zeri Mandami, but it comes
pretty close. What's the tension you see now of the
(15:16):
summation of the governor and you were the upstart candidate
of the left.
Speaker 8 (15:21):
We all know the polls have been wrong every step
of the way, been totally wrong.
Speaker 4 (15:25):
Remember two months go back to Iowa. Oh no, no,
that's just.
Speaker 8 (15:29):
Two months into the Democratic primary they were preparing the
coronation of Andrew cmo as our next mayor. Forty points
ahead is Johann Mondami. He lost by thirteen points. I
look at my mentor in this rate, George Bataki on
November two of nineteen ninety four against the better Cuomo Mario.
They had him down by twelve points. He won by
(15:50):
three points. The day before the election was no early
voting back then. It was either a vote November fourth,
raps seen the team valor or that's it. Look at
the Trump election over Harris, it was supposed to be
neck and neck. He not only won the popular vote,
he won the seven battleground states. I don't put any
any trust in these polls. I know what I feel
(16:11):
in the streets. I'm in the outer boroughs. You look,
I have ten headquarters. I have signage everywhere. I don't
see signage at all for Cuomo. So Cuomo's whole vote
is based on fear. Nobody likes this guy. Everybody knows
he was the author of no cash bail, raised the
age he wants to close, right because he and Zoron
Mondami when it comes to law and order are two
(16:31):
peas in a pod. And then he talks about prostitution.
Zoron is in favor of legalized prostitution, but the governor
at the time, CuMo signed the legislation to enable people
to go out into the streets and sell their bodies.
Speaker 4 (16:45):
So I don't see any.
Speaker 8 (16:46):
Differentiation at all between Cuomo and Johan Mondami.
Speaker 5 (16:50):
What is your message New York City residents these last
days of the campaign.
Speaker 8 (16:54):
I am the only candidate GOP candidate that wants to
slash taxes, corporate tax, income tax, especially the property tax,
which a mayor does hold sway over and the Citizens
Budget Commission said, I'm the only one who's talking about
fiscal constraint one hundred and eighteen dollars billion budget for
the city and there are no cuts. Cuomo and Zoron
(17:17):
would actually increase it. I would take ten billion dollars
right out of the Department of Education, which is all
being spent on the bureaucracy, start cutting the Department of
Buildings and get fiscally reliant on people like Larry Kudler,
who's my advisor, George Bataki who did that as governor,
and then Rudy Giuliani, who is the best law and
(17:38):
or a mayor we've ever had in the City of
New York.
Speaker 4 (17:40):
Now those are three titans.
Speaker 2 (17:42):
This came up this weekend. I said, I got sleeve
on Monday. They said, you got to ask him his question,
Mayor Sliwa with the city council, can you get along
with the city council to get things done?
Speaker 7 (17:54):
Well?
Speaker 8 (17:54):
The benefit of my life is that I spent thirteen
years raising two boys with Melinda Katz, who was a
city council person for twelve years, head of land Use.
She's now the Queen's Democratic DA. She taught me how
you get along with city councils. To do that, it's
called discretionary funds. You go into the district, they beat
you up. You meet with the staff because the staff
(18:14):
does all the work. Remember the elected officiacys. Because the
electeds are always dialing for dollars, shaking people down for
political contributions, and then you say, I just want one
vote from you, and I get you your discretionary funds.
You're looking for a new park, you're looking for a
new playground, you're looking.
Speaker 4 (18:33):
For capitalist politics, a trade.
Speaker 8 (18:36):
I get one vote that I desperately need to show
that there is dialogue even with those who are considered liberal, progressive,
democratic socialists of America. If you don't do that, no
matter who the mayor is, you're not going to be
able to get the City Council in a majority way
to back any of your initiatives.
Speaker 4 (18:55):
You'll be impotent.
Speaker 8 (18:56):
As Eric Adams says, now, because Adrian Adams, to speak
of the Council is the real mayor of the City
of New York.
Speaker 5 (19:03):
What's your policy for which is an issue that's very
closely intertwined homelessness and crime in New York City. What's
your policy?
Speaker 8 (19:11):
Well, homelessness, I deal with emotionally disturbed in the subways
because I'm the only candidate that actually rides the subways, campaigns,
takes the buses, the express buses that six million New
Yorkers and others who at one point of the day
or night are using mass Trandsit I've been dubbed by
the Staten Island Advance the mayor of mass transportation. We
need to get the homeless into the shelters, but we
(19:33):
have to make the shelters safe now they're not. It's
like Darwinian survival or the fittest. And we need to
get the emotionally disturbed in state mental hospitals, the very
hospitals that Andrew Como cleared from forty thousand beds down
to four thousand before he fled fearing impeachment to the hamptage.
Speaker 2 (19:50):
For you, courteously, for all of you across America, good morning.
He is a Republican candidate in a fractured New York
City mayoral contests. Let me quote exact actly from AI,
because that's the way we roll Curtis. In the twenty
twenty one New York City mayoral election, Curtis Leewa received
twenty one percent of the vote in the Bronx. I
(20:13):
would suggest President Trump stunned the nation with his minority
success in the last election. Do you need that to win?
How are you going to get the minority vote? And
everybody thinks they don't go near you. Come on, you
get twenty one percent in the Bronx. How do you
improve that?
Speaker 8 (20:31):
Everybody knows that Curtis Leewa is a Republican who can
go into a three hundred and fifty neighborhoods in some
of which the only Republican they've ever seen is Abraham
Lincoln on a fight dollar bill. I've led a group
of Guardian Angels in a predominantly plaque in Hispanic. I'm
polling now at about thirty percent in the Bronx. Remember,
Eric Adams was supposed to be the new face of
(20:51):
the Democratic Party that I ran again.
Speaker 2 (20:53):
Is moum Donnie the new face of the Democratic Party?
Speaker 8 (20:56):
Well, let's face it, the Democrats allowed the fox into
the she can coop, first with Bernie Sanders and AOC
and now Johann Mandami. I blame Adams, I blame Cuomo.
I blame the Democratic establishment because they have surrendered their
party to socialism, and I am the only one who
is advocating capitalistic policies, cutting taxes, cutting the budget, law
(21:20):
and order. We live in a city where we're best
known around the world for locking up toothpaste and not
locking up criminals, now, who does that?
Speaker 4 (21:28):
That's the Democrats.
Speaker 2 (21:29):
You got to run like fifteen times to get a
line like that. I mean that's great, locking.
Speaker 5 (21:33):
Up toothpaste immigration. What's your views on immigration here? This
is a city that's got a history of supportive of immigration.
We've got a statue out there in the bay there.
Speaker 4 (21:45):
What's your view?
Speaker 8 (21:46):
Well, many of the migrants now are essential workers in
the restaurant industry and the hospitality industry. If you start
snatching them up because they're not wanted for crimes committee
either the country or origin or here, then you're going
to depleting that workforce. I have three sons. None of
my three sons would do that kind of work. Now
you go after, as Trump call them, the bad ombrage,
(22:08):
the drug dealers, the sex track case, the cartel runners. Yes,
and Ice was being applointed when they first did that.
Speaker 2 (22:16):
But your card here, maybe Adams could say the same thing.
I don't buy it. But your card is you've got
a special relationship with President Trump. With what we see
in Chicago, Portland, LA. Give me some other towns.
Speaker 4 (22:30):
Paul, they're out piling all people, Memphis, people in New York.
Speaker 2 (22:34):
I know from personal experience, are scared if they're migrants, immigrants,
Green card holders to go out in the street. What's
your relationship with President Trump that will make New York
City not Chicago.
Speaker 8 (22:48):
Not La First of all, I'm leader of the Guardian
Angels with groups in every one of those cities you mentioned,
and they need the National Guard.
Speaker 2 (22:55):
We don't.
Speaker 8 (22:56):
Kathy Hulkel, the Governess sent a thousand National guardsmen into
the subway last year when we had a crime crisis.
We're okay in that regards. Focus on the really crime
ridden cities. I would have dialogue when not only President Trump, respectfully,
but the members of his cabinet preemptively, when you see
something is coming in your direction, you've got to meet.
(23:17):
You're not gonna win, You're gonna try to sort of
as we would say in Italian medici me poco poco
half and half. The Trump administration will get some of
what they want, hopefully the city will get some of
what they want. But when you have Zoran Mandami and
Andrew Comos saying I'm gonna fight Donald Trump, guess what
you're gonna lose if you fight the President of the
(23:38):
United States, because he holds the purse strings.
Speaker 5 (23:41):
What do you make of the rise ofs from Mamdani here.
Speaker 8 (23:44):
It is simply because the Democrats were asleep, like Rumphel
still skin.
Speaker 4 (23:48):
I saw Zoron Mandami.
Speaker 8 (23:50):
He was out organizing votes for Democratic Socialist candidates.
Speaker 4 (23:54):
They know how to get their vote out.
Speaker 8 (23:56):
The moderate Democrats are now dependent on Republicans, Conservatives and independence.
It's over for the moderate Democrats. They've sacrificed, They've waved
the white fleck. They don't even primary the liberals, Progressives
and the Democratic Socialists of America. They're afraid of them.
I'm not afraid of them. I stand up to them.
Speaker 2 (24:14):
If we assume that mister Mumdami is getting out an
original vote, I mean he's getting out people. You know,
there's a stereotype have never voted before. How do you
get out the sleeve of vote of Democrats? You can't
do this, just unders How do you get out that
vote like Mamdami's getting out these first time.
Speaker 8 (24:33):
Voters because I'm out in the streets. You see the
headquarters in ten neighborhoods, you see the plackage everywhere. I'm
the law and order candidate. A lot of moderate Democrats
of the law and order. They're not for Angel camel
I was in.
Speaker 2 (24:45):
I want you to do this one zero zero two nine,
one hundred and tenth Street, Spanish Harlem. That post office
between Third and Les. You walk in that post office,
everybody in there is some form of first or second
General regent Immigrant. What do you say to those people
to get them to vote for Lincoln's party?
Speaker 4 (25:05):
Wow?
Speaker 8 (25:06):
Law and order right, they're against no cash bail. They
want to raise the age lowered back to sixteen because
now we have all these juveniles doing drive by shootings,
and they want Rikers.
Speaker 4 (25:17):
Island kept open.
Speaker 8 (25:18):
Why is Cuomo and Zorahan Mandami wanting to close Rykers Island?
Speaker 4 (25:22):
Where are they going to put inmates.
Speaker 8 (25:24):
They're going to be cut loose and they're going to
just terrorize people in the streets. And remember the number
one number of workers in New York City of women.
Talk to the women. They're going the subway, they're being
sexually harassed, they're being perved on. They're afraid to go
out at night. They can't afford taking yellow cabs, ubers
and lyfts, and nobody is talking about what women have
to go through in New York City. I know because
(25:45):
my wife, who's an e attorney, has explained it and
has done my very first commercial about the plight of
women being victims of random attacks? What random attacks? This
is being directed at women and they're not being protected.
Speaker 2 (25:58):
There's a lot of talk aboutancial support. What financial support
do you have for the next twenty day dash to
the election?
Speaker 8 (26:05):
I have collected actually in the three the last three
quarters average donation one hundred and nineteen dollars more matching
funds than Johann Mandami, Cuomo and Eric Adams combined. We're
talking about donations from New York City residents. The others
are getting their money from out of state. I would
take the money of the local New Yorker who obviously
(26:27):
is putting their reputation on the line. When I'm getting
an eight to one match, and I'm on TV, and
I'm in the neighborhoods and have the money to run
a campaign, people.
Speaker 2 (26:36):
Want our news reporters want to know, are you even
considering dropping out the shift this campaign?
Speaker 4 (26:41):
You know what?
Speaker 8 (26:42):
Talk to the dropout King who dropped out against Carmacall
running for governor Andrew Cuomo, who dropped out and fled
to the Hamptons because he feared impeachment Andrew Cuomo. Did
Donald Trump flee to mar A Lago because he feed impeachment?
Speaker 4 (26:55):
Did Donald Trump flee to.
Speaker 8 (26:57):
Mari A Lago because he was the victim of law
fair by Alvin Bragg and Tiss James.
Speaker 4 (27:02):
No, he showed up in Caught each and every day.
Camo is a coward. He's the only one who's ever
dropped out.
Speaker 2 (27:09):
Thank you for joining Bloomberg this morning, Curtis Leiwa. Of course,
may Earl Kennedy here. We hope to get all of
the candidates in here as we dashed the first Tuesday
of November. Stay with us. More from Bloomberg Surveillance coming
up after this.
Speaker 1 (27:31):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Apple Corplay and Android
Auto with the Bloomberg Business app. You can also watch
us live every weekday on YouTube and always on the
Bloomberg Terminal.
Speaker 2 (27:45):
Foundational Today, Lisa Mateo doing newspapers way too early, Lisa,
what do you have?
Speaker 4 (27:49):
All right?
Speaker 9 (27:50):
I want to start in the weight loss drug space. Okay,
did you know you can now get ozembic and we
go vi at costco I'm telling you it's happening. You
can get toilet paper and your weight loss drug is
all in one shopping trip.
Speaker 4 (28:03):
Okay.
Speaker 9 (28:04):
Their drugs are being sold at pharmacies in the US
at Costco blow sticker prices. How much will they cost? Okay,
so Costco members are going to pay an out of
pocket price at about four hundred and ninety nine dollars
a month.
Speaker 4 (28:16):
Now, if you go to.
Speaker 9 (28:17):
Novo's website, you can get it for the same price.
You can also get it for that price at CBS
and Walmart. But this is just adding another way that
people can get their hands on these weight loss drugs.
Speaker 4 (28:27):
So no longer is it still prescription though? Right? Yes? Correct,
prescription still prescription.
Speaker 2 (28:32):
If you come in you can load up on six
or seven hot dogs, yes.
Speaker 4 (28:39):
But you won't be friends exactly. Maybe they're the hot dog.
Speaker 9 (28:42):
Things might go down because people are taking more zip scovi.
I don't know.
Speaker 4 (28:47):
Attention to the next.
Speaker 9 (28:48):
Okay, more housing could be coming to your New York City.
This one's interesting. So New York City proposing this huge
rezoning in an area of western Queens Long Island City.
It was once later for this big am on warehouse
that got shot down. Okay, So now look ahead seven
years later to today, and it's a bigger project. Rezoning
(29:08):
would allow private developers to build fifteen thousand apartments across
fifty four blocks. Right now, it's filled with warehouses and
a parking lot. But a vote on the city Council
expected at the end of the month. So we're going
to see pretty soon how much more housing can come
to New York City.
Speaker 5 (29:24):
And the city needs it, right, I mean, it just
seems like there's just the every story I see is
rents up, up, up, up, and never go down, except
for like fifteen minutes during the pandemic, right went down,
and then that was it.
Speaker 4 (29:35):
Okay, all right, And.
Speaker 9 (29:37):
This last one it took me back to my I
guess elementary school years.
Speaker 4 (29:41):
I used to love field day, Okay. It was a
big thing.
Speaker 9 (29:44):
You pit one class against another, you go against you know,
track races and hopscotch and tuger war in Ductukso so okay,
you get it now. Okay, So the Wall Street Journal
is saying a lot more adults instead of Happy Hour,
they're doing these field days. That's so they're going to parks. Okay,
they're tauntsing water balloons. They're hopping around with sack races.
(30:06):
It's a hot new thing for like birthday parties and
bachelorette parties. They're happening all over. Alcohol is involved. I
just want to put it out there. But the problem
is a lot of people are getting hurt because they're.
Speaker 2 (30:17):
Weekend Well yeah, but it's like weekend warriors.
Speaker 4 (30:20):
Correct.
Speaker 5 (30:20):
We look at this quote here. A lot of my
friends talk about how we just feel old. This person
says he's twenty five. Twenty five, Sit down, geez all right.
Speaker 4 (30:31):
I just put it on a word for jarts charts.
Speaker 2 (30:35):
You don't know what charts is?
Speaker 4 (30:36):
Which charts?
Speaker 2 (30:38):
Oh? No, charts two rings And it's like you just
throw the jart thing up in the air of the
weight and you try to get it in the hole
like Corse, and then you take a sip of genesee cream.
Speaker 4 (30:53):
Again.
Speaker 9 (30:53):
That's what they did back in the Please Squeeze one. Okay,
gotta do it. Taylor Swifts album Least Party. We talked
about it on a Friday. It topped the box office,
the highest grossing picture in North America this weekend, thirty
three million ticket sales, additional thirteen million internationally. Do you
know what it beat out in its debut, Dwayne the
(31:14):
Rock Johnson's The Small Machine. And I couldn't even bring
those tickets sales up myself. But yeah, she she, I'm
telling you, thank you.
Speaker 2 (31:26):
For doing the newspapers. Get back to the news. The businesses,
Lisa just extraordinary.
Speaker 1 (31:31):
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
(31:52):
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 car Play or Android Auto with the Bloomberg
Business App. Listen on demand wherever you get your podcasts,
(00:25):
or watch us live on YouTube.
Speaker 2 (00:27):
Demon shivererbu Fedator has perfect to speak to you this morning.
Is there a melt up out there?
Speaker 3 (00:33):
I think we're headed higher. I mean, I'll start there.
I mean, I think there's a couple of things going on. One,
you know, on the tech front, people have been waiting
or worrying about when tech capax is going to peak,
and I think the amald the AMD deal today is
another reminder that we're not there yet. And then I
think when you look at the rest of the market,
and we just did this exercise, earnings estimates are not
(00:56):
only holding in and rising, but we think they're still
too low and likely to have even higher. And I
think that is driving markets higher. When you have an
environment tom when rates are coming down and earnings are accelerating,
equities go higher.
Speaker 4 (01:10):
So okay, so equities go higher.
Speaker 5 (01:12):
One of the underpinnings of that bullish call here is
the Federal reserve. How do you think the Fed's going
to proceed from here? We got that one twenty five
basis point cut, which was welcomed.
Speaker 4 (01:21):
Where do we go from here?
Speaker 3 (01:22):
Do you think, well, they can't very well be data dependent, right, Yeah,
that's right, we're not. We're not getting a whole bunch. Look,
you know, what we've said is that you've had kind
of two economies. You've had the high end consumer, you've
had tech, and you've had tech gaffex and it's doing fine.
The rest of the economy has essentially been in a recession,
whether it's shipping, whether it's small business, whether it's housing,
whether it's autos, whether it's the low and mid end consumer.
(01:44):
And I think that that is becoming the primary focus
of the FED, particularly as it's affecting labor markets and
they're slowing. So, you know, we've always been of the
belief that a slow, steady path to neutral made the
most sense. We thought they would start that or continue
that path in the first part of this year. They
took a six month break. We think they're now resuming
that path. So we expect twenty five in October, twenty
(02:06):
five of December, and then three twenty fives next year.
Speaker 2 (02:08):
If we stay, we don't see exuberance. Is it just
one big overt or subtle short cover that's going on
right now? And even if it wasn't a blatant shorts,
people that said I'm not going to participate, and here
they are in October going damn, I got to get in.
Speaker 3 (02:27):
We said back in April that what we would see
is a slow, soul crushing grind higher. And what you
had is you had this kind of perfect mix of
extreme and sudden bearishness that hit in April. Kind of
folks that are always bearish that finally saw come upance,
people that are bearished for political reasons, people that were
(02:48):
bearish on tech, and when they jumped into that bearish
kind of pond in April, and then you started to
see things get better. You started to see progress on
one big beautiful bill. You saw some certainty around tariffs.
We said that they would slowly be drawn in as
the fundamentals took over. I think that's just what we're seeing, Tom,
is that you can't be wrong all year.
Speaker 5 (03:09):
How about this market in terms of concentration, Steve on
the equity side, here, is that a concern too, that
we've had that concentration seemingly for several years now.
Speaker 3 (03:20):
Yes, But what I'd say is, if you look underneath
the hood, particularly over the last couple of months, you've
seen small caps assert themselves.
Speaker 4 (03:27):
Small caps out performed by six percent.
Speaker 3 (03:28):
In August and are holding their own again.
Speaker 4 (03:30):
You know here as we get into.
Speaker 3 (03:31):
October, I think you see some of the early cyclicals,
whether it's the home builders, whether it's some of the
shipping names, the market is acting early cycle. There's elements
of the market that are early cycle beat up plays
that are starting.
Speaker 4 (03:44):
To get off the mat.
Speaker 3 (03:45):
So am I worried about concentration, not now, but I
do want to see it broad now within the.
Speaker 2 (03:50):
Core federated approach, which is the iconic images of Steve
Us and Steve Chiver. It's about free cash flow growth rate.
Here anybody telling me it's broken. It is the financial
system that generates free cash flow still in place. It is.
Speaker 3 (04:09):
And I think the question is, and this is where
it gets interesting, Tom, is you know, the story for
the last couple of years has been about pre cash
flow generation and asset light businesses. What we've seen is
amongst these mag seven all of a sudden they're becoming
capex heavy, right they're not as asset light as they were,
and now the market's been willing to reward that.
Speaker 6 (04:29):
Right now.
Speaker 3 (04:30):
We'll see if that continues. It's incumbent upon them to
continue to demonstrate, and they have the last couple of
quarters that there's a return on that invested capital. And
as long as that's the case, I think these names
continue to power higher.
Speaker 2 (04:42):
One more question, what do the Yankees need to do to.
Speaker 4 (04:45):
Get back home?
Speaker 3 (04:46):
I think the Yankees need to get organizationally, back to
playing good baseball, moving runners over, having productive outs, getting
ahead in the count. I think they need more changes
than what's going to happen over the says.
Speaker 2 (04:58):
This is pre gardener you're talking about.
Speaker 3 (05:00):
I'd like to see some good old fashioned, fundamental baseball
allah the Joe Tory Don Zimmer years, But I don't
think it's in the career.
Speaker 2 (05:06):
Go see he said that because he saw how I
fit my buss. Yeah, it sucks. Checker like dun Zimber,
Steve Shivone, go away, Steve Shiver over. This is federated.
Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1 (05:28):
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, or
watch us live on YouTube.
Speaker 2 (05:40):
First name I requested here with a blow up in
Japan of LDP shocking with the reaffirmation of abbe politics.
Yes she's the first woman, but far more she loves
Iron Maiden and black Sabbath. Wow, A conservative members looks
like they'll be appointed here in a couple weeks. Minister
Suna Takichi. Jordan Rochester joins us with the return, let
(06:04):
me get this out of the way as quick as
I can. Can you give a target on yen right now?
Is this an opportunity for strong yen at one fifty?
Speaker 6 (06:14):
I think that is a good A good question, Tom.
Speaker 7 (06:16):
I think it is so that this is going to
be counterintuitive to many people who've been listening channelists.
Speaker 6 (06:21):
Probably.
Speaker 7 (06:22):
Sanae Takeichi is a disciple of armenomics, and armenomics typically
means higher dolly En. However, she's been neutralized in terms
of her pulsive views because the LDP have lost a
lot of seats the ARME faction itself has lost a
lot of seats, so I don't think she's going to
be the big fiscal spender, the big monetary eas that
Abe was. Japan has an inflation problem, so I think
(06:43):
we actually go back down to one forty two in
dolly En. The timing of that has been delayed, of course,
but I think that that's still going to be a
late Q four Q one story.
Speaker 2 (06:50):
Okay, so there's the fair Fax. We're going to switch
gears here today and talk about politics of Japan and
what it means for Americans, and I quite Jordan Rochester
of Mizuo with Robert Feldman and Morgan Stanley with an
extraordinary perspective on Japan. The bottom line, Jordan is I
see price down in bonds, yield up. What does that
(07:13):
mean for the financial system of Japan.
Speaker 7 (07:18):
Well, it's the ultra long end where the yields have
gone up the most. This is the part of the
JDB curb which has probably the least amount of demand
now from domestic investors. For the first time in the history.
I've been watching this part of the curb. And who's
buying it? Tom, it's actually foreign investors. A large amounts
of American investment into this long end over fifty to
nearly sixty percent of the trading volume in the ultra
(07:40):
long end, which is anything that's from around twenty to
thirty year JGBS is traded by foreigners, and what they
demand when they have this uncertainty, they demand a high yield,
lower price. So that's been a big driver of that.
But for the front end of the curve and for
the Japanese financial stability, I don't think it's going to
be too big of a risk right now because the
sort of front end has been much more well behaved
(08:03):
and the market is treating this as a cautious Bank
of Japan hiking cycle rather than being two behind the curve.
At one point the market might start to say that,
and indeed the long end it might be implying that.
But right now, the market's been very kind to the
BOJ and Japan. And yes we've lowered the pricing for
BOJ redwigs, but you've got the nickeye at the historical highs.
Speaker 2 (08:23):
I was shocked at the reporting today and the immigration
into Japan. The delta here, thank you CFR Sheila Smith.
Over it's comes on foreign relations. Is there a seismic
immigration migrant change in Japan that underpins this Jordan Rochester.
Speaker 7 (08:42):
You've actually seen a big increase in the number of
foreign workers in Japan. So it's close to three point
eight percent four percent of total employees in Japan are
foreign born, and this is because of the demographic problem.
Roughly around six hundred thousand people less in Japan due
to more deaths than births is right here and now,
and that could be rising to a million in a
(09:04):
decade or so. So Japan needs immigration to fix that gap.
But you have now elected a conservative PM. She's conservative
in her ideals. And there's also another party called the
Sansato Party in Japan, which is essentially a position which
is not as pro immigration as the other parties are.
So there is a back clash to the rise in immigration.
There is a backlash to the rise in tourism as
(09:24):
well culturally, and that's taking place in Japanese politics.
Speaker 5 (09:28):
So, Jordan, I'd love for you to just to kind
of summarize or synthesize for our listeners, our viewers who
aren't really familiar with Japanese politics what this win by
Miss Tagichi means for Japan.
Speaker 7 (09:44):
Pretty much for most of Japanese modern history. The LDP party,
which is she is now the leader of, has been
in charge only for a few periods, have they not,
And it's usually between the different factions of the LDP
that policy agendas are determined which which faction is larger
in the vote share and take she stands out as
soon who's quite different. She's not from a political dynasty.
(10:07):
She is more of an ordinary person in terms of
she doesn't naturally belong to any of those factions, so
she has the ability to negotiate between them all. But
she does have very strong opinions on her political policy front,
such as higher fiscal spending. She said it was essentially
going to be inevitable that there'll be high levels of
deficit financing bonds. She also is more dubbish on monetary policy.
(10:31):
She said it was foolish last year for the Bankpan
to raise rates. So you have a leader who regards
her south now as the Iron Lady of Japan.
Speaker 6 (10:40):
She's a big fan of Margaret Thatcher in the UK.
Speaker 7 (10:42):
As a result, Take she so sane nomics you'll hear
a lot more about is very similar to arb nomics,
but she doesn't have a mandate. So the LDP is
actually struggling in the polls. They had an election last year,
they had an Upper House election this year, they lost
a lot of seats. Their usual ability to pass policy
based on the leader who's in charge, it's not possible
(11:05):
without a coalition partner. So they're looking at all these
smaller parties who are much smaller in size than the
LDP to try and find a sort of cohabitation. But
I think the endgame really is that Takeichi will hope
that she has a bounce in her polling and she
will probably look to call an election, probably not this year,
but if the polls bounce for her, it will be
next year and hopefully she gets that majority will be
(11:27):
the aim for that Prime Minister. Sheba, the outgoing prime minister,
tried the same trick and failed. Unfortunately, they lost seats
in that snap election that was called, so it's not
guaranteed that election equals seats gained, but takichbu following the
polls to see if that could happen.
Speaker 5 (11:44):
Let's go to the other side of the world here, Jordan.
What's going on in France. We see the euro a
little bit weaker here and what are you hearing from
your clients about maybe some of the turmoil or just
unsettled nature of the French politics.
Speaker 7 (12:00):
In French, you'd say, alapubel in the trash, goes one
prime minister and here comes another.
Speaker 6 (12:06):
We don't know who the next prime minister will be.
Speaker 7 (12:09):
I think France is now in their fifth primester, fifth
prime minister in just a few years.
Speaker 6 (12:12):
I'm struggling to keep count. We're having a mixture of ideas.
Speaker 7 (12:16):
Being floated around by clients and in the market there
is obviously the idea that another prime minister will be chosen,
another technocratic choice. The problem is that the parliament is
very divided, the public is very divided, and it feels
like this is boiling up to the need to have
another election. And that's what's adding to the risk premium
in the French oats. This parliament doesn't really have a mandate.
(12:38):
The parties within the parliament can't agree to with each other.
Speaker 6 (12:42):
You need the public to decide.
Speaker 7 (12:44):
And whilst the frustrating thing is we look at opinion
polling and the opinion polling suggests that we'll roughly get
the exact same outcome for the parliament, but that's now.
It might be the case that once this election is triggered,
the polls change and we do get a sort of
direction in which way they want to leave. Do they
want to lean center left or center right. But in
answer to the question, I think that it's very difficult
for oats to perform here when you don't hear the
(13:05):
primester is and you don't know if there's going to
be an election, and I think that we'll be down
the line.
Speaker 2 (13:09):
Brilliant joining us, just brilliant. Thank you so much, greatly
appreciate it, Stay with us. More from Bloomberg Surveillance coming
up after this.
Speaker 1 (13:24):
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 thirty.
Speaker 2 (13:41):
We digress here to a really important interview, and I
would suggest an important national interview if we assume that
we have fractured politics, as it were some France or Japan.
Hello man, Okay, maybe New York City's are templated for
US joining is someone who is the all within New
(14:02):
York City Courtiously, what joins us now candidate for mayor, always, always,
forever affiliated with the GOP and the Republican candidate. First
of all, I look at any kind of polling and
I'm sort of surprised that you're just sub twenty percent.
Have you ever polled this high? Is this a normal polling?
Speaker 4 (14:23):
I think at this point.
Speaker 8 (14:24):
I think at this point of the election cycle, yes,
because they're just polling Republicans who are only ten percent
of the electorate. So we're talking independence that they don't poll.
Sometimes they do, and I do incredibly well with them,
some moderate Democrats. And then remember I have an independent
line that nobody has factored in, Protect animals, no kill,
(14:45):
shelter's animal abuses in jail, very popular with women who
rescue animals, and naturally they're not heard from in the polls.
Speaker 2 (14:53):
I look at the New York Times. They got fancy
buttons I can press. I'm not a sophisticated this curtis
like Paul Sweeney is. But if I x Adams, think
of a tab where I can take him out, ye,
and I do the math Courtislee what plus Andrew Cuomo.
Guess what. It doesn't equal Zeri Mandami, but it comes
pretty close. What's the tension you see now of the
(15:16):
summation of the governor and you were the upstart candidate
of the left.
Speaker 8 (15:21):
We all know the polls have been wrong every step
of the way, been totally wrong.
Speaker 4 (15:25):
Remember two months go back to Iowa. Oh no, no,
that's just.
Speaker 8 (15:29):
Two months into the Democratic primary they were preparing the
coronation of Andrew cmo as our next mayor. Forty points
ahead is Johann Mondami. He lost by thirteen points. I
look at my mentor in this rate, George Bataki on
November two of nineteen ninety four against the better Cuomo Mario.
They had him down by twelve points. He won by
(15:50):
three points. The day before the election was no early
voting back then. It was either a vote November fourth,
raps seen the team valor or that's it. Look at
the Trump election over Harris, it was supposed to be
neck and neck. He not only won the popular vote,
he won the seven battleground states. I don't put any
any trust in these polls. I know what I feel
(16:11):
in the streets. I'm in the outer boroughs. You look,
I have ten headquarters. I have signage everywhere. I don't
see signage at all for Cuomo. So Cuomo's whole vote
is based on fear. Nobody likes this guy. Everybody knows
he was the author of no cash bail, raised the
age he wants to close, right because he and Zoron
Mondami when it comes to law and order are two
(16:31):
peas in a pod. And then he talks about prostitution.
Zoron is in favor of legalized prostitution, but the governor
at the time, CuMo signed the legislation to enable people
to go out into the streets and sell their bodies.
Speaker 4 (16:45):
So I don't see any.
Speaker 8 (16:46):
Differentiation at all between Cuomo and Johan Mondami.
Speaker 5 (16:50):
What is your message New York City residents these last
days of the campaign.
Speaker 8 (16:54):
I am the only candidate GOP candidate that wants to
slash taxes, corporate tax, income tax, especially the property tax,
which a mayor does hold sway over and the Citizens
Budget Commission said, I'm the only one who's talking about
fiscal constraint one hundred and eighteen dollars billion budget for
the city and there are no cuts. Cuomo and Zoron
(17:17):
would actually increase it. I would take ten billion dollars
right out of the Department of Education, which is all
being spent on the bureaucracy, start cutting the Department of
Buildings and get fiscally reliant on people like Larry Kudler,
who's my advisor, George Bataki who did that as governor,
and then Rudy Giuliani, who is the best law and
(17:38):
or a mayor we've ever had in the City of
New York.
Speaker 4 (17:40):
Now those are three titans.
Speaker 2 (17:42):
This came up this weekend. I said, I got sleeve
on Monday. They said, you got to ask him his question,
Mayor Sliwa with the city council, can you get along
with the city council to get things done?
Speaker 7 (17:54):
Well?
Speaker 8 (17:54):
The benefit of my life is that I spent thirteen
years raising two boys with Melinda Katz, who was a
city council person for twelve years, head of land Use.
She's now the Queen's Democratic DA. She taught me how
you get along with city councils. To do that, it's
called discretionary funds. You go into the district, they beat
you up. You meet with the staff because the staff
(18:14):
does all the work. Remember the elected officiacys. Because the
electeds are always dialing for dollars, shaking people down for
political contributions, and then you say, I just want one
vote from you, and I get you your discretionary funds.
You're looking for a new park, you're looking for a
new playground, you're looking.
Speaker 4 (18:33):
For capitalist politics, a trade.
Speaker 8 (18:36):
I get one vote that I desperately need to show
that there is dialogue even with those who are considered liberal, progressive,
democratic socialists of America. If you don't do that, no
matter who the mayor is, you're not going to be
able to get the City Council in a majority way
to back any of your initiatives.
Speaker 4 (18:55):
You'll be impotent.
Speaker 8 (18:56):
As Eric Adams says, now, because Adrian Adams, to speak
of the Council is the real mayor of the City
of New York.
Speaker 5 (19:03):
What's your policy for which is an issue that's very
closely intertwined homelessness and crime in New York City. What's
your policy?
Speaker 8 (19:11):
Well, homelessness, I deal with emotionally disturbed in the subways
because I'm the only candidate that actually rides the subways, campaigns,
takes the buses, the express buses that six million New
Yorkers and others who at one point of the day
or night are using mass Trandsit I've been dubbed by
the Staten Island Advance the mayor of mass transportation. We
need to get the homeless into the shelters, but we
(19:33):
have to make the shelters safe now they're not. It's
like Darwinian survival or the fittest. And we need to
get the emotionally disturbed in state mental hospitals, the very
hospitals that Andrew Como cleared from forty thousand beds down
to four thousand before he fled fearing impeachment to the hamptage.
Speaker 2 (19:50):
For you, courteously, for all of you across America, good morning.
He is a Republican candidate in a fractured New York
City mayoral contests. Let me quote exact actly from AI,
because that's the way we roll Curtis. In the twenty
twenty one New York City mayoral election, Curtis Leewa received
twenty one percent of the vote in the Bronx. I
(20:13):
would suggest President Trump stunned the nation with his minority
success in the last election. Do you need that to win?
How are you going to get the minority vote? And
everybody thinks they don't go near you. Come on, you
get twenty one percent in the Bronx. How do you
improve that?
Speaker 8 (20:31):
Everybody knows that Curtis Leewa is a Republican who can
go into a three hundred and fifty neighborhoods in some
of which the only Republican they've ever seen is Abraham
Lincoln on a fight dollar bill. I've led a group
of Guardian Angels in a predominantly plaque in Hispanic. I'm
polling now at about thirty percent in the Bronx. Remember,
Eric Adams was supposed to be the new face of
(20:51):
the Democratic Party that I ran again.
Speaker 2 (20:53):
Is moum Donnie the new face of the Democratic Party?
Speaker 8 (20:56):
Well, let's face it, the Democrats allowed the fox into
the she can coop, first with Bernie Sanders and AOC
and now Johann Mandami. I blame Adams, I blame Cuomo.
I blame the Democratic establishment because they have surrendered their
party to socialism, and I am the only one who
is advocating capitalistic policies, cutting taxes, cutting the budget, law
(21:20):
and order. We live in a city where we're best
known around the world for locking up toothpaste and not
locking up criminals, now, who does that?
Speaker 4 (21:28):
That's the Democrats.
Speaker 2 (21:29):
You got to run like fifteen times to get a
line like that. I mean that's great, locking.
Speaker 5 (21:33):
Up toothpaste immigration. What's your views on immigration here? This
is a city that's got a history of supportive of immigration.
We've got a statue out there in the bay there.
Speaker 4 (21:45):
What's your view?
Speaker 8 (21:46):
Well, many of the migrants now are essential workers in
the restaurant industry and the hospitality industry. If you start
snatching them up because they're not wanted for crimes committee
either the country or origin or here, then you're going
to depleting that workforce. I have three sons. None of
my three sons would do that kind of work. Now
you go after, as Trump call them, the bad ombrage,
(22:08):
the drug dealers, the sex track case, the cartel runners. Yes,
and Ice was being applointed when they first did that.
Speaker 2 (22:16):
But your card here, maybe Adams could say the same thing.
I don't buy it. But your card is you've got
a special relationship with President Trump. With what we see
in Chicago, Portland, LA. Give me some other towns.
Speaker 4 (22:30):
Paul, they're out piling all people, Memphis, people in New York.
Speaker 2 (22:34):
I know from personal experience, are scared if they're migrants, immigrants,
Green card holders to go out in the street. What's
your relationship with President Trump that will make New York
City not Chicago.
Speaker 8 (22:48):
Not La First of all, I'm leader of the Guardian
Angels with groups in every one of those cities you mentioned,
and they need the National Guard.
Speaker 2 (22:55):
We don't.
Speaker 8 (22:56):
Kathy Hulkel, the Governess sent a thousand National guardsmen into
the subway last year when we had a crime crisis.
We're okay in that regards. Focus on the really crime
ridden cities. I would have dialogue when not only President Trump, respectfully,
but the members of his cabinet preemptively, when you see
something is coming in your direction, you've got to meet.
(23:17):
You're not gonna win, You're gonna try to sort of
as we would say in Italian medici me poco poco
half and half. The Trump administration will get some of
what they want, hopefully the city will get some of
what they want. But when you have Zoran Mandami and
Andrew Comos saying I'm gonna fight Donald Trump, guess what
you're gonna lose if you fight the President of the
(23:38):
United States, because he holds the purse strings.
Speaker 5 (23:41):
What do you make of the rise ofs from Mamdani here.
Speaker 8 (23:44):
It is simply because the Democrats were asleep, like Rumphel
still skin.
Speaker 4 (23:48):
I saw Zoron Mandami.
Speaker 8 (23:50):
He was out organizing votes for Democratic Socialist candidates.
Speaker 4 (23:54):
They know how to get their vote out.
Speaker 8 (23:56):
The moderate Democrats are now dependent on Republicans, Conservatives and independence.
It's over for the moderate Democrats. They've sacrificed, They've waved
the white fleck. They don't even primary the liberals, Progressives
and the Democratic Socialists of America. They're afraid of them.
I'm not afraid of them. I stand up to them.
Speaker 2 (24:14):
If we assume that mister Mumdami is getting out an
original vote, I mean he's getting out people. You know,
there's a stereotype have never voted before. How do you
get out the sleeve of vote of Democrats? You can't
do this, just unders How do you get out that
vote like Mamdami's getting out these first time.
Speaker 8 (24:33):
Voters because I'm out in the streets. You see the
headquarters in ten neighborhoods, you see the plackage everywhere. I'm
the law and order candidate. A lot of moderate Democrats
of the law and order. They're not for Angel camel
I was in.
Speaker 2 (24:45):
I want you to do this one zero zero two nine,
one hundred and tenth Street, Spanish Harlem. That post office
between Third and Les. You walk in that post office,
everybody in there is some form of first or second
General regent Immigrant. What do you say to those people
to get them to vote for Lincoln's party?
Speaker 4 (25:05):
Wow?
Speaker 8 (25:06):
Law and order right, they're against no cash bail. They
want to raise the age lowered back to sixteen because
now we have all these juveniles doing drive by shootings,
and they want Rikers.
Speaker 4 (25:17):
Island kept open.
Speaker 8 (25:18):
Why is Cuomo and Zorahan Mandami wanting to close Rykers Island?
Speaker 4 (25:22):
Where are they going to put inmates.
Speaker 8 (25:24):
They're going to be cut loose and they're going to
just terrorize people in the streets. And remember the number
one number of workers in New York City of women.
Talk to the women. They're going the subway, they're being
sexually harassed, they're being perved on. They're afraid to go
out at night. They can't afford taking yellow cabs, ubers
and lyfts, and nobody is talking about what women have
to go through in New York City. I know because
(25:45):
my wife, who's an e attorney, has explained it and
has done my very first commercial about the plight of
women being victims of random attacks? What random attacks? This
is being directed at women and they're not being protected.
Speaker 2 (25:58):
There's a lot of talk aboutancial support. What financial support
do you have for the next twenty day dash to
the election?
Speaker 8 (26:05):
I have collected actually in the three the last three
quarters average donation one hundred and nineteen dollars more matching
funds than Johann Mandami, Cuomo and Eric Adams combined. We're
talking about donations from New York City residents. The others
are getting their money from out of state. I would
take the money of the local New Yorker who obviously
(26:27):
is putting their reputation on the line. When I'm getting
an eight to one match, and I'm on TV, and
I'm in the neighborhoods and have the money to run
a campaign, people.
Speaker 2 (26:36):
Want our news reporters want to know, are you even
considering dropping out the shift this campaign?
Speaker 4 (26:41):
You know what?
Speaker 8 (26:42):
Talk to the dropout King who dropped out against Carmacall
running for governor Andrew Cuomo, who dropped out and fled
to the Hamptons because he feared impeachment Andrew Cuomo. Did
Donald Trump flee to mar A Lago because he feed impeachment?
Speaker 4 (26:55):
Did Donald Trump flee to.
Speaker 8 (26:57):
Mari A Lago because he was the victim of law
fair by Alvin Bragg and Tiss James.
Speaker 4 (27:02):
No, he showed up in Caught each and every day.
Camo is a coward. He's the only one who's ever
dropped out.
Speaker 2 (27:09):
Thank you for joining Bloomberg this morning, Curtis Leiwa. Of course,
may Earl Kennedy here. We hope to get all of
the candidates in here as we dashed the first Tuesday
of November. Stay with us. More from Bloomberg Surveillance coming
up after this.
Speaker 1 (27:31):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Apple Corplay and Android
Auto with the Bloomberg Business app. You can also watch
us live every weekday on YouTube and always on the
Bloomberg Terminal.
Speaker 2 (27:45):
Foundational Today, Lisa Mateo doing newspapers way too early, Lisa,
what do you have?
Speaker 4 (27:49):
All right?
Speaker 9 (27:50):
I want to start in the weight loss drug space. Okay,
did you know you can now get ozembic and we
go vi at costco I'm telling you it's happening. You
can get toilet paper and your weight loss drug is
all in one shopping trip.
Speaker 4 (28:03):
Okay.
Speaker 9 (28:04):
Their drugs are being sold at pharmacies in the US
at Costco blow sticker prices. How much will they cost? Okay,
so Costco members are going to pay an out of
pocket price at about four hundred and ninety nine dollars
a month.
Speaker 4 (28:16):
Now, if you go to.
Speaker 9 (28:17):
Novo's website, you can get it for the same price.
You can also get it for that price at CBS
and Walmart. But this is just adding another way that
people can get their hands on these weight loss drugs.
Speaker 4 (28:27):
So no longer is it still prescription though? Right? Yes? Correct,
prescription still prescription.
Speaker 2 (28:32):
If you come in you can load up on six
or seven hot dogs, yes.
Speaker 4 (28:39):
But you won't be friends exactly. Maybe they're the hot dog.
Speaker 9 (28:42):
Things might go down because people are taking more zip scovi.
I don't know.
Speaker 4 (28:47):
Attention to the next.
Speaker 9 (28:48):
Okay, more housing could be coming to your New York City.
This one's interesting. So New York City proposing this huge
rezoning in an area of western Queens Long Island City.
It was once later for this big am on warehouse
that got shot down. Okay, So now look ahead seven
years later to today, and it's a bigger project. Rezoning
(29:08):
would allow private developers to build fifteen thousand apartments across
fifty four blocks. Right now, it's filled with warehouses and
a parking lot. But a vote on the city Council
expected at the end of the month. So we're going
to see pretty soon how much more housing can come
to New York City.
Speaker 5 (29:24):
And the city needs it, right, I mean, it just
seems like there's just the every story I see is
rents up, up, up, up, and never go down, except
for like fifteen minutes during the pandemic, right went down,
and then that was it.
Speaker 4 (29:35):
Okay, all right, And.
Speaker 9 (29:37):
This last one it took me back to my I
guess elementary school years.
Speaker 4 (29:41):
I used to love field day, Okay. It was a
big thing.
Speaker 9 (29:44):
You pit one class against another, you go against you know,
track races and hopscotch and tuger war in Ductukso so okay,
you get it now. Okay, So the Wall Street Journal
is saying a lot more adults instead of Happy Hour,
they're doing these field days. That's so they're going to parks. Okay,
they're tauntsing water balloons. They're hopping around with sack races.
(30:06):
It's a hot new thing for like birthday parties and
bachelorette parties. They're happening all over. Alcohol is involved. I
just want to put it out there. But the problem
is a lot of people are getting hurt because they're.
Speaker 2 (30:17):
Weekend Well yeah, but it's like weekend warriors.
Speaker 4 (30:20):
Correct.
Speaker 5 (30:20):
We look at this quote here. A lot of my
friends talk about how we just feel old. This person
says he's twenty five. Twenty five, Sit down, geez all right.
Speaker 4 (30:31):
I just put it on a word for jarts charts.
Speaker 2 (30:35):
You don't know what charts is?
Speaker 4 (30:36):
Which charts?
Speaker 2 (30:38):
Oh? No, charts two rings And it's like you just
throw the jart thing up in the air of the
weight and you try to get it in the hole
like Corse, and then you take a sip of genesee cream.
Speaker 4 (30:53):
Again.
Speaker 9 (30:53):
That's what they did back in the Please Squeeze one. Okay,
gotta do it. Taylor Swifts album Least Party. We talked
about it on a Friday. It topped the box office,
the highest grossing picture in North America this weekend, thirty
three million ticket sales, additional thirteen million internationally. Do you
know what it beat out in its debut, Dwayne the
(31:14):
Rock Johnson's The Small Machine. And I couldn't even bring
those tickets sales up myself. But yeah, she she, I'm
telling you, thank you.
Speaker 2 (31:26):
For doing the newspapers. Get back to the news. The businesses,
Lisa just extraordinary.
Speaker 1 (31:31):
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
(31:52):
always on the Bloomberg terminal
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