July 28, 2025 • 39 mins
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 28th, 2025
Featuring:
1) Kriti Gupta, host of Bloomberg TV & Radio in London, on European capitals are putting a brave face on the trade deal they struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero.
2) Elizabeth Economy, Hargrove Senior Fellow and co-chair of the Program on the US, China, and the World at Stanford University’s Hoover Institution, on US and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions.
3) Tiffany Wilding, Economist: North America at PIMCO, on Federal Reserve officials are determined to hold interest rates steady a little while longer, though an increasingly contentious debate at this week’s policy meeting may bolster expectations for rate cuts in the fall.Fed Chair Jerome Powell is under intense pressure from President Donald Trump and his allies to reduce borrowing costs, and may face multiple dissents this week from officials who want to provide support to a slowing labor market.
4) Curtis Sliwa, founder and CEO of the Guardian Angels and NYC Mayoral candidate
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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):
All sorts of.
Speaker 3 (00:27):
People working from overnight to interpret the trade deal. We
get the usual verbiage from the President and unique verbiage
commercial evangeline of Brussels. But there's already beginning to be
comments made. Rusher Sharma very strong, an e ft from
the Rockefeller Foundation, John Authors with an absolutely definitive essay
(00:51):
for Bara. I want to read this quote into crittygoup to.
This is John Authors quoting Tiger's financial partners Jean Ergus quote.
It's more of the extraction of reparations from Europe for
perceived past wrongs, joining us now the queen of reparations.
Kritty Gupta in London this morning, Critty, I saw the
(01:14):
French Prime Minister in French who is absolutely scathing of Brussels.
Are the twenty seven nations of Europe going to go
along with a handshake by Brussels?
Speaker 4 (01:27):
In Scotland, it's looking doubtful by the minute. And I
think this is fascinating here because last forty eight hours
in Europe have been one where Europe has actually shown
a very rare show of unity, especially between France and Germany.
The idea that they were really backing Ursula Vonderlion to
make this deal. I thought the quote of the day
(01:47):
from her was this is the best offer we could get,
the best deal we could get, and they basically settled
from fifteen percent. They came out swinging wanting zero for
zero and are now getting fifteen percent. But at the
core of it, it really comes down to just each
country wanting to push for their own agenda.
Speaker 3 (02:04):
Everyone reaffirms Paul Donovan UBS, thank you for reaffirming this morning.
A tariff is a tax on somebody on the America.
Krugman would say, yeah, there's a dead weight loss, but
it's a tax on the American consumer. It's a tax
on American business. A given Mercedes crity the German Association
(02:24):
of Automotive Industry. This is CNBC. Thank you to Kelly
Evans and the Death Star for this critty. The basic
idea here is a fifteen percent teriff on Mercedes will
cost German auto companies billions annually. Is that off the mark?
Speaker 4 (02:43):
It's not off the mark at all, because not only
are they dealing with the tariff threat, they're also dealing
with an overcapacity threat from China as well. And if
there was a rare show of unity between France and
Germany in terms of backing the likes of Ersla Vonderline,
there was also a rare show of unity in between
Erslavanderline and Donald Trump in terms of saying some very
key words which they addressed the concern of over capacity,
(03:04):
which they didn't name it, but it is kind of
a veiled pointing to China ultimately, So when we're talking
about the car sector, that's really where Germany is feeling
the heat, not just in Mercedes, but also because they're
trying to subsidize or at least help and rescue their
car industry by leaning into defense. The problem with this
trade deal is that it relies on the European military
(03:24):
spend to be spent on American defense, not the German
Rheine mettal hensolt sob, etc.
Speaker 2 (03:32):
Pritty, what's the.
Speaker 5 (03:33):
Sense around Europe this morning as to boy, did the
European Union just cave to the US. Here it didn't
seem to be much of a fight.
Speaker 2 (03:45):
Put up by the EU.
Speaker 5 (03:46):
And I know, you know European Commissioner or Sir Vander
Lane is saying, hey, this is stability, this is predictability
that has value.
Speaker 2 (03:56):
But was it a cave.
Speaker 4 (04:00):
Geopolitically it was absolutely a cave, no question about it,
given that from the beginning they said it was zero
or nothing. They were also pushing back on a lot
of French forces. Emmanuel mccron and some of his officers
have been very vocal about using the anti coersion tool
to taking the Chinese approach, which is matching each.
Speaker 5 (04:17):
Tear up I for I.
Speaker 4 (04:18):
The problem with that is the European economy just isn't
that of China. They don't have the fiscal spend, they
don't have the mobility, they don't have the companies and
the national champions that the US and China does. That
being said, fifteen percent is considered a win. You can
see that in the European markets today because largely these
markets the stock six hundred had already priced in anywhere
(04:38):
between ten to fifteen percent depending on who you ask.
Speaker 3 (04:43):
This is Friday, folks, seems ages ago so three days
ago the Japan Times came out with a government you know,
clearly a government derived quote saying the Japan Deal of
X number of days ago Critty is basically up to
the private corporate of Japan to fund businesses in the US.
(05:04):
Do you sense we're going to get the same thing
from Brussels where they're going to say, yeah, we're going
to invest in the United States, but it's up to
semens of.
Speaker 4 (05:11):
Germany the deal is identical, which is crazy because these
are two completely different geographies. We had a guest on
the show today talk to us about calling Japan the
banker to the United States, and I think this was
really key about this investment promise five hundred and fifty
billion dollars on top of existing expenditures from Japan, the
(05:32):
majority of which are loans to the United States. Is
unclear whether that's to the government, to corporations, to the people,
or even just more buying of treasuries.
Speaker 2 (05:41):
Unclear on that.
Speaker 4 (05:42):
Whereas if we're using the same model for Europe, for example,
it's not the same thing because they're knocking on a
door that provides likes of lg Ran.
Speaker 3 (05:51):
I know you're living in Europe, now, Critty, so you're
going to take all of August off, unlike Saydio Americans.
But Critty, before you go on your thirty day thirty
two days holiday. I mean, when I look at this,
where are we August fifteenth or September fifteenth, August one date?
Lots of hands shakes, everything's a massive deal, a massive
(06:11):
with so much winning going on. Where are we September fifteenth?
Speaker 4 (06:17):
September fifteenth? Our focus is on three countries that are
outside of Europe, and even the Europeans are watching this.
In relationship between Canada and Mexico, that was the answer
we're expected to get this week, but also China. The
expectation in Stockholm right now is simply that these a
win in Stockholm between the US and China would simply
be kicking the can down the road. So if in
(06:37):
September fifteenth, US and Chinese officials are still talking, that
is considered a win by probably every country in the
world right now.
Speaker 5 (06:45):
So, Critty, within across Europe here in your reporting this morning,
is there a sense of just release that we've got
this trade tensions uncertainty behind the europinion or are folks
actually getting out.
Speaker 2 (06:59):
Their pencil calculation and saying how much is this going
to cost us?
Speaker 4 (07:02):
They're relieved, and they're relieved because not only is it
the fifteen percent that stability, it's relief that it's not stackable.
It's not fifteen percent flat plus autos, plus pharma, et cetera.
Where there is concern are specifically in the drink making sector.
Wine and spirits is not a part of this deal.
This is a very key crucial sector to Spain and France.
Think about all the wine, think about all the champagne,
(07:23):
all the prosecco. Whoa, this is important. This is what
the Europeans thrive on. The other piece of this is
also a bit of a playbook from the Biden administration.
Steel and aluminum tariffs that went to quotas under the
Biden administration went back to terroriffs under Trump, and now
may potentially go back to quotas. That's something that's not
just a sticking point with the EU but the UK
(07:45):
as well.
Speaker 3 (07:46):
Are pink French bow ties removed from the tariffs?
Speaker 4 (07:53):
They wear ties here, They don't wear ties here.
Speaker 2 (07:57):
She's becoming so flippant. Yeah she's moved.
Speaker 6 (07:59):
I know.
Speaker 4 (08:00):
Okay, did you go to all about like three buttons down,
open collar, color blazer.
Speaker 3 (08:06):
When do you take off for the month of August
you have you're going to work August first, or you're like, yeah,
chill I thirty one.
Speaker 4 (08:12):
Tom, Tom. The Europeans are taking advantage of me. They
think I'm a workaholic because I'm an American. I'm actually
working all of August while everyone else gets to take
their summer.
Speaker 3 (08:20):
Exactly. Welcome to London. I've been through that act. CREATI
group to thank you so much. Terrific brief. Seriously, she's
just killer at getting to zeitgeist going.
Speaker 1 (08:33):
You're listening to the Bloomberg Surveillance Podcast. Catch us live
weekday afternoons from seven to ten am Eastern. Listen on
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Speaker 3 (08:46):
What a pleasure and so ill well timed I should
say to speak to Elizabeth. Elizabeth Economy joins Us Hargrove
Senior Fellow the Hoover Institution at Stanford University. She is
my definitive voice on China, doctor Economy, Thank you so
much for joining us. If you were to write a
book today, as you've done so many times, about the
(09:09):
leadership of China of President Zi. How strong is he
going into the fall of two thousand and twenty five.
Speaker 7 (09:19):
I think he's very strong right now.
Speaker 8 (09:21):
I know there have been a lot of rumors in
the media that his position is somehow not stable, that
there are competed forces that are seeking to undermine him.
Speaker 7 (09:32):
But I think from every vantage point, whether we're.
Speaker 8 (09:35):
Talking about the Chinese economy or we're talking about how
he stood firm with President Trump in the trade negotiations,
I think that or China's technology rise, I think that
there are very few people right now who could stand
up and challenge him.
Speaker 3 (09:49):
There are articles out of Japan a Japanese deal Oops nevermind.
This is Gilda Radnor, doctor economy. I know, you know
Gilda Radnor's trade theory. Two pharmaceuticals removed from the deal.
Oops never mind. Maybe we'll see that in late August.
Are we going to get a written traditional trade deal
in China or is it going to be an oops
(10:11):
never mind? Trade deal?
Speaker 8 (10:13):
I mean, I think there will be a part of
the trade deal that will be oops never mind. Certainly,
I think every one of these trade deals has that
element to it. But I do think that there are
some parts of this that are real, and we'll have.
Speaker 7 (10:29):
To see what comes out of it.
Speaker 8 (10:30):
I doubt we're going to see much coming out of
this particular set of talks. I think what we're going
to get is an extension, perhaps as much as three months,
according to Treasury Secretary Besant, and that would take us,
I think, right up to the point where we might
anticipate a summit between President G and President Trump. And
President Trump has said he wants to meet with President G.
They've exchanged facts and forths with invitations, and it's right
(10:53):
timed perfectly, frankly with the Apex Summit in Leader summit
in Korea in November.
Speaker 7 (10:59):
So I think that, to me, is the timing.
Speaker 8 (11:01):
I don't I'm not expecting any big surprises coming out
of the current set of trade talks in Stockholm.
Speaker 5 (11:07):
Elizabeth, How does China view its position visa v.
Speaker 2 (11:12):
The US? Here?
Speaker 5 (11:13):
Do they feel like they're in a strong negotiating position,
not just about trade but just about everything? How did
they view themselves?
Speaker 2 (11:20):
You think?
Speaker 8 (11:21):
Yeah, I mean, I think there are I think the
US has gotten some leverage over the past couple of
months as we've seen a number of these trade deals
come to fruition despite the oop's components to them. But
I think overall, certainly they view themselves in a strong position.
Speaker 7 (11:39):
Again, they stood toe to toe.
Speaker 8 (11:41):
They hold the key card, which are those rare earth
elements that the United States so desperately needs. And so
I think at any point now the United States know
that China can turn this figot on or off with
those rare earth elements.
Speaker 7 (11:54):
So I think they feel pretty good.
Speaker 8 (11:56):
And I will say they have spent a lot of
time over the past six months really were suppying their
trade away from the United States. So if you look
at what's happened to US agricultural exports, energy exports all
have sort of fallen off a cliff. China has other
places it can go for a soybeans, you know, Brazil,
Argentina does not need the United States. So frankly speaking,
(12:19):
when we get that trade deal, I'm afraid basically it's
just going to be trying to recoup what we've lost
in the past six months.
Speaker 3 (12:26):
Elizabeth Economy, with this we gain and she's with a
Hoover institution definitive back to her classic The River Runs
Black out of the University of Michigan. We welcome all
of you on your commute acrass the nation. Good morning
Serious XM Channel one twenty one. Apple car Play Android
Auto Android Auto getting a bigger and bigger use every
(12:46):
day on YouTube. Subscribe to Bloomberg Podcasts. A lot of
other value add there, including Joe and Tracy on Odd
Lots as well with Doctor Economy, our Paul.
Speaker 2 (12:55):
Sweeney, Elizabeth.
Speaker 5 (12:57):
How does the Chinese consumer they doing these days? As
we think about the Chinese economy, you know a lot
of folks are saying, where's the Chinese consumer, Where's the
Chinese tourist? How was the Chinese consumer these days?
Speaker 3 (13:11):
Yeah?
Speaker 8 (13:11):
I think the Chinese consumer is still struggling. You know,
China has done a number of programs over the past
six to nine months, and these sort of trade in goods.
They've put in some so basically you can trade in
a washing machine and get you know, fifteen percent off
your new washing machine. Oh, they've done it for cars.
They've done some policy support in the real estate sector.
(13:33):
So you've seen a slight uptick in some areas. But frankly,
the World Bank came out with its report last month
that had a good summary of what's been going on
with Chinese consumption. And what you see is it across
every sort of sector aside from food. Chinese consumers are
simply not spending and so you've seen the decline in
(13:53):
spending from twenty fifteen to twenty twenty four really significant.
They just don't trust in the Chinese economy. So I
think this is a big problem for China. There's a
lot of talk among local officials what should we be doing.
Speaker 7 (14:06):
I think the central.
Speaker 8 (14:07):
Government is concerned, certainly, and obviously we're concerned, right we
want the Chinese consumer to start buying American products.
Speaker 3 (14:15):
Doctor Economy, I mean, you're on a Stanford You're in
a fancy room with fancy people like John Taylor, Michael Basking,
the Giant Shad Jones, the growth economics, and well, if
we get disinflation or outright deflation in your soggy China,
do they export that deflation? And with an EU trade
(14:35):
deal attack consumption tax on Americans, do we get a
new bout of disinflation and deflation in Europe? Or dare
I say in the United States?
Speaker 2 (14:47):
You know what?
Speaker 7 (14:48):
I think you need to have Michael Boskin on for
that one talk.
Speaker 8 (14:52):
All I can tell you is that China has been
suffering from deflation for the past couple of years. They
have been trying to export their way, you know, out
of it. Clearly there is some discussion, I would say,
among the Chinese leadership about this involution.
Speaker 7 (15:07):
So they are concerned.
Speaker 8 (15:08):
That, you know, within China now you have such intense
competition in sectors like solar and evs those areas where
they are exporting their over capacity, that you're going from
two hundred companies down to ten companies. People, don't you know,
they are concerned about employment, They're concerned about these rock
body prices.
Speaker 7 (15:25):
So I think there are some there's.
Speaker 8 (15:28):
Some potential for some structural shifts within China, but I'm
not seeing movie before yet on that.
Speaker 3 (15:33):
Paul, should we go inside baseball?
Speaker 2 (15:35):
Sure?
Speaker 3 (15:35):
Okay, we're going to go inside baseball, folks. So we're
doing a scarlet from Westchester. Just emailed in. Nice scarlet food,
just emailed it. Hey, stupid, stop making jokes with Liz Economy,
Get serious, Liz. In Taiwan there is a recall election.
The recall supporters said Opposition KMT too close to China.
(15:58):
There's two parties in what are they arguing about?
Speaker 8 (16:02):
They are actually three parties now, but two of them
are closely aligned, the TPP and the KMT, and then
you had the DPP. So what the DPP and the
other two are arguing about is number one what you
just articulated what Scarlett is so right about, which is
that the KMT seems to be making a lot of
overtures to Beijing talking about peaceful reunification is not something
(16:24):
that the majority of the Taiwanese people support. There's a
big difference over defense spending. The US has been pushing
Taiwan has been pushing the leader Leijing of the DPP,
which is the party in power right now, to spend
more on defense, and he's trying, but he can't get
it through the legislature, which is controlled by those other
(16:45):
two parties. So this recall election, which lie precipitated, so
had they got thirty one seats so to have these
recall elections. They had twenty four this past Saturday that
came up for recall election and they all failed. So
what that means it's a kind of a It's unfortunate
for President Lai because he's really to get some movement
(17:09):
in the legislative yuon so he can push forward his agenda,
so it's going to make it more difficult for him.
Speaker 7 (17:14):
They're still some to come in August, but you know,
I don't know that we're going to be a different results.
Speaker 3 (17:19):
Let me squeeze in one more question, just the majesty
of your work. Back to the River runs Black. We
are expanding. Biden did this and Trump does this with
a US Navy new positioning on Palowan, the long skinny
island of the Philippines that borders the South China Sea.
(17:40):
Do you see an American military expansion to defend Taiwan?
Is that's what's going on here.
Speaker 8 (17:48):
I mean the South China See and Taiwan are two
different issues in terms of American projection of power. Day
they all feed to the same area. You're right to
kind of build up in the Indo Pacific, and I
think it's unclear right now. This administration has said that,
you know, our first priority national security is border security.
Speaker 7 (18:07):
Our second is the Indo Pacific.
Speaker 8 (18:09):
But I don't know that we can trust you know,
cousin Trump has his sort of idea about spheres of influence,
and it's not clear to me that in the case
of a military attack against Taiwan, that the US that
President Trump will be willing to put troops on the ground.
Speaker 7 (18:24):
Certainly, I hope that.
Speaker 8 (18:26):
We will come to the defense of our of our
strong partner and ally, Taiwan, but I think that remains
to be seen.
Speaker 3 (18:34):
This has been wonderful. Thank you so much. As we
speak to Elizabeth the first in turn Bury, Lizzie Burden,
we speak to Elizabeth the second, doctor Economy at Stanford
on China.
Speaker 1 (18:44):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Apple Corplay and Android
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Just say Alexa play Boe Bloomberg eleven.
Speaker 3 (19:01):
This is a joy. If you look at Eco go,
I think I can say I've never seen a richer
week of data. The back end is going to be Friday,
ten am. The Michigan statistics, the emotion, the mood out
of ann Arbor, August one ism numbers. John Farreoh tells
(19:22):
me that's important, and then small matter after the FED
Meeting of Jobs Day, changing non firm payrolls at a
puny one hundred and nine thousand joining us out Tiffany
Wilding for a really needed brief year with a Pacific
investment management company. Tiffany, let's start at the back here.
(19:42):
On Jobs Day as well, will the chairman know the
jobs data Wednesday afternoon when the Fed decides.
Speaker 6 (19:52):
So our understanding is the Fed chair like others in government,
get it the day before the meeting, I think after
five pm. So our understanding is know they won't know
what the job's number is on Wednesday when they need
to discuss, you know. But I think, just taking a
step back, I'm not sure if they did it would
it would really matter that much. I think they've pretty
(20:12):
much signaled pretty clearly here that they're not They're going
to hold right steady. They need a little bit more
information before they start to move again, and we think
that happens in the back half of this year.
Speaker 3 (20:21):
Jerome Schneider taught me how to analyze the residual, which
is the real ten year yield tifty. I know this
is above you know what you do. It's secret stuff
of Jerome Schneider. But I've noticed that the real yield's
not moving because there's a new sustained belief in an
inflation number. Do you agree with that that the summary
(20:43):
is a permanent higher inflation.
Speaker 6 (20:48):
Well, I think that really yields are high because there's
this expectation that you could get some inflationary pressures from tariffs,
and the Federal Reserve has been on pause all year
because they're worried about that. Inflation. You know, even if
it's temporary in the back half of this year into
next could be problematic because we're coming off of this
(21:09):
period of elevated inflation, and you could have people that
are adjusting higher their inflation expectations. You mentioned the Michigan survey.
It's come off in recent months in terms of people's
expectations for inflation, but nevertheless it's been elevated. So I
think that's what the concern is for the Federal Reserve here, Tiffany.
Speaker 5 (21:26):
Given all the crosswinds out there in this economy, whether
it be tariffs or policy trade policy coming out of
the Washington DC, the consumer seems to be hanging in there.
How do you view this US and consumer today?
Speaker 6 (21:41):
Yeah, I mean, so I think there's there's there's goods,
there's good parts and bad parts. So I think you've
seen a lot of volatility and consumption over the past
several quarters. And and the reason is we think consumers
rightly so expect expected tariffs, and they have tried to
purchase goods ahead of those terror related price increases. So
(22:02):
what we saw was consumption, real consumption growth that was
growing four percent on average in the back half of
last year. People were buying durable goods, autos, household furniture
or things like that. And then this year that's cooled
off quite a bit. Even though we haven't seen a
lot of pass through or slower than expected pass through
onto prices of the tariffs, consumers are basically taking a break.
(22:24):
So we've had real consumption growth that's averaged closer to
one percent in the first half of this year. We're
going to get confirmation of that, we think with the
Q two GDP statistics this year. And then the question is,
you know, what does inflation, how do companies pass on inflation,
and how does that impact real incomes and therefore real
consumption in the back half of this year.
Speaker 5 (22:43):
It seems like Tiffany that I guess from what we've
heard from a lot of companies that they're going to
take some of their cost increases tariff related or not
in their profit margins and as opposed to passing along
to consumers. Is that something we can expect going forward.
Speaker 6 (23:00):
Yeah, I mean, I think there's a lot of good
reasons for that. And when we look at, you know,
the balance of data, we see that, you know, foreign
suppliers are not paying a lot of these tariffs, and
just looking at the consumer price data, you know, we
expect or we estimate that around fifty percent or so
of of whatever the pass through you expected was has
been passed through so far. So a lot of this
(23:21):
is being absorbed by corporate profits. And you know, we
think there's there's reason of leave that can continue. This
can be a slow pass through. And the reason for
that is, you you did have legislation that came out
that had pretty big business tax incentives. So there will
be some offsets in terms of corporate taxes paid overall
as a result of these big tax incentives, you know.
(23:43):
But the other thing is is I think there's a
lot of uncertainty around where these tariffs will land. We
have lawsuits going on in the background here that you
know that that legal experts suggest there's there's pretty good
reason to believe that some of these tariffs will will
be struck down by the courts and will have to
be repaid back by the government. So I think folks
are just kind of waiting to see what's going to happen.
Speaker 3 (24:04):
I'm going to get the calendar out here, Tiffany Wilding,
I can do that. Folks at fomcgo on the Bloomberg
July thirty. September seventeen, it's when the Red Sox, you know,
off of trade deadline, they're going to be rocking it.
October twenty nine is after the Red Sox take the
World Series. December ten is when Tiffany goes to Tahiti
(24:24):
for a month. You know, you look at the Fed dates, Tiffany,
and the backdrop to me is nothing more than a stimulus.
Is that the bottom line for bond guys at Pimco,
men and women at Pimco managing debt money, it is
an aura of stimulus into twenty twenty six.
Speaker 6 (24:46):
Yeah, well, well certainly there's If you look at the
way that the structure, the way the tax legislation, tax
and spending legislation was structured, you are going to get
a lots of money. That's hitting the economy in the
back half of this year in the front of next year,
and that's when folks get their refunds when they file
their taxes. Those refunds are going to also incorporate any
(25:09):
sort of taxes they paid on overtime or on tips.
They're going to get that back in a refund early
next year. So there is going to be a lot
of government stimulus money hitting next year early next year.
But you have to think about the offsets of that,
which is that around a three hundred and fifty billion
on an annualized basis is being paid in additional tariffs,
(25:30):
and as we just discussed, we think corporates are paying
the lion's share of that. So you know, we are
I think on net you have you have a government
that is the fiscal impulses is about you know, is
about a neutral or negative on net. Although you are
going to get some big stimulus refunds related refunds next year.
Speaker 3 (25:49):
Thank you, thank you, thank you for this brief. We
needed this ginormous economic week folks. Again differently Welding Pimco.
Speaker 1 (26:02):
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Speaker 5 (26:18):
When you're live here in our Bloomberg Interactive Brokers studio
along with Tom Keen. We welcome to our studio Curst Sleiewak.
He is the founder of the Guardian Angels. Mister Sleewah
is a Republican candidate New York City.
Speaker 2 (26:29):
May Very patient, Curtis, it's very patient. Thank you for waiting.
We're listening to President Trump and Prime Minister.
Speaker 9 (26:34):
Heres far more important than what we're going to be
talking about.
Speaker 5 (26:38):
Curtis, talk to us about New York City. Your view
of New York City. What does the city need right now,
right now?
Speaker 9 (26:45):
Just from the business perspective, you think about it with
the seventeen and a half percent corporate text, when you
include the state and city nine percent for the city,
and you compare it to where everybody is fleeing to
Florida or Georgia, North cal Line of South Carolina, Texas, Tennessee.
Speaker 2 (27:02):
It's prohibitive to keeping business here.
Speaker 9 (27:05):
The personal income tax at about nine percent, in the
city and then nine percent of the sales tax for
us to keep business from fleeing, we've got to start
slashing taxes, at least those that a mayor can control.
And he's done nothing to fight open He nothing to
go up there and to battle the governor and also
the state legislature and try to preserve the business climate
(27:27):
of New York City. Just walking to this studio of
yours at Bloomberg today, all the storefronts that are closed,
the retail storefronts.
Speaker 2 (27:35):
Why congestion pricing.
Speaker 9 (27:37):
It has limited the amount of foot traffic for merchants,
many of them small business owners, mid sized business owners,
and the chain stores.
Speaker 2 (27:45):
And they just can't pay their lease at the end
of the month.
Speaker 9 (27:48):
So this state, in this city especially, does everything to
basically make it impossible to stay.
Speaker 10 (27:55):
My daughter is desperate to move into Manhattan, desperate for
her to move out of the house she would have
to get we calculated this, to pay Manhattan rent, she'd
have to have ten roommates. What is the plan to
make housing rents more affordable in Manhattan?
Speaker 9 (28:14):
Well, you're right, I happened to be all of New
York City. Yeah, I'm married to a millennial Nancy who
is an e attorney.
Speaker 2 (28:20):
How mut you work that out? It was an upgrade
for me.
Speaker 9 (28:25):
But she went to Brooklyn Law and she has huge
student loans to pay, as so many millennials do. That's
why Zorhan has resonated, you got to pay your student
loans first, then you got to pay your rent. Then,
as you mentioned, you already went maybe to four years
of college, got a graduate degree. You lived in dormatory
style housing. You come into New York City, you're now
(28:47):
living in a dormitory again. You're making one hundred and
fifty thousand maybe as a financial analyst, a CPA, and attorney.
Speaker 2 (28:55):
You just can't make ends meet. So you're angry.
Speaker 9 (28:58):
So you've got to provide a means for these young
people to stay here because they're being attracted also out
of state with their skill levels.
Speaker 2 (29:06):
We promise them, you.
Speaker 9 (29:07):
Go to college, get a good education, get a skill level,
and you'll live the American dream.
Speaker 2 (29:12):
They can't even get a mortgage for a house.
Speaker 9 (29:14):
They can't even buy a car, and that's something we
have to address in this city also nationally.
Speaker 3 (29:20):
Curtis, I ask is a courtesy. Over a decade ago,
you had a cancer scare. How's your health?
Speaker 2 (29:26):
I did?
Speaker 9 (29:26):
I had prostate cancer and I had it removed. Maybe
worse mistake in my life, because now they have about
twelve other remedies.
Speaker 3 (29:35):
Science has really come on.
Speaker 2 (29:37):
Oh yeah, absolutely.
Speaker 9 (29:38):
But I lost a great colleague, Bernard mcgirky WABC, the
healthiest guy there. But he never got a simple PSA test,
a simple prick of the finger, the blood test. I
advise everyone listening out there, make sure your men folks
get that PSA test.
Speaker 3 (29:53):
New You're post sympathetic to you. They've got an article
just in the list. I'm gonna say, forty eight hours
Times Prediction Markets forecast socialist landslide for New York City
mayor race. What can you do to halt that? Do
you have a timeline to the first Tuesday of November
where you say I'm stepping aside in support of whoever?
Speaker 9 (30:16):
Well, if you've noticed in the last three weeks, I've
been surging, and in fact, the New York Post Business
section said I was the winner of the week. Not
only my polling numbers are up, but also my pathway
to victory because now you have four main candidates street Democrats.
Speaker 2 (30:32):
Zoran is still a Democrat, even though these are.
Speaker 9 (30:34):
Socialists Cuomo and Adams who have been a failed mayor
and a failed governor. And then you have me, the
Republican candidate, who starts with about twenty eight percent. I
also have to protect the animal's line. Never before in
the history of electoral politics, on any independent line, no
kill shelters and put animal abuses in jail. With that,
I expect to get up upwards of about thirty five
(30:56):
percent of the vote, and I could be your next mayor.
Speaker 2 (30:58):
You have sixteen cases.
Speaker 9 (31:00):
Well, six cats. Now we had sixteen in the last
election cycle.
Speaker 2 (31:04):
Twenty twenty one apartment.
Speaker 9 (31:06):
It's small, but we were rescuing cats who are not
being taken in by the shelters.
Speaker 2 (31:12):
Remember with the lockdown and pandemic Hurtis.
Speaker 5 (31:15):
Talk to us about mister mum Donnie. What does it
say to you that he had such a successful primary.
What does this say to you about the city of
New York?
Speaker 2 (31:23):
Right now?
Speaker 9 (31:23):
He worked hard, and Andrew Cuomo who mailed it in,
who thought he was going to have a coronation, and
now he's apologized for not working hard to beat the Socialists.
I say it's the Democrats who let the socialists in
Remember Bernie Sanders was never a Democrat, is still not
a Democrat. But Hillary wanted a show. She had competition
in twenty sixteen. He basically won the caucuses and the primaries,
(31:47):
she got the super delegates, and then what happened. Joe
Crowley didn't run a race against AOC she won, Andrew
Cromo didn't run a race against Sohan Mandami. So the
Democrats have turned their party over to the socialists. That's
why the only thing you could do is hope for
the Republican because remember during Giuliani and Bloomberg that was
twenty years, but Taki twelve years as governor, Republican, no chaos,
(32:09):
no corruption. The Blasio Cuomo and Adams, all we've had
is chaos and corruption. You've got to go to the
Republican route. And I'm the only Republican candidate in this.
Speaker 2 (32:19):
Has Momdani locked up the younger vote, No, he is not. Now.
Speaker 9 (32:23):
I don't see Adams, no CMO going after the millennials
or gen Zers.
Speaker 2 (32:27):
But remember my ability to organize.
Speaker 9 (32:29):
Guardian Angels, not just here but all over the world,
thirteen countries, one hundred and thirty cities, over a total
of forty six years is based on me being able
to recruit volunteers who are younger than I am, who
fit into the category of millennials and gen Zias. So
I'm in all the communities that he overwhelmingly beat Como
in the Democratic primary, Long Island City as Storia, which
(32:52):
is his base the Lower East Side, and they're all
millennials and gen Zeis who will join your effort as
they did the Trump effort when he beat Harris convincingly,
he got a lot of mail Millennials and a lot
of mail gen Zs because they targeted them.
Speaker 5 (33:08):
Talk to us about crime and the New York City
Police Department.
Speaker 9 (33:13):
We need at least seven thousand more cops, and I
have a remedy to do that. First off, Jimmy Dolan
a Madison Square garden who pays no property taxes. He's
going to be paying his fair share. And universities like
NYU and Columbia are going to try to touch the
money that they use for teaching and for the teachers themselves.
But they buy up a lot of property that has
(33:34):
nothing to do in Morningside Heights in Greenwich Village with
education or housing for teachers, as students, and they should
be forced to pay their fair share of property tax.
That should be enough money to hire seven thousand cops
that we desperately need. And we have to give them
back their qualified immunity. Every civil servant, all three hundred
thousand in the city are protected by the insurance we
(33:57):
pay for should they be sued, except the police, state legislature,
the city council in twenty nineteen, and then Governor Cuomo
stripped them.
Speaker 2 (34:05):
Of qualified immunity.
Speaker 9 (34:06):
Notice who's protected by qualified immunity now with the thirteen
sexual harassment suits. As Tom DiNapoli, the state Controller, has
told us Andrew Cuomo we keep paying his legal bills.
Is when he was governor. He's protected by qualified immunity.
We have to give that back to the cops so
they can go out there and do the job as
they've been trained to do.
Speaker 10 (34:25):
In the green room, you were listening to Donald Trump
as we carried him live with Kiri Starmer from Scotland.
What's your relationship with the president as a Republican?
Speaker 9 (34:35):
Oh, I go way back with Donald Trump with a
consummate New York as we've had a love hate relationship.
If you've noticed of late. He has embraced Eric Adams
because he got him out of the court process of
the Department of Justice. I know intimately the details of
destroyed Donus because he did that when he was running
against me in twenty twenty one. Eric Adams belongs in jail.
(34:58):
Now he's at the Beck and call the president. The
President has said nice things about Andrew Cuomo, and it's
basically just referred to me as a Republican candidate. I
would suggest, with the world issues, the President just stay
out of the local election.
Speaker 2 (35:13):
To stay out of.
Speaker 3 (35:13):
It, Curtis, I got to go back here a bit.
And I say this with great respect for John Lindsay
and a Republican of another time. In Place nineteen eighty
Eldamato stuns the world and beats Jacob Javits by fifty
five percent. Take then he wins on a split Democratic
ticket forty five percent. Eldamato wins. Aldamato wins by a
(35:34):
small fifty three percent against Mark Green. This is staggering.
Through the nineteen eighties, there's a resurgent Republican party. Mister
Trump has proven that people go Paul New Jersey. It
could go Republicans or long Island again or North up
the Hudson rivery. How do you perceive the Republican Party
doing better in the boroughs? How's that going to happen
(35:58):
in Brooklyn, in Queens Dare I say the twelve Republicans
in Manhattan? It could happen. How does a Republican Party
take the city.
Speaker 9 (36:06):
Well, if you look at the polling data of late
in which I'm surgeon and Eric Adams can barely get
into double digits, I have thirty five percent of the
vote in the Bronx. So you look to Brooklyn and
Queens and obviously Staten Island, it's blue collar, working class people, homeowners.
That's why I'm opposed to the City of Yes, because
we give the developers and the realtors and opportunity to
(36:28):
go in and take single and two and three and
four family homes from.
Speaker 2 (36:32):
People who have decided to improve.
Speaker 3 (36:34):
Cut to the chase. What are you going to do
with the NYPD?
Speaker 2 (36:37):
What we had?
Speaker 3 (36:38):
How many mayor candidates.
Speaker 2 (36:40):
Have we had?
Speaker 3 (36:41):
Five, six, seven, eight? You've been doing this for pushing
fifty years. Mario Cuomo got behind you a million years ago,
the NYPD. What's the consensus ball? We're down thirty thousand
police officers. What are you going to do day one
to help NYPD on?
Speaker 2 (37:00):
You keep Jessica Tish right there if she's willing to serve.
Speaker 9 (37:03):
She had to give one police plaza a badly needed
colonic on the fourteenth floor.
Speaker 2 (37:08):
What colonic? Come on? Police commissioner had.
Speaker 9 (37:14):
So tainted the role of the police commission And worse,
Jeffrey Madri, head of Patrol, turned that thirteenth floor into caligula.
They were all Eric Adams cronies. The best choice he
made was Jessica Tish to clean up his mess. And
I think if she wanted to stay for stability, you
keep her as police commissioner and you'll go a long
(37:35):
way into his storing the glory and the tradition of
the NYPD which is maintainted by Eric Adams and his cronies.
Speaker 10 (37:43):
And just to be clear before you go, congestion pricing is.
Speaker 9 (37:46):
Put congestion pricing I side with the Secretary of Transportation
and also the President.
Speaker 2 (37:53):
It's got to go.
Speaker 9 (37:55):
It has led to so many businesses closing south of
sixtieth Street. The other tax are the many taxes that
have been put on New Yorkers and those from out
of state and affect blue collar working class people and
tradesmen and tradeswomen.
Speaker 2 (38:08):
It's got to go. And you know something, Mandami says,
free bus fare and.
Speaker 9 (38:13):
People get upset after people don't pay their bus fare
to begin with, how about enforcement of fair evasion? Adams
hasn't done it, Homo didn't do it. As governor, Sleewer
will do it when I'm mayor. That will be a priority.
You pay your fare when you ride the subways of buses,
thirty percent of the people who ride the subways don't
even bother to pay their fare.
Speaker 2 (38:32):
Thirty seconds immigration in New York City immigration.
Speaker 9 (38:35):
If you want to preserve business, you can't be dragging
people out of the backs of restaurants and the hospitality
industry who are not criminals if you don't allow them
and find a way for them to legally work.
Speaker 2 (38:47):
My three sons, I have three sons.
Speaker 9 (38:49):
Neither of them or any of your sons or grandchildren
out there are going to do that kind of work.
Speaker 2 (38:55):
Curtis, thank you so much for joining us.
Speaker 5 (38:56):
Curtis Lee, while he's a founder of the Guardian Angels
also Republican candidate for the twenty twenty five New York
City Mayor.
Speaker 2 (39:02):
Race coming on.
Speaker 5 (39:03):
We appreciate getting a few minutes of your time.
Speaker 1 (39:05):
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
(39:26):
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):
All sorts of.
Speaker 3 (00:27):
People working from overnight to interpret the trade deal. We
get the usual verbiage from the President and unique verbiage
commercial evangeline of Brussels. But there's already beginning to be
comments made. Rusher Sharma very strong, an e ft from
the Rockefeller Foundation, John Authors with an absolutely definitive essay
(00:51):
for Bara. I want to read this quote into crittygoup to.
This is John Authors quoting Tiger's financial partners Jean Ergus quote.
It's more of the extraction of reparations from Europe for
perceived past wrongs, joining us now the queen of reparations.
Kritty Gupta in London this morning, Critty, I saw the
(01:14):
French Prime Minister in French who is absolutely scathing of Brussels.
Are the twenty seven nations of Europe going to go
along with a handshake by Brussels?
Speaker 4 (01:27):
In Scotland, it's looking doubtful by the minute. And I
think this is fascinating here because last forty eight hours
in Europe have been one where Europe has actually shown
a very rare show of unity, especially between France and Germany.
The idea that they were really backing Ursula Vonderlion to
make this deal. I thought the quote of the day
(01:47):
from her was this is the best offer we could get,
the best deal we could get, and they basically settled
from fifteen percent. They came out swinging wanting zero for
zero and are now getting fifteen percent. But at the
core of it, it really comes down to just each
country wanting to push for their own agenda.
Speaker 3 (02:04):
Everyone reaffirms Paul Donovan UBS, thank you for reaffirming this morning.
A tariff is a tax on somebody on the America.
Krugman would say, yeah, there's a dead weight loss, but
it's a tax on the American consumer. It's a tax
on American business. A given Mercedes crity the German Association
(02:24):
of Automotive Industry. This is CNBC. Thank you to Kelly
Evans and the Death Star for this critty. The basic
idea here is a fifteen percent teriff on Mercedes will
cost German auto companies billions annually. Is that off the mark?
Speaker 4 (02:43):
It's not off the mark at all, because not only
are they dealing with the tariff threat, they're also dealing
with an overcapacity threat from China as well. And if
there was a rare show of unity between France and
Germany in terms of backing the likes of Ersla Vonderline,
there was also a rare show of unity in between
Erslavanderline and Donald Trump in terms of saying some very
key words which they addressed the concern of over capacity,
(03:04):
which they didn't name it, but it is kind of
a veiled pointing to China ultimately, So when we're talking
about the car sector, that's really where Germany is feeling
the heat, not just in Mercedes, but also because they're
trying to subsidize or at least help and rescue their
car industry by leaning into defense. The problem with this
trade deal is that it relies on the European military
(03:24):
spend to be spent on American defense, not the German
Rheine mettal hensolt sob, etc.
Speaker 2 (03:32):
Pritty, what's the.
Speaker 5 (03:33):
Sense around Europe this morning as to boy, did the
European Union just cave to the US. Here it didn't
seem to be much of a fight.
Speaker 2 (03:45):
Put up by the EU.
Speaker 5 (03:46):
And I know, you know European Commissioner or Sir Vander
Lane is saying, hey, this is stability, this is predictability
that has value.
Speaker 2 (03:56):
But was it a cave.
Speaker 4 (04:00):
Geopolitically it was absolutely a cave, no question about it,
given that from the beginning they said it was zero
or nothing. They were also pushing back on a lot
of French forces. Emmanuel mccron and some of his officers
have been very vocal about using the anti coersion tool
to taking the Chinese approach, which is matching each.
Speaker 5 (04:17):
Tear up I for I.
Speaker 4 (04:18):
The problem with that is the European economy just isn't
that of China. They don't have the fiscal spend, they
don't have the mobility, they don't have the companies and
the national champions that the US and China does. That
being said, fifteen percent is considered a win. You can
see that in the European markets today because largely these
markets the stock six hundred had already priced in anywhere
(04:38):
between ten to fifteen percent depending on who you ask.
Speaker 3 (04:43):
This is Friday, folks, seems ages ago so three days
ago the Japan Times came out with a government you know,
clearly a government derived quote saying the Japan Deal of
X number of days ago Critty is basically up to
the private corporate of Japan to fund businesses in the US.
(05:04):
Do you sense we're going to get the same thing
from Brussels where they're going to say, yeah, we're going
to invest in the United States, but it's up to
semens of.
Speaker 4 (05:11):
Germany the deal is identical, which is crazy because these
are two completely different geographies. We had a guest on
the show today talk to us about calling Japan the
banker to the United States, and I think this was
really key about this investment promise five hundred and fifty
billion dollars on top of existing expenditures from Japan, the
(05:32):
majority of which are loans to the United States. Is
unclear whether that's to the government, to corporations, to the people,
or even just more buying of treasuries.
Speaker 2 (05:41):
Unclear on that.
Speaker 4 (05:42):
Whereas if we're using the same model for Europe, for example,
it's not the same thing because they're knocking on a
door that provides likes of lg Ran.
Speaker 3 (05:51):
I know you're living in Europe, now, Critty, so you're
going to take all of August off, unlike Saydio Americans.
But Critty, before you go on your thirty day thirty
two days holiday. I mean, when I look at this,
where are we August fifteenth or September fifteenth, August one date?
Lots of hands shakes, everything's a massive deal, a massive
(06:11):
with so much winning going on. Where are we September fifteenth?
Speaker 4 (06:17):
September fifteenth? Our focus is on three countries that are
outside of Europe, and even the Europeans are watching this.
In relationship between Canada and Mexico, that was the answer
we're expected to get this week, but also China. The
expectation in Stockholm right now is simply that these a
win in Stockholm between the US and China would simply
be kicking the can down the road. So if in
(06:37):
September fifteenth, US and Chinese officials are still talking, that
is considered a win by probably every country in the
world right now.
Speaker 5 (06:45):
So, Critty, within across Europe here in your reporting this morning,
is there a sense of just release that we've got
this trade tensions uncertainty behind the europinion or are folks
actually getting out.
Speaker 2 (06:59):
Their pencil calculation and saying how much is this going
to cost us?
Speaker 4 (07:02):
They're relieved, and they're relieved because not only is it
the fifteen percent that stability, it's relief that it's not stackable.
It's not fifteen percent flat plus autos, plus pharma, et cetera.
Where there is concern are specifically in the drink making sector.
Wine and spirits is not a part of this deal.
This is a very key crucial sector to Spain and France.
Think about all the wine, think about all the champagne,
(07:23):
all the prosecco. Whoa, this is important. This is what
the Europeans thrive on. The other piece of this is
also a bit of a playbook from the Biden administration.
Steel and aluminum tariffs that went to quotas under the
Biden administration went back to terroriffs under Trump, and now
may potentially go back to quotas. That's something that's not
just a sticking point with the EU but the UK
(07:45):
as well.
Speaker 3 (07:46):
Are pink French bow ties removed from the tariffs?
Speaker 4 (07:53):
They wear ties here, They don't wear ties here.
Speaker 2 (07:57):
She's becoming so flippant. Yeah she's moved.
Speaker 6 (07:59):
I know.
Speaker 4 (08:00):
Okay, did you go to all about like three buttons down,
open collar, color blazer.
Speaker 3 (08:06):
When do you take off for the month of August
you have you're going to work August first, or you're like, yeah,
chill I thirty one.
Speaker 4 (08:12):
Tom, Tom. The Europeans are taking advantage of me. They
think I'm a workaholic because I'm an American. I'm actually
working all of August while everyone else gets to take
their summer.
Speaker 3 (08:20):
Exactly. Welcome to London. I've been through that act. CREATI
group to thank you so much. Terrific brief. Seriously, she's
just killer at getting to zeitgeist going.
Speaker 1 (08:33):
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 3 (08:46):
What a pleasure and so ill well timed I should
say to speak to Elizabeth. Elizabeth Economy joins Us Hargrove
Senior Fellow the Hoover Institution at Stanford University. She is
my definitive voice on China, doctor Economy, Thank you so
much for joining us. If you were to write a
book today, as you've done so many times, about the
(09:09):
leadership of China of President Zi. How strong is he
going into the fall of two thousand and twenty five.
Speaker 7 (09:19):
I think he's very strong right now.
Speaker 8 (09:21):
I know there have been a lot of rumors in
the media that his position is somehow not stable, that
there are competed forces that are seeking to undermine him.
Speaker 7 (09:32):
But I think from every vantage point, whether we're.
Speaker 8 (09:35):
Talking about the Chinese economy or we're talking about how
he stood firm with President Trump in the trade negotiations,
I think that or China's technology rise, I think that
there are very few people right now who could stand
up and challenge him.
Speaker 3 (09:49):
There are articles out of Japan a Japanese deal Oops nevermind.
This is Gilda Radnor, doctor economy. I know, you know
Gilda Radnor's trade theory. Two pharmaceuticals removed from the deal.
Oops never mind. Maybe we'll see that in late August.
Are we going to get a written traditional trade deal
in China or is it going to be an oops
(10:11):
never mind? Trade deal?
Speaker 8 (10:13):
I mean, I think there will be a part of
the trade deal that will be oops never mind. Certainly,
I think every one of these trade deals has that
element to it. But I do think that there are
some parts of this that are real, and we'll have.
Speaker 7 (10:29):
To see what comes out of it.
Speaker 8 (10:30):
I doubt we're going to see much coming out of
this particular set of talks. I think what we're going
to get is an extension, perhaps as much as three months,
according to Treasury Secretary Besant, and that would take us,
I think, right up to the point where we might
anticipate a summit between President G and President Trump. And
President Trump has said he wants to meet with President G.
They've exchanged facts and forths with invitations, and it's right
(10:53):
timed perfectly, frankly with the Apex Summit in Leader summit
in Korea in November.
Speaker 7 (10:59):
So I think that, to me, is the timing.
Speaker 8 (11:01):
I don't I'm not expecting any big surprises coming out
of the current set of trade talks in Stockholm.
Speaker 5 (11:07):
Elizabeth, How does China view its position visa v.
Speaker 2 (11:12):
The US? Here?
Speaker 5 (11:13):
Do they feel like they're in a strong negotiating position,
not just about trade but just about everything? How did
they view themselves?
Speaker 2 (11:20):
You think?
Speaker 8 (11:21):
Yeah, I mean, I think there are I think the
US has gotten some leverage over the past couple of
months as we've seen a number of these trade deals
come to fruition despite the oop's components to them. But
I think overall, certainly they view themselves in a strong position.
Speaker 7 (11:39):
Again, they stood toe to toe.
Speaker 8 (11:41):
They hold the key card, which are those rare earth
elements that the United States so desperately needs. And so
I think at any point now the United States know
that China can turn this figot on or off with
those rare earth elements.
Speaker 7 (11:54):
So I think they feel pretty good.
Speaker 8 (11:56):
And I will say they have spent a lot of
time over the past six months really were suppying their
trade away from the United States. So if you look
at what's happened to US agricultural exports, energy exports all
have sort of fallen off a cliff. China has other
places it can go for a soybeans, you know, Brazil,
Argentina does not need the United States. So frankly speaking,
(12:19):
when we get that trade deal, I'm afraid basically it's
just going to be trying to recoup what we've lost
in the past six months.
Speaker 3 (12:26):
Elizabeth Economy, with this we gain and she's with a
Hoover institution definitive back to her classic The River Runs
Black out of the University of Michigan. We welcome all
of you on your commute acrass the nation. Good morning
Serious XM Channel one twenty one. Apple car Play Android
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(12:46):
day on YouTube. Subscribe to Bloomberg Podcasts. A lot of
other value add there, including Joe and Tracy on Odd
Lots as well with Doctor Economy, our Paul.
Speaker 2 (12:55):
Sweeney, Elizabeth.
Speaker 5 (12:57):
How does the Chinese consumer they doing these days? As
we think about the Chinese economy, you know a lot
of folks are saying, where's the Chinese consumer, Where's the
Chinese tourist? How was the Chinese consumer these days?
Speaker 3 (13:11):
Yeah?
Speaker 8 (13:11):
I think the Chinese consumer is still struggling. You know,
China has done a number of programs over the past
six to nine months, and these sort of trade in goods.
They've put in some so basically you can trade in
a washing machine and get you know, fifteen percent off
your new washing machine. Oh, they've done it for cars.
They've done some policy support in the real estate sector.
(13:33):
So you've seen a slight uptick in some areas. But frankly,
the World Bank came out with its report last month
that had a good summary of what's been going on
with Chinese consumption. And what you see is it across
every sort of sector aside from food. Chinese consumers are
simply not spending and so you've seen the decline in
(13:53):
spending from twenty fifteen to twenty twenty four really significant.
They just don't trust in the Chinese economy. So I
think this is a big problem for China. There's a
lot of talk among local officials what should we be doing.
Speaker 7 (14:06):
I think the central.
Speaker 8 (14:07):
Government is concerned, certainly, and obviously we're concerned, right we
want the Chinese consumer to start buying American products.
Speaker 3 (14:15):
Doctor Economy, I mean, you're on a Stanford You're in
a fancy room with fancy people like John Taylor, Michael Basking,
the Giant Shad Jones, the growth economics, and well, if
we get disinflation or outright deflation in your soggy China,
do they export that deflation? And with an EU trade
(14:35):
deal attack consumption tax on Americans, do we get a
new bout of disinflation and deflation in Europe? Or dare
I say in the United States?
Speaker 2 (14:47):
You know what?
Speaker 7 (14:48):
I think you need to have Michael Boskin on for
that one talk.
Speaker 8 (14:52):
All I can tell you is that China has been
suffering from deflation for the past couple of years. They
have been trying to export their way, you know, out
of it. Clearly there is some discussion, I would say,
among the Chinese leadership about this involution.
Speaker 7 (15:07):
So they are concerned.
Speaker 8 (15:08):
That, you know, within China now you have such intense
competition in sectors like solar and evs those areas where
they are exporting their over capacity, that you're going from
two hundred companies down to ten companies. People, don't you know,
they are concerned about employment, They're concerned about these rock
body prices.
Speaker 7 (15:25):
So I think there are some there's.
Speaker 8 (15:28):
Some potential for some structural shifts within China, but I'm
not seeing movie before yet on that.
Speaker 3 (15:33):
Paul, should we go inside baseball?
Speaker 2 (15:35):
Sure?
Speaker 3 (15:35):
Okay, we're going to go inside baseball, folks. So we're
doing a scarlet from Westchester. Just emailed in. Nice scarlet food,
just emailed it. Hey, stupid, stop making jokes with Liz Economy,
Get serious, Liz. In Taiwan there is a recall election.
The recall supporters said Opposition KMT too close to China.
(15:58):
There's two parties in what are they arguing about?
Speaker 8 (16:02):
They are actually three parties now, but two of them
are closely aligned, the TPP and the KMT, and then
you had the DPP. So what the DPP and the
other two are arguing about is number one what you
just articulated what Scarlett is so right about, which is
that the KMT seems to be making a lot of
overtures to Beijing talking about peaceful reunification is not something
(16:24):
that the majority of the Taiwanese people support. There's a
big difference over defense spending. The US has been pushing
Taiwan has been pushing the leader Leijing of the DPP,
which is the party in power right now, to spend
more on defense, and he's trying, but he can't get
it through the legislature, which is controlled by those other
(16:45):
two parties. So this recall election, which lie precipitated, so
had they got thirty one seats so to have these
recall elections. They had twenty four this past Saturday that
came up for recall election and they all failed. So
what that means it's a kind of a It's unfortunate
for President Lai because he's really to get some movement
(17:09):
in the legislative yuon so he can push forward his agenda,
so it's going to make it more difficult for him.
Speaker 7 (17:14):
They're still some to come in August, but you know,
I don't know that we're going to be a different results.
Speaker 3 (17:19):
Let me squeeze in one more question, just the majesty
of your work. Back to the River runs Black. We
are expanding. Biden did this and Trump does this with
a US Navy new positioning on Palowan, the long skinny
island of the Philippines that borders the South China Sea.
(17:40):
Do you see an American military expansion to defend Taiwan?
Is that's what's going on here.
Speaker 8 (17:48):
I mean the South China See and Taiwan are two
different issues in terms of American projection of power. Day
they all feed to the same area. You're right to
kind of build up in the Indo Pacific, and I
think it's unclear right now. This administration has said that,
you know, our first priority national security is border security.
Speaker 7 (18:07):
Our second is the Indo Pacific.
Speaker 8 (18:09):
But I don't know that we can trust you know,
cousin Trump has his sort of idea about spheres of influence,
and it's not clear to me that in the case
of a military attack against Taiwan, that the US that
President Trump will be willing to put troops on the ground.
Speaker 7 (18:24):
Certainly, I hope that.
Speaker 8 (18:26):
We will come to the defense of our of our
strong partner and ally, Taiwan, but I think that remains
to be seen.
Speaker 3 (18:34):
This has been wonderful. Thank you so much. As we
speak to Elizabeth the first in turn Bury, Lizzie Burden,
we speak to Elizabeth the second, doctor Economy at Stanford
on China.
Speaker 1 (18:44):
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 listen
live on Amazon Alexa from our flagship New York station.
Just say Alexa play Boe Bloomberg eleven.
Speaker 3 (19:01):
This is a joy. If you look at Eco go,
I think I can say I've never seen a richer
week of data. The back end is going to be Friday,
ten am. The Michigan statistics, the emotion, the mood out
of ann Arbor, August one ism numbers. John Farreoh tells
(19:22):
me that's important, and then small matter after the FED
Meeting of Jobs Day, changing non firm payrolls at a
puny one hundred and nine thousand joining us out Tiffany
Wilding for a really needed brief year with a Pacific
investment management company. Tiffany, let's start at the back here.
(19:42):
On Jobs Day as well, will the chairman know the
jobs data Wednesday afternoon when the Fed decides.
Speaker 6 (19:52):
So our understanding is the Fed chair like others in government,
get it the day before the meeting, I think after
five pm. So our understanding is know they won't know
what the job's number is on Wednesday when they need
to discuss, you know. But I think, just taking a
step back, I'm not sure if they did it would
it would really matter that much. I think they've pretty
(20:12):
much signaled pretty clearly here that they're not They're going
to hold right steady. They need a little bit more
information before they start to move again, and we think
that happens in the back half of this year.
Speaker 3 (20:21):
Jerome Schneider taught me how to analyze the residual, which
is the real ten year yield tifty. I know this
is above you know what you do. It's secret stuff
of Jerome Schneider. But I've noticed that the real yield's
not moving because there's a new sustained belief in an
inflation number. Do you agree with that that the summary
(20:43):
is a permanent higher inflation.
Speaker 6 (20:48):
Well, I think that really yields are high because there's
this expectation that you could get some inflationary pressures from tariffs,
and the Federal Reserve has been on pause all year
because they're worried about that. Inflation. You know, even if
it's temporary in the back half of this year into
next could be problematic because we're coming off of this
(21:09):
period of elevated inflation, and you could have people that
are adjusting higher their inflation expectations. You mentioned the Michigan survey.
It's come off in recent months in terms of people's
expectations for inflation, but nevertheless it's been elevated. So I
think that's what the concern is for the Federal Reserve here, Tiffany.
Speaker 5 (21:26):
Given all the crosswinds out there in this economy, whether
it be tariffs or policy trade policy coming out of
the Washington DC, the consumer seems to be hanging in there.
How do you view this US and consumer today?
Speaker 6 (21:41):
Yeah, I mean, so I think there's there's there's goods,
there's good parts and bad parts. So I think you've
seen a lot of volatility and consumption over the past
several quarters. And and the reason is we think consumers
rightly so expect expected tariffs, and they have tried to
purchase goods ahead of those terror related price increases. So
(22:02):
what we saw was consumption, real consumption growth that was
growing four percent on average in the back half of
last year. People were buying durable goods, autos, household furniture
or things like that. And then this year that's cooled
off quite a bit. Even though we haven't seen a
lot of pass through or slower than expected pass through
onto prices of the tariffs, consumers are basically taking a break.
(22:24):
So we've had real consumption growth that's averaged closer to
one percent in the first half of this year. We're
going to get confirmation of that, we think with the
Q two GDP statistics this year. And then the question is,
you know, what does inflation, how do companies pass on inflation,
and how does that impact real incomes and therefore real
consumption in the back half of this year.
Speaker 5 (22:43):
It seems like Tiffany that I guess from what we've
heard from a lot of companies that they're going to
take some of their cost increases tariff related or not
in their profit margins and as opposed to passing along
to consumers. Is that something we can expect going forward.
Speaker 6 (23:00):
Yeah, I mean, I think there's a lot of good
reasons for that. And when we look at, you know,
the balance of data, we see that, you know, foreign
suppliers are not paying a lot of these tariffs, and
just looking at the consumer price data, you know, we
expect or we estimate that around fifty percent or so
of of whatever the pass through you expected was has
been passed through so far. So a lot of this
(23:21):
is being absorbed by corporate profits. And you know, we
think there's there's reason of leave that can continue. This
can be a slow pass through. And the reason for
that is, you you did have legislation that came out
that had pretty big business tax incentives. So there will
be some offsets in terms of corporate taxes paid overall
as a result of these big tax incentives, you know.
(23:43):
But the other thing is is I think there's a
lot of uncertainty around where these tariffs will land. We
have lawsuits going on in the background here that you
know that that legal experts suggest there's there's pretty good
reason to believe that some of these tariffs will will
be struck down by the courts and will have to
be repaid back by the government. So I think folks
are just kind of waiting to see what's going to happen.
Speaker 3 (24:04):
I'm going to get the calendar out here, Tiffany Wilding,
I can do that. Folks at fomcgo on the Bloomberg
July thirty. September seventeen, it's when the Red Sox, you know,
off of trade deadline, they're going to be rocking it.
October twenty nine is after the Red Sox take the
World Series. December ten is when Tiffany goes to Tahiti
(24:24):
for a month. You know, you look at the Fed dates, Tiffany,
and the backdrop to me is nothing more than a stimulus.
Is that the bottom line for bond guys at Pimco,
men and women at Pimco managing debt money, it is
an aura of stimulus into twenty twenty six.
Speaker 6 (24:46):
Yeah, well, well certainly there's If you look at the
way that the structure, the way the tax legislation, tax
and spending legislation was structured, you are going to get
a lots of money. That's hitting the economy in the
back half of this year in the front of next year,
and that's when folks get their refunds when they file
their taxes. Those refunds are going to also incorporate any
(25:09):
sort of taxes they paid on overtime or on tips.
They're going to get that back in a refund early
next year. So there is going to be a lot
of government stimulus money hitting next year early next year.
But you have to think about the offsets of that,
which is that around a three hundred and fifty billion
on an annualized basis is being paid in additional tariffs,
(25:30):
and as we just discussed, we think corporates are paying
the lion's share of that. So you know, we are
I think on net you have you have a government
that is the fiscal impulses is about you know, is
about a neutral or negative on net. Although you are
going to get some big stimulus refunds related refunds next year.
Speaker 3 (25:49):
Thank you, thank you, thank you for this brief. We
needed this ginormous economic week folks. Again differently Welding Pimco.
Speaker 1 (26:02):
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 watch us
live every weekday on YouTube and always on the Bloomberg Terminal.
Speaker 2 (26:16):
Gut John Tucker, Pauls.
Speaker 5 (26:18):
When you're live here in our Bloomberg Interactive Brokers studio
along with Tom Keen. We welcome to our studio Curst Sleiewak.
He is the founder of the Guardian Angels. Mister Sleewah
is a Republican candidate New York City.
Speaker 2 (26:29):
May Very patient, Curtis, it's very patient. Thank you for waiting.
We're listening to President Trump and Prime Minister.
Speaker 9 (26:34):
Heres far more important than what we're going to be
talking about.
Speaker 5 (26:38):
Curtis, talk to us about New York City. Your view
of New York City. What does the city need right now,
right now?
Speaker 9 (26:45):
Just from the business perspective, you think about it with
the seventeen and a half percent corporate text, when you
include the state and city nine percent for the city,
and you compare it to where everybody is fleeing to
Florida or Georgia, North cal Line of South Carolina, Texas, Tennessee.
Speaker 2 (27:02):
It's prohibitive to keeping business here.
Speaker 9 (27:05):
The personal income tax at about nine percent, in the
city and then nine percent of the sales tax for
us to keep business from fleeing, we've got to start
slashing taxes, at least those that a mayor can control.
And he's done nothing to fight open He nothing to
go up there and to battle the governor and also
the state legislature and try to preserve the business climate
(27:27):
of New York City. Just walking to this studio of
yours at Bloomberg today, all the storefronts that are closed,
the retail storefronts.
Speaker 2 (27:35):
Why congestion pricing.
Speaker 9 (27:37):
It has limited the amount of foot traffic for merchants,
many of them small business owners, mid sized business owners,
and the chain stores.
Speaker 2 (27:45):
And they just can't pay their lease at the end
of the month.
Speaker 9 (27:48):
So this state, in this city especially, does everything to
basically make it impossible to stay.
Speaker 10 (27:55):
My daughter is desperate to move into Manhattan, desperate for
her to move out of the house she would have
to get we calculated this, to pay Manhattan rent, she'd
have to have ten roommates. What is the plan to
make housing rents more affordable in Manhattan?
Speaker 9 (28:14):
Well, you're right, I happened to be all of New
York City. Yeah, I'm married to a millennial Nancy who
is an e attorney.
Speaker 2 (28:20):
How mut you work that out? It was an upgrade
for me.
Speaker 9 (28:25):
But she went to Brooklyn Law and she has huge
student loans to pay, as so many millennials do. That's
why Zorhan has resonated, you got to pay your student
loans first, then you got to pay your rent. Then,
as you mentioned, you already went maybe to four years
of college, got a graduate degree. You lived in dormatory
style housing. You come into New York City, you're now
(28:47):
living in a dormitory again. You're making one hundred and
fifty thousand maybe as a financial analyst, a CPA, and attorney.
Speaker 2 (28:55):
You just can't make ends meet. So you're angry.
Speaker 9 (28:58):
So you've got to provide a means for these young
people to stay here because they're being attracted also out
of state with their skill levels.
Speaker 2 (29:06):
We promise them, you.
Speaker 9 (29:07):
Go to college, get a good education, get a skill level,
and you'll live the American dream.
Speaker 2 (29:12):
They can't even get a mortgage for a house.
Speaker 9 (29:14):
They can't even buy a car, and that's something we
have to address in this city also nationally.
Speaker 3 (29:20):
Curtis, I ask is a courtesy. Over a decade ago,
you had a cancer scare. How's your health?
Speaker 2 (29:26):
I did?
Speaker 9 (29:26):
I had prostate cancer and I had it removed. Maybe
worse mistake in my life, because now they have about
twelve other remedies.
Speaker 3 (29:35):
Science has really come on.
Speaker 2 (29:37):
Oh yeah, absolutely.
Speaker 9 (29:38):
But I lost a great colleague, Bernard mcgirky WABC, the
healthiest guy there. But he never got a simple PSA test,
a simple prick of the finger, the blood test. I
advise everyone listening out there, make sure your men folks
get that PSA test.
Speaker 3 (29:53):
New You're post sympathetic to you. They've got an article
just in the list. I'm gonna say, forty eight hours
Times Prediction Markets forecast socialist landslide for New York City
mayor race. What can you do to halt that? Do
you have a timeline to the first Tuesday of November
where you say I'm stepping aside in support of whoever?
Speaker 9 (30:16):
Well, if you've noticed in the last three weeks, I've
been surging, and in fact, the New York Post Business
section said I was the winner of the week. Not
only my polling numbers are up, but also my pathway
to victory because now you have four main candidates street Democrats.
Speaker 2 (30:32):
Zoran is still a Democrat, even though these are.
Speaker 9 (30:34):
Socialists Cuomo and Adams who have been a failed mayor
and a failed governor. And then you have me, the
Republican candidate, who starts with about twenty eight percent. I
also have to protect the animal's line. Never before in
the history of electoral politics, on any independent line, no
kill shelters and put animal abuses in jail. With that,
I expect to get up upwards of about thirty five
(30:56):
percent of the vote, and I could be your next mayor.
Speaker 2 (30:58):
You have sixteen cases.
Speaker 9 (31:00):
Well, six cats. Now we had sixteen in the last
election cycle.
Speaker 2 (31:04):
Twenty twenty one apartment.
Speaker 9 (31:06):
It's small, but we were rescuing cats who are not
being taken in by the shelters.
Speaker 2 (31:12):
Remember with the lockdown and pandemic Hurtis.
Speaker 5 (31:15):
Talk to us about mister mum Donnie. What does it
say to you that he had such a successful primary.
What does this say to you about the city of
New York?
Speaker 2 (31:23):
Right now?
Speaker 9 (31:23):
He worked hard, and Andrew Cuomo who mailed it in,
who thought he was going to have a coronation, and
now he's apologized for not working hard to beat the Socialists.
I say it's the Democrats who let the socialists in
Remember Bernie Sanders was never a Democrat, is still not
a Democrat. But Hillary wanted a show. She had competition
in twenty sixteen. He basically won the caucuses and the primaries,
(31:47):
she got the super delegates, and then what happened. Joe
Crowley didn't run a race against AOC she won, Andrew
Cromo didn't run a race against Sohan Mandami. So the
Democrats have turned their party over to the socialists. That's
why the only thing you could do is hope for
the Republican because remember during Giuliani and Bloomberg that was
twenty years, but Taki twelve years as governor, Republican, no chaos,
(32:09):
no corruption. The Blasio Cuomo and Adams, all we've had
is chaos and corruption. You've got to go to the
Republican route. And I'm the only Republican candidate in this.
Speaker 2 (32:19):
Has Momdani locked up the younger vote, No, he is not. Now.
Speaker 9 (32:23):
I don't see Adams, no CMO going after the millennials
or gen Zers.
Speaker 2 (32:27):
But remember my ability to organize.
Speaker 9 (32:29):
Guardian Angels, not just here but all over the world,
thirteen countries, one hundred and thirty cities, over a total
of forty six years is based on me being able
to recruit volunteers who are younger than I am, who
fit into the category of millennials and gen Zias. So
I'm in all the communities that he overwhelmingly beat Como
in the Democratic primary, Long Island City as Storia, which
(32:52):
is his base the Lower East Side, and they're all
millennials and gen Zeis who will join your effort as
they did the Trump effort when he beat Harris convincingly,
he got a lot of mail Millennials and a lot
of mail gen Zs because they targeted them.
Speaker 5 (33:08):
Talk to us about crime and the New York City
Police Department.
Speaker 9 (33:13):
We need at least seven thousand more cops, and I
have a remedy to do that. First off, Jimmy Dolan
a Madison Square garden who pays no property taxes. He's
going to be paying his fair share. And universities like
NYU and Columbia are going to try to touch the
money that they use for teaching and for the teachers themselves.
But they buy up a lot of property that has
(33:34):
nothing to do in Morningside Heights in Greenwich Village with
education or housing for teachers, as students, and they should
be forced to pay their fair share of property tax.
That should be enough money to hire seven thousand cops
that we desperately need. And we have to give them
back their qualified immunity. Every civil servant, all three hundred
thousand in the city are protected by the insurance we
(33:57):
pay for should they be sued, except the police, state legislature,
the city council in twenty nineteen, and then Governor Cuomo
stripped them.
Speaker 2 (34:05):
Of qualified immunity.
Speaker 9 (34:06):
Notice who's protected by qualified immunity now with the thirteen
sexual harassment suits. As Tom DiNapoli, the state Controller, has
told us Andrew Cuomo we keep paying his legal bills.
Is when he was governor. He's protected by qualified immunity.
We have to give that back to the cops so
they can go out there and do the job as
they've been trained to do.
Speaker 10 (34:25):
In the green room, you were listening to Donald Trump
as we carried him live with Kiri Starmer from Scotland.
What's your relationship with the president as a Republican?
Speaker 9 (34:35):
Oh, I go way back with Donald Trump with a
consummate New York as we've had a love hate relationship.
If you've noticed of late. He has embraced Eric Adams
because he got him out of the court process of
the Department of Justice. I know intimately the details of
destroyed Donus because he did that when he was running
against me in twenty twenty one. Eric Adams belongs in jail.
(34:58):
Now he's at the Beck and call the president. The
President has said nice things about Andrew Cuomo, and it's
basically just referred to me as a Republican candidate. I
would suggest, with the world issues, the President just stay
out of the local election.
Speaker 2 (35:13):
To stay out of.
Speaker 3 (35:13):
It, Curtis, I got to go back here a bit.
And I say this with great respect for John Lindsay
and a Republican of another time. In Place nineteen eighty
Eldamato stuns the world and beats Jacob Javits by fifty
five percent. Take then he wins on a split Democratic
ticket forty five percent. Eldamato wins. Aldamato wins by a
(35:34):
small fifty three percent against Mark Green. This is staggering.
Through the nineteen eighties, there's a resurgent Republican party. Mister
Trump has proven that people go Paul New Jersey. It
could go Republicans or long Island again or North up
the Hudson rivery. How do you perceive the Republican Party
doing better in the boroughs? How's that going to happen
(35:58):
in Brooklyn, in Queens Dare I say the twelve Republicans
in Manhattan? It could happen. How does a Republican Party
take the city.
Speaker 9 (36:06):
Well, if you look at the polling data of late
in which I'm surgeon and Eric Adams can barely get
into double digits, I have thirty five percent of the
vote in the Bronx. So you look to Brooklyn and
Queens and obviously Staten Island, it's blue collar, working class people, homeowners.
That's why I'm opposed to the City of Yes, because
we give the developers and the realtors and opportunity to
(36:28):
go in and take single and two and three and
four family homes from.
Speaker 2 (36:32):
People who have decided to improve.
Speaker 3 (36:34):
Cut to the chase. What are you going to do
with the NYPD?
Speaker 2 (36:37):
What we had?
Speaker 3 (36:38):
How many mayor candidates.
Speaker 2 (36:40):
Have we had?
Speaker 3 (36:41):
Five, six, seven, eight? You've been doing this for pushing
fifty years. Mario Cuomo got behind you a million years ago,
the NYPD. What's the consensus ball? We're down thirty thousand
police officers. What are you going to do day one
to help NYPD on?
Speaker 2 (37:00):
You keep Jessica Tish right there if she's willing to serve.
Speaker 9 (37:03):
She had to give one police plaza a badly needed
colonic on the fourteenth floor.
Speaker 2 (37:08):
What colonic? Come on? Police commissioner had.
Speaker 9 (37:14):
So tainted the role of the police commission And worse,
Jeffrey Madri, head of Patrol, turned that thirteenth floor into caligula.
They were all Eric Adams cronies. The best choice he
made was Jessica Tish to clean up his mess. And
I think if she wanted to stay for stability, you
keep her as police commissioner and you'll go a long
(37:35):
way into his storing the glory and the tradition of
the NYPD which is maintainted by Eric Adams and his cronies.
Speaker 10 (37:43):
And just to be clear before you go, congestion pricing is.
Speaker 9 (37:46):
Put congestion pricing I side with the Secretary of Transportation
and also the President.
Speaker 2 (37:53):
It's got to go.
Speaker 9 (37:55):
It has led to so many businesses closing south of
sixtieth Street. The other tax are the many taxes that
have been put on New Yorkers and those from out
of state and affect blue collar working class people and
tradesmen and tradeswomen.
Speaker 2 (38:08):
It's got to go. And you know something, Mandami says,
free bus fare and.
Speaker 9 (38:13):
People get upset after people don't pay their bus fare
to begin with, how about enforcement of fair evasion? Adams
hasn't done it, Homo didn't do it. As governor, Sleewer
will do it when I'm mayor. That will be a priority.
You pay your fare when you ride the subways of buses,
thirty percent of the people who ride the subways don't
even bother to pay their fare.
Speaker 2 (38:32):
Thirty seconds immigration in New York City immigration.
Speaker 9 (38:35):
If you want to preserve business, you can't be dragging
people out of the backs of restaurants and the hospitality
industry who are not criminals if you don't allow them
and find a way for them to legally work.
Speaker 2 (38:47):
My three sons, I have three sons.
Speaker 9 (38:49):
Neither of them or any of your sons or grandchildren
out there are going to do that kind of work.
Speaker 2 (38:55):
Curtis, thank you so much for joining us.
Speaker 5 (38:56):
Curtis Lee, while he's a founder of the Guardian Angels
also Republican candidate for the twenty twenty five New York
City Mayor.
Speaker 2 (39:02):
Race coming on.
Speaker 5 (39:03):
We appreciate getting a few minutes of your time.
Speaker 1 (39:05):
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
(39:26):
always on the Bloomberg terminal
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