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Axios
11 hours ago
- Business
- Axios
Zohran Mamdani has NYC's business community "terrified"
New York City business leaders woke up to the outcome they least expected Wednesday morning — young, popular socialist Zohran Mamdani cruising to apparent victory in the New York City Democratic mayoral primary. Why it matters: There's a reason Kathryn Wylde, long the voice of the city's business community, said this week that leaders were " terrified" of Mamdani's rise. For Wall Street, it's not just about Mamdani — some fear a broader rise of socialism could destabilize markets and the economy. Zoom out: Bradley Tusk, CEO of Tusk Ventures and former campaign manager for Michael Bloomberg's 2009 mayoral race, said investors need to watch for a rise of "demagogues" on either side of the political spectrum. "If you have a super high profile socialist mayor creating all types of new government entitlements, taxes, you know, big anti-capitalism sort of campaign…that reverberates everywhere and that generally puts pressure on markets," Tusk told Axios. Zoom in: Tusk pointed to what he sees as a rise in "very, very progressive mayors," citing Chicago Mayor Brandon Johnson and Boston Mayor Michelle Wu as examples, albeit with mixed track records. Johnson's approval has been at a record low for the office, while voters view Wu much more favorably. What they're saying: Jim Bianco, president and macro strategist at Bianco Research, wrote "it appears that NYC is electing to commit suicide by Mayor" in a post on X. One well-known investor deleted an X post suggesting Mamdani's win was a nightmare for billionaire investors, name-checking the Bloombergs, Ackmans, and Loebs of the world. The intrigue: " Wall Street South," the movement of financial firms to Florida from New York, was already gaining traction, particularly after Ken Griffin relocated Citadel's headquarters to Miami. Tusk warned that, while unlikely, New York could go the way of "once very prosperous" cities like "Detroit and Baltimore…that had really big tax bases and then…got dirty and dangerous and the taxes went up too much and people left." After the results, Tusk added in an email that "There's a lot about Zohran Mamdani we still don't know but there's a very good chance he will be our next mayor and if you love this city, you'll do what you can to help him succeed." Reality check: The "people will flee" reaction is nothing new in NYC. When progressive candidate Bill de Blasio ran to replace Michael Bloomberg in 2013, investors were concerned about him raising income taxes on the top 1% of earners, a push that hit a wall in Albany. De Blasio met with a slew of industry leaders, like former Goldman Sachs CEO Lloyd Blankfein and Rupert Murdoch, to ease industry concerns ahead of the election. It appeared to work. Wall Street stayed.
Bloomberg
23-05-2025
- Business
- Bloomberg
Bloomberg Surveillance TV: May 23, 2025
- Jim Bianco, president and founder at Bianco Research - Nadia Lovell, Senior Strategist: US Equity at UBS - Dana Telsey, CEO at Telsey Advisory Group - Russell Brownback, Head: Global Macro Positioning at BlackRock Jim Bianco, president and founder at Bianco Research and Nadia Lovell, Senior Strategist: US Equity at UBS, join to offer their outlook on US equities and whether it could sustain its post-Liberation Day rebound. Dana Telsey, CEO at Telsey Advisory Group, discusses consumer health and the outlook for luxury goods in the US and globally. Russell Brownback, Head: Global Macro Positioning at BlackRock, talks about signals from the bond market globally after the House passed its tax bill.
Yahoo
10-04-2025
- Business
- Yahoo
Volatility Won't End Until There's a Trade Deal, Jim Bianco Says
Bianco Research President Jim Bianco discusses the recent volatility in financial markets on "Bloomberg The Close."
Bloomberg
08-04-2025
- Business
- Bloomberg
Volatility Won't End Until There's a Trade Deal, Jim Bianco Says
Bianco Research President Jim Bianco discusses the recent volatility in financial markets on "Bloomberg The Close." (Source: Bloomberg)
Yahoo
29-03-2025
- Business
- Yahoo
Why Wall Street is talking about a 'Mar-A-Lago accord' as a way to understand Trump
Last November, Hudson Bay Capital released a 41-page document that outlined a plan to restructure the global trading system with a juicy premise for Wall Street. Complicated and dense, "A User's Guide to Restructuring the Global Trading System" touches on everything from US debt to interest rates to re-shoring of US manufacturing but with a central idea of a "Mar-a-Lago accord" built around tackling dollar "overvaluation" and what author Stephen Miran wrote could be "a 21st Century version of a multilateral currency agreement." "Many argue that tariffs are highly inflationary," he wrote at another point, but "that not need be the case," especially if currency issues are also addressed. The idea quickly gained steam on Wall Street, with prominent backers on Wall Street like Jim Bianco of Bianco Research urging investors to read it. Bianco said in February it was a signal that the young administration is "thinking very big," as he put it on a podcast called MacroVoices. The thesis was also bolstered by Miran's subsequent selection to head Trump's Council of Economic Advisers, a sort of in-house think tank at the White House. The issue, at least so far? That fuller plan outlined in the paper has been belied by the administration's own actions since taking office. President Trump is clearly aiming to upend the global trading system and is full speed ahead on one side of Miran's thesis — the implementation of tariffs — but has put the corollary currency piece on ice and even offered some skeptical comments since taking office. Miran himself acknowledged as much in a series of recent comments. He told the Washington Post recently, "Anyone thinking what I wrote in November is the policy agenda we're secretly implementing right now is just looking for something to write about." He added to Bloomberg of his ideas that "some of them are easy, some are tough," and downplayed the importance of his paper, saying instead that Trump is "solely" focused on tariffs right now. Yet the paper has remained a source of positivity, even as Bianco said from the get-go it could never happen. Miran even wrote about tariffs being a first priority before policy "becomes dollar negative." It was cited often by those needing a silver lining amid the current uncertainty of market volatility, sticky inflation, and nervousness about the possibility of a recession as Trump touts his coming April 2 "Liberation Day" plans. Columbia University historian Adam Tooze went so far in a recent Substack post as to compare the continued market focus on Miran's paper with Stockholm Syndrome, the psychological phenomenon where a hostage develops positive feelings toward their captor. "Call it Mar-a-Lago (Accord) Syndrome," Tooze wrote. Miran in his paper argued that tackling the currency question could rebound in America's favor on a variety of fronts — from the national debt to national security arrangements to providing a boost to US businesses. The goal is to ensure the dollar remains supreme as a global reserve currency while at same time correcting what he viewed as an "overvalued dollar" that makes US manufacturing less competitive. The US, he argued, could convince other countries to help with that devaluation in exchange for security guarantees or a pledge to drop punitive tariffs — what he called the "multilateral" approach to a new trading landscape but one that it's very unclear other countries would go along with willingly. He also wrote in detail about how the administration could, if needed, unilaterally act "if it is willing to be creative" to address the problem of undervalued foreign currencies — pointing to possible measures in the International Emergency Economic Powers Act of 1977 (IEEPA). But it's a detail that has perhaps unwittingly underlined Trump's focus elsewhere so far in his second presidency. The president has indeed relied on IEEPA law for dramatic actions in his early weeks in office — but almost solely the tariff provisions in the law, to impose tariffs on China, Canada, and Mexico, without significant action on currency. And in another recent appearance, on CNBC, Miran didn't weigh in on currency at all and even sounded firmly in line with Trump's overall message of downplaying any economic effects from tariffs. "My view is that the country on which we are imposing those tariffs ultimately pays those tariffs as opposed to having any negative economic consequence on the United States," he offered. Trump likes to promise to keep aloft "the mighty U.S. Dollar" and maintain its status as the global reserve currency. But in other settings, Trump has suggested an openness to a devaluation case and acknowledged in a campaign interview that the gap between the US and other currencies has created a "tremendous burden" on companies. In any case, a meaningful push for currency measures or devaluation hasn't emerged from the White House so far even as Wall Street interest has remained high. In his recent comments to Bloomberg, Miran seemed amused that he was still being asked about the paper as he downplayed its chances in the near term. It's "taken on a life of its own, against all my intents," he quipped. But hope perhaps springs eternal, with Miran adding of the currency side of the equation, "Could it be something that is entertained down the road? Sure." Ben Werschkul is a Washington correspondent for Yahoo Finance. Every Friday, Yahoo Finance's Madison Mills, Rick Newman, and Ben Werschkul bring you a unique look at how US policy and government affect your bottom line on Capitol Gains. Watch or listen to Capitol Gains on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Click here for political news related to business and money policies that will shape tomorrow's stock prices
