Bloomberg Businessweek Weekend – September 5, 2025
Hosts: Carol Massar & Tim Stenovec
Episode Focus: This episode offers a panoramic view of key economic, business, and sports trends shaping the U.S. in 2025. Featuring interviews with C-suite leaders in construction, real estate, fintech, and sports, the episode delivers firsthand industry insights on the economy, infrastructure, consumer finance, disaster recovery, and the transformation of American sports.
Episode Overview
Bloomberg Businessweek Weekend covers pivotal topics that matter most to global leaders and business watchers:
- U.S. economic outlook, especially in the wake of new jobs data and Fed activity
- Infrastructure, construction, and the impact of tariffs/government policy
- Real estate trends and disaster resilience strategies in Southern California
- The evolving “Buy Now, Pay Later” fintech landscape
- The business of sports, technology's role, and the boom in global sports investment
Key Interviews & Insights
1. Cheryl McKissick Daniel — CEO, McKissick & McKissick
Focus: U.S. Construction Economy, Infrastructure Pipeline, Policy Impacts
Timestamps: 07:10 – 25:30
Major Themes & Insights:
- Cautious Optimism in Construction: Spending on big infrastructure projects is ongoing, but some clients are holding back due to high prices and uncertainty.
- Tariffs’ Immediate Impact: Notably at JFK Terminal One, delays are attributed to reduced travel and “beginning to feel some of the tariffs.”
- “I think people are holding back a little bit. Prices are high ... we are beginning to feel some of the tariffs.” — Cheryl McKissick Daniel [08:40]
- Project Pipeline: Strong prospects in microchip plants (e.g., Micron, $100 billion in NY) and potential casino developments; academic and waterfront projects discussed with optimism.
- Casinos: “Once the three licenses are awarded ... that will be billions.” [12:45]
- Government Staffing and Bottlenecks: Federal agencies such as the FTA are under-resourced, slowing the release and oversight of capital infrastructure projects.
- “FTA ... has slowed on releasing projects ... more than I'd say fifty percent of their staff has been released.” [10:45]
- Policy & Politics: The current administration's regulatory environment is not seen as easier or better for business. Major concern over the halt of offshore and onshore wind projects.
- “Now that the administration has really sunset all of the offshore and onshore wind projects that we terribly need ... I am very concerned about where we are headed.” [15:30]
- DEI (Diversity, Equity, Inclusion) Backlash: New York business mostly unaffected but notes in some states DEI programs have been suspended to obtain federal funding.
- “It has not affected our business in New York but it has affected ... other states.” [22:45]
Notable Quote:
- “Black excellence may have been ignored, but that doesn't mean it's not here.” — Cheryl McKissick Daniel [24:45], reflecting on her new book and legacy
2. Rick Caruso — Founder & CEO, Caruso
Focus: Southern California Real Estate, Economic Resilience, Disaster Recovery, Political Gridlock
Timestamps: 33:40 – 57:00
Major Themes & Insights:
- Robust Consumption Amidst Headwinds: Caruso properties see double-digit year-over-year growth, but overall business environment in LA is “very overregulated,” especially impacting small businesses.
- “Our properties are growing in terms of attendance on a double digit basis year over year ... but it's very tough especially on middle or small businesses.” [35:20]
- State of California Business Climate: Noted “problem” of businesses leaving for more business-friendly states; calls for deregulation and more supportive policies.
- Disaster Recovery & Federal Aid: Urgent need for federal funding post-LA fires; rebuilding requires tens of billions, but political fighting blocks effective collaboration.
- “Hundreds of thousands of people ... displaced ... massive rebuilding effort that’s going to take tens and tens of billions in infrastructure. We need federal help. It just has to happen.” [43:20]
- Politics as an Obstacle: Partisan battles between California and the federal government stymie progress.
- Community & Philanthropy: Caruso’s nonprofit Steadfast LA and his family foundation focus on small business recovery and educational opportunities in Watts.
- “A government alone can't do everything ... lean in and support churches ... foundations to be giving back because the reward and payoff is so great.” [54:10]
- Political Ambitions: Caruso admits considering runs for both LA mayor and state governor.
- “I'm seriously looking at it ... got a team of people working on it ... I'll make a decision soon.” [47:25]
- Disaster Resilience/Building Back Better: Emphasizes “smart brush management,” noncombustible materials, and improved infrastructure.
Memorable Moments:
- Host calls Caruso “the kind of individual you do want in politics.” [47:05]
- “We have to have very smart brush management ... the competency level at the government and being prepared is critically important.” — Rick Caruso [49:35]
3. Max Levchin — CEO & Co-founder, Affirm
Focus: Buy Now Pay Later (BNPL), Consumer Spending, Credit Trends, Competition
Timestamps: 57:30 – 1:18:30
Major Themes & Insights:
- US Consumer Strength: Affirm sees strong demand and high repayment rates; delinquency rates at ~2% (significantly below credit cards), with most late payers just forgetful.
- “98% of our consumers are never late, never in default. It's fundamentally extremely, extremely high probability of none of that will ever happen.” — Max Levchin [1:07:59]
- Clarity of Terms & Consumer Protection: Unlike credit cards, Affirm does not charge late fees and does not allow compounding interest. Transparency is the brand’s “cornerstone.”
- “If something happens and you can't pay your bill on time ... there will not be a penny more ... fundamentally pro-consumer.” [1:07:17]
- Growth Factors: 20%+ YOY increase in transaction frequency and user base; “meaningful secular shift from credit cards to Affirm.”
- Industry Competition & Market Potential: US Buy Now Pay Later penetration is still low (~7%) compared to other developed nations (~20%). Sees room for multiple large players.
- “It rounds up to infinity ... we're all just experiencing really good growth.” [1:15:30]
- Tech Frontiers: Interested in using stablecoins and crypto for merchant settlement but sees little consumer demand for crypto payments currently.
4. Ted Leonsis (Monumental Sports), Gary Bettman (NHL Commissioner)
Focus: The Business and Technology of Sports
Timestamps: 1:22:30 – 1:42:30
Major Themes & Insights:
- AI & Sports: Both emphasize AI’s impact on player/fan data, physical experiences, and distribution — going beyond “smart buildings” to intelligent, data-driven fan and team engagement.
- “It's not just smart buildings ... it's building the intelligence and the data right into that experience.” — Ted Leonsis [1:23:00]
- Digital Transformation: Sports businesses are now running “like a software company”. Example: sports franchises valued at multiples of revenues, not EBITDA, due to long-term contracted revenues from media and sponsorship.
- “We're six times, eight times, twelve times revenues ... we're not just a hockey team.” — Ted Leonsis [1:31:19]
- Community & Globalization: Sports unites people even amid chaos; invests in community-based programs and now draws global sponsors and audiences.
- “Sports tends to focus people at an instant...brings people together even if they're rivals.” — Gary Bettman [1:34:45]
- Technology’s Role in Accessibility: From puck/player tracking to the metaverse, innovation broadens engagement, especially for younger fans.
- Societal Importance: Sports as authenticity, structure, and community in a chaotic world.
5. Alex Rodriguez & Jason Kelly — Co-hosts, The Deal Podcast
Focus: Sports Business, Athlete-Owned Enterprises, Societal Impact of Sports Culture
Timestamps: 1:42:40 – 2:02:30
Major Themes & Insights:
- Business, Sports, and Culture Intersection: Spotlight on how athletes leverage influence outside the sport; “the most radical change in college sports” due to NIL and big money.
- Athlete Ownership & Institutional Capital: New owners are sophisticated risk-takers, bringing “institutional capital” to team ownership and related ventures.
- Sports as Social Glue: Shared experiences in stadiums, like Miami-Notre Dame game, highlight sports as a unifier.
- Risks of Wealth and Gambling in Sports: Explosion of gambling/fantasy football means fandom engagement remains high, even for blowout games — but raises challenges for athlete management and integrity.
- “Blowout games in the fourth quarter in the NFL, we're doing better numbers ... because of fantasy football.” — Alex Rodriguez [1:57:45]
- College Sports Disruption: Transfer portals and NIL mean “the business of college sports over the past five years is the most radical thing ... in any sport in the past 100–200 years.”
- Dream Podcast Guests: Roger Federer, Roger Goodell
6. Derek Sprague — CEO, PGA of America
Focus: The Future of Golf: Growth, Inclusivity, Tech, Globalization
Timestamps: 2:02:45 – 2:23:30
Major Themes & Insights:
- Golf’s Big Growth: Post-pandemic, golf expanded dramatically—now 28 million U.S. golfers, 550 million rounds in 2024.
- “We have more golfers in the game ... 28 million in this country, 550 million rounds of golf played in 2024.” [2:06:00]
- Demographics & Diversity: More women and juniors are taking up golf; PGA initiatives support DEI and youth pipelines.
- “Women is the fastest growth of the sport since the pandemic ... one of our proudest moments.” [2:19:00]
- Technology’s Role: AI, data tools, and digital training are integral for both players and the business of running clubs.
- “We're teaching our young associates how to use AI ... to save them time, make it more efficient.” [2:17:45]
- Business & Sponsorship: Ryder Cup global sponsorship is at an all-time high, often drawing investment from countries not even participating.
- Future Forecast: Golf viewed as a $100+ billion industry poised for even more growth (estimated +$20–30 billion over 10 years).
Notable Quotes & Moments (by Timestamp)
- “Black excellence may have been ignored, but that doesn't mean it's not here.” — Cheryl McKissick Daniel [24:45]
- “We need federal help. It just has to happen.” — Rick Caruso [43:20]
- “If something happens and you can't pay your bill on time ... there will not be a penny more ... fundamentally pro-consumer.” — Max Levchin [1:07:17]
- “We're six times, eight times, twelve times revenues ... we're not just a hockey team.” — Ted Leonsis [1:31:19]
- “Blowout games in the fourth quarter in the NFL, we're doing better numbers ... because of fantasy football.” — Alex Rodriguez [1:57:45]
- “Women is the fastest growth of the sport since the pandemic ...” — Derek Sprague [2:19:00]
Episode Structure & Flow
- Construction & Infrastructure: State-of-the-sector, supply chain, and policy impacts
- Real Estate & Disaster Recovery: Macro/micro drivers, resilience, politics
- Fintech Disruption: BNPL, consumer lending, healthy skepticism, growth prospects
- Sports Industry: Tech’s role, valuation, business models, nationalism, community
- Personalities & Power Players: Athlete/investor crossover, mega-trends in ownership
- Golf: Modernization, tech, inclusion, and the globalization of the sport
This summary encapsulates Bloomberg Businessweek Weekend’s comprehensive reporting on the intersections of policy, business, technology, and culture—providing direct perspectives from leaders across industries in their own words.
(End of summary. For detailed listening, refer to timestamps outlined above.)