Bloomberg Businessweek — Episode Summary

Episode: Trump Says He’d ‘Feel Very Comfortable’ Living in Mamdani’s NYC

Date: November 21, 2025
Hosts: Carol Massar & Tim Stenovec
Guests: Michelle Jam Risko (White House/National Security Editor), Sarah Levy (CEO, Betterment), Eric Weiner (Senior Editor, Bloomberg News), Christina Cassotis (CEO, Pittsburgh International Airport)

Overview

This episode centers on the widely-discussed meeting between President Donald Trump and New York City’s Mayor-Elect, Zoran Mamdani. The tone is notably more cordial than expected, surprising commentators and stakeholders with an apparent "bromance" and unexpected agreement on several urban challenges confronting NYC. The show explores reactions to this meeting, the possible impacts on federal funding and the business climate, and broader economic themes such as market volatility, AI, consumer health, and crypto trends.

Key Discussion Points & Insights

1. Trump & Mamdani Meeting — Political "Bromance" in NYC

• Surprisingly amicable relationship: Both leaders, with significant political divides, showcased an unexpected warmth and willingness to collaborate.
• Substantive issues discussed:
  • Crime: Trump acknowledged Mamdani's focus on reducing crime, saying he'd feel comfortable living in Mamdani’s NYC (05:28).
  • Housing & Affordability: Both agree on the urgency to address rent and building more housing (05:08).
  • Federal funding: Trump's trademark unpredictability looms, as he hinted at leveraging funding but currently backs Mamdani’s efforts.
• Memorable moment: Trump jokingly suggested Mamdani need only answer "yes" when asked if he thought Trump was a fascist—a playful jab at the media's expectations (02:57).
• Cautious optimism: Michelle Jam Risko warns, "You could be friends and pals...one day, and the next day you do something and he’s upset and takes revenge in some way. And that’s part of his unpredictability…" (05:42).

2. Business and Policy Impacts for NYC

• Property tax reform & housing affordability: Mamdani advocates changes, with Trump signaling conditional support.
• Energy rates: Both called on Con Edison to cut power rates; this led to a 1.4% dip in Con Edison’s stock (06:37).
• Market interpretation: Businesses are hopeful for collaboration but remain wary due to lack of detail and Mamdani’s campaign positions (07:52).
  • Quote: "I don't think he changed a whole lot from what he's been talking about...concern might remain in terms of how he might go about this." – Michelle Jam Risko (07:57)

3. Geopolitical Commentary

• Russia-Ukraine conflict: Trump opined that "peace is getting close." He appeared to shift pressure somewhat toward President Zelensky, observing both sides had significant losses (08:45).
  • *Quote: "He said, ‘It takes two to tango and they both lost.’...really kind of putting it in Zelensky’s court…" – Michelle Jam Rieko (09:10)

4. Financial & Market Themes

A. Immediate Market Reactions

• Wall Street’s relief: The détente between city and federal leadership is seen as positive for NYC’s financial sector (13:50).
  • Quote: "If the city is fighting with D.C. that is just not good for business here and in particular, financial business here." – Eric Weiner (13:52)
• Housing & Development: Easing regulations and supportive policies could spur new construction, potentially lowering rents (14:44).

B. The AI Boom–Bubble or Opportunity?

• Parallels to dot-com bubble: Discussion around the sustainability of the AI trade, volatility, and whether markets are in bubble territory (16:54-17:20).
  • Quote: "There absolutely are parallels...Bubbles can run for a long time." – Eric Weiner (17:20)
• Risk to consumer spending: Focus on the health of consumers and the shifting retail landscape; cautious outlook for holiday season spending (18:45, 30:54).

C. Investor Trends on Betterment

• Consistent retirement saving: Despite uncertainties, sweepback in retirement contributions remains stable among Betterment's more affluent user base (19:08).
• Shift from cash to investing: Recent months show a rotation toward equities and index funds, especially in mega-cap tech ("Mag7") (29:25).
  • Quote: "We are seeing our investors going into index funds and the Mag7...indicates some amount of confidence..." – Sarah Levy (29:25, 30:11)

D. Crypto: Fading Luster, Limited Contagion

• Crypto market as barometer: Crypto investments have shrunk as a share on platforms like Betterment (~5%), with cryptocurrency moving in tandem with equities rather than as a hedge (23:00-23:40).
• Potential knock-on effects: Crypto profits have fueled liquidity in other assets, but current downturns could pull capital out, affecting broader markets (24:04-25:02).

Notable Quotes & Memorable Moments

• On the Trump-Mamdani dynamic:
  • "No one expected the bromance, though...You can read the room. I can't even imagine this kind of warmth between these two officials." – Carol Massar (03:21)
• Michelle Jam Risko on political unpredictability:
  • "You’d be friends and pals...and the next day you do something and he’s upset and takes revenge in some way. That’s part of his unpredictability…" (05:42)
• Sarah Levy on cooperation:
  • "It's really great the way they're reaching across the aisle to find areas of commonality...keeping crime low is important. I think affordability is on everyone's mind." (12:51)
• Eric Weiner on market implications:
  • "If the city is fighting with D.C. that is just not good for business here and in particular, financial business here." (13:52)
• On the AI market:
  • "The undercover issue to me is the consumer…If we're heading into Christmas and the consumer is not healthy, that isn't great for stocks." – Eric Weiner (17:32-18:45)
• On crypto and market spillovers:
  • "A lot of the money that is made off of crypto ends up going into spots...ends up going into the market." – Eric Weiner (24:19-25:02)

Timestamps for Major Segments

• [01:27] Show introduction and recap of Trump-Mamdani meeting
• [02:30-09:29] Analysis of the Trump-Mamdani relationship and political implications (with Michelle Jam Risko)
• [12:51-13:32] NYC business and market response (Sarah Levy, Eric Weiner)
• [14:44-17:20] Housing market, AI boom, and market bubble parallels
• [19:08-20:25] Consumer health and retirement trends
• [21:55-25:20] AI’s impact on jobs, crypto trends, and cross-market liquidity
• [27:56-30:32] Indicators for market fragility, credit cycles, investor flows
• [30:54-31:49] Market sentiment, Fed expectations, and holiday retail outlook
• [34:45-42:19] (Bonus Segment): Christina Cassotis on Pittsburgh International Airport reopening

Final Thoughts

• Market watchers focus on Fed moves and consumer signals as the year ends.
• There is broad optimism tempered by caution—cooperation between Trump and Mamdani is promising but tinged with wariness over the president’s unpredictability.
• Structural city issues (housing, crime, costs) are in focus, and larger trends in AI and crypto remain pivotal for both investors and the broader economic outlook.

This summary captures the energetic, forward-looking tone of the episode and highlights areas of agreement, tension, and strategic uncertainty for stakeholders in New York and beyond.