Bloomberg Audio Studios, Podcasts, radio news. Single best idea on the night, the evening, the pageantry of the State of the Union. We're going to get to Professor Schiller, Wendy Schiller, Brown University down the line. This is where we give you two thoughts from our show. Today's show is wildly eclectic. We talked about ESG and the new ESG, the challenges there, to say the least. We had a wonderful discussion on leverage. How much leverage do you have into in video? Over
nine hundred dollars a share. But and again this is the do you give you a vignette here into how we act? I have no control purposely over the guests we get. I will say to people, you know, all this guests really didn't fit, or that one didn't fit. But basically, Bob Bragg and our team put the entire show together without talking to me. And what that usually means is I get really wonderful surprises. I got a wonderful surprise at eight fifty five this morning, we're in
five minutes. We had Christopher Whalen come on. He has the definitive one volume on American financial history Inflated. He announced on the show. He's in rewrite out at a substantial rewrite, but he's wonderful. On analysis of the banking system, we talked about SVB in the spring. I guess a year ago. Now we have NYCB in New York really troubled the former Treasury secretary coming in yesterday with a billion Whalen and I agree that seems like an awful
small amount of money. But what we really did with Chris Whalen is we talked about, Okay, we're here, where are we going within the banking system?
So I think your dad, there were a lot of models that grew over the last ten years, really since two thousand and eight that don't work at and particularly the change in the valuation of urban commercial and urban multi family real estate. It's episodic. You know, I raided many of the banks in New York Tom when I was picked Corole. These portfolios had to see any appreciable credit loss in seventy five, one hundred years, and they
were always fully let. These buildings today we're talking about are fully lit the cash flow, but you can't sell them. The value has been cutting half.
There's a window into where we are with the NYCB, and what we're talking about there is the marketing concepts where SVB was going after for reduced fees, people with a lot of money to sit there where they could make money on the lead brick of money in their portfolio. And NYCB had to do with the vicissitudes of the New York City rental market and all that and where we go from here. It was really interesting. Chris, there's some real vulnerabilities out there. He seems to be dead
on that. We'll have to follow this very closely into next year. And of course we'll do this with Banker, and he's coming out. I actually looked already. It's not upon us, but out one month. JP Morgan on April twelfth. We're out on Apple car Play. We're on YouTube live. A lot of confusion there. It's just simple, go to YouTube and this is live seven to ten Wall Street time.
You type in Bloomberg Podcasts and you go there and it says surveillance this that, and you can get a wonderful live feed of Paul Sweeney, as handsome as he is. It is single best idea. Thank you so much for tuning in. It's an experiment, it's a work in progress, to say the least. We are listening to Chris Wayland talking about banking systems, the troubles that are out there specifically for NYCB, and the rescue I guess I'll call it a rescue in the last twenty four hours. The
rescue tonight is for President Biden. He has to come out with all the politics of his party and of this nation and do the pageantry that from our childhood we all adore. A little bit of history here George Washington had an annual address in seventeen ninety and then on you go with all different permutations of a State of the Union. It became somewhat codified with FDR and radio Harry Truman, I believe was the first televised State
of the Union that was before my time. Wise guys out there, and then on we go to the pageantry and then the amazing television football that we have now. Of course we'll have complete coverage with Joe Matthew and Kaylee Lines with people not the usual back and forth politics, but people with some real depth about the pending Biden Trump battle. We went for depth, and we do that at Brown University with Wendy Schiller, her textbook is definitive
in America as an introduction to high level civics. And she was fired up today, Wendy Schiller here on a fractious Democratic Party.
I think the Biden missasion made a pretty significant flaw in their selling of their legislative program, the Inflation Reduction Act infrastructure. They didn't really really tie what they we're doing to how it's going to improve people's lives. And this is what Democrats do. They go big. They're successful, yet a lot of big things passed, and then they completely fail to selve properly. The Republicans cut taxes, raised deficits, and they are the magic party on the economy. This
has been true for forty years. I mean, I don't know if there's a magic, you know, magic answer to this, but I think right now, telling people the economy is better than they think it is is not going to work. Showing people how the government has helped them in the face of a bad economy a couple of years ago.
May one, Wendy Schiller, consultant to the Democratic Party. She said in the early nineteen eighties, and they said, Okay, that's enough of that. But her enthusiasm is really infectious. It's just like whatever your political persuasion, every time she is with us, the professor from around university makes us smarter about the political process. The goal of single best idea is not to make you smarter. I'm not going
to do that for you. The goal is to take the treasured conversations we have an economics, finance investment on international relations and give you two little vignettes into what we've done today. An Apple CarPlay and YouTube lige on Bloomberg surveillance