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tv   Whatd You Miss  Bloomberg  December 3, 2021 4:30pm-5:00pm EST

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♪ caroline: with a week of stock of people continuing as investors tried to digest the numbers and the miss on payroll. there is enough to knock the fed. the next 30 minutes, we put china aside and focus on two mayors looking to get their areas on track in terms of employment during the pandemic.
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you will hear from the mayor of baton rouge, seeking resiliency and the recovery and the mayor of miami. let's look at the numbers of today stock report. romaine: 210,000 is your payroll number, dropping the on employment rate 4.2% but a lot of hate made over what we are seeing between the household and employer part of the survey. employers showing the hiring slows but the household surveys showing more people are coming back into the market. i don't know what to make of it or whether this changes at all. taylor: you take a look at the shark that start best chart on the terminal with conflicting messages. it was david kelly saying the headline figure is less important at this point in the cycle. you want to focus on the labor force participation. we are breaking out of the previous range but it highlights some of the numbers you are talking about, between the different surveys that we have been getting.
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let's do more with this. really happy to welcome the mayor of baton rouge, louisiana. we are thinking about the private payrolls reported but also the anecdotal evidence we get from mayors like you, not only about city hiring but all of the businesses. what are your local businesses telling you about the strength of the labor market? mayor broome: baton rouge has seen an increase in our labor market, our unemployment at 3.7% compared to 4.6% nationally. we do see an increase in the job market. we are very optimistic about that here in baton rouge. romaine: talk a little bit about what attracts people to the smaller towns or smaller than a city like new york or los angeles. we always counted into this idea --cash in on this idea of affordability and a better standard of living, but there
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has to be more to it than that. mayor broome: you are absolutely right. we have an incredibly unique culture that people love. they love our phenomenal food, that outdoor recreation. we stand out. young professionals are noticing. since 2000, our region has seen an explosion of restaurants. 60%. our parks and recreation opportunities have expanded. we have seen it wanting to enjoy like life. we have a downtown freeway where people can ride bikes and walk. these are some of the attractions to a city like baton rouge. caroline: i sort of focused on education and bringing people into study. how are you seeing employment in the partisan rate -- participation rate? mayor broome: part of it is the education rate. you know, here in baton rouge, we have two major universities
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that serve as a feeder into the job market. we also understand our job opportunities for the young, educated, talented keep rolling with announcements in technology, software, and we had a company just recently bringing 150 tech jobs to downtown baton rouge. we are seeing an exploding, t ransitional energy sector. these jobs of the future are here in the area. taylor: can he talk to be more about the theater program? we have heard a lot about the carolinas, where businesses want to be located where there is a lot of universities in the area because they can partner with them to make sure there is not a skills gap. what sort of programs do you have in place or thinking about to make sure those businesses with those universities are getting what they need? mayor broome: first of all, we
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have collaboration that takes place all the time with institutions of higher education and businesses. at lsu, we have a small business incubator program where many of our small businesses participate in next with the students at the university. that is how we help with our workforce, with our schools, as well as the small businesses here. we have had businesses from around the country come and work with us, such as ebay, who set up a program, and we launched it at the university, for small businesses to get meant toward by a company like ebay. romaine: sharon, we talk about what is great about baton rouge, why people are going there. we have to talk about the pandemic and the challenges that created, not only for your city but cities around the country here. 350 billion dollars coming from
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the federal government fanned out across various cities not only to fight covid from a scientific and medical perspective that also to bolster the economies. . what. did you use your portion of the money for and what kind of benefits if at all did you make? mayor broome: we started using the first part of our money to address some of the issues that many cities around the country are seeing. we launched our stay healthy initiative, a program to eradicate and mitigate -- directly connected to the hand on make. we have also certainly accelerated our partnership with the federal government as it relates to vaccines in the community and we have also helped during the pandemic are small businesses by infusing them with microloans, through partnerships with the federal government and local banks. caroline: you talk about banks
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and access to finance. you also talked about our company that is adding a lot of jobs to your area, of software company. some say fat, some say longer-term, but a man getting in on the crypto space. i am interested in your view there. is it something you have looked at or thinking about? mayor broome: we have heard conversations about it, but we have not done a deep dive into connecting to the crypto space yet. taylor: finally, one more question. going forward, what do you think can be the long-term attractiveness? do you think the people who may be relocated there, are you hoping they stay? what happens when the boss turn, new york --boston, new york, l.a. cities reopen? boston, new york, l.a. cities reopen? ? mayor broome: i believe they stay because once they get here
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to baton rouge, experience our unique culture, the diversity that exists --we are getting ready for a big christmas out on the greenway. these are the things that are so unique to a city like baton rouge. as someone who came from chicago, years ago, and made baton rouge my home, i will tell you there is no other place. caroline: romaine! romaine: you didn't tell me the mayor was from chicago. taylor: those are quite words. caroline: uh-oh. both of you leaving an important city. what a great time to have you. thank you. baton rouge, louisiana. romaine: chicago has produced so many great people. caroline: it gets cold but it is nice. romaine: chicago is great. caroline: we are not going to use that phrase. we will speak with another
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mayor, the one that is into crypto. more on the city's labor market push to be the credo -- crypto hub of the u.s. this is bloomberg. ♪
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♪ romaine: we had that jobs report today. we are focusing on the labor market from a slightly different angle, and talking about cities and how they are attracting talent, the workers themselves. the cities that traditionally have not been as competitive in the labor market than in the past. one of those cities is doing it through crypto, carolina. caroline: a few cities are doing it through crypto, and taking in
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general, we talked about the moves from san francisco to texas and the like and austin. what we are seeing on the east coast, half of crypto is in new york because you have the institution of money and an awful lot of folks in the financial sector. you also have miami doing particularly well. this is narrow in terms of stealing market share but we are saying it is not just about silicon valley. it is being spread more evenly across the united states. it still has new york and san francisco as the largest share though. taylor: for so long, the appear -- appeal was income tax but we learned in the pandemic, you need more than that to keep the talent. caroline: they made that really hard? where you live has to be -- that's bringing a man who lived from new york to miami recently. i'm not sure if you were in new york or new jersey, but whatever
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it is, you're not miami. >> i am originally from chicago. romaine: it's rigged. >> being in miami in december and looking out and walking barefoot is strange, but mayor suarez, we will speak to him soon, but there is a new unique -- unique five for crypto. a lot of it is south american connected because they are used to melting currency. crypto offers a hedge to that and i think the mayor gets it and i love the competition between states and cities. the mayors are accepting payments in bitcoin. romaine: we will talk to mayor suarez in a few seconds. i'm curious about when we talked about the crypto industry as a whole and how it is being built up in the city that is fine for it, why was it that miami seemed to have the first leg up on this process? mike: i think it is the south american exposure.
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you ask a young person here and most people really get bitcoin. they understand they may have exposure because of what is happening with their currency, the melting. amidst the diversity of north, they are used to the dollar. that is the connection, of course, between the classes and it is more tech and it is more tech in covid helping. is more remote. you don't have to be close. you can be in a place with nicer weather and that helps. taylor: i was trying to figure out the chicken and the egg. are businesses moving down there and crypto people are following? is crypto sort of leading the charge and everyone else's following? who is leading that? mayor suarez: that is a good one. i spoke to cathie wood and she will speak soon. she is an example of a firm that moved from the northeast, taking the same train out of westport, connecticut, and does not have to be there. a lot of it is remote, being here with the same talent versus before, you could not do that as much. romaine: we appreciate you taking time of your own from
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south beach to talk to us. former new yorker from chicago and down there in miami. he worked for bloomberg intelligence and does great research on the crypto space. we want to get to the man we were speaking of, the mayor of miami, francis suarez, the keynote speaker at bloomberg: the future of global financial centers, the new miami, and a new miami says it all, mr. mayor. you have obviously been trying to sort of reimagine or at least get people to reimagine what they think of miami, not just a place to party and vacation but a place to live, work, and build a business. how are you doing with regards to attracting more of those businesses to set up shop in miami? mayor suarez: i want to say i'm not from chicago first of all. i have only been there once. you know, i'm 44 years old, and i'm a father of a seven-year-old and a three-year-old.
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i understood 10 years ago that for anything to survive and thrive, they have to get in the knowledge-based economy and grow their technical system. the idea of making miami a crypto city was something that happened recently, but it has been a 10 year build. think of us as a small business that started building an ecosystem 10 years ago, and then a year ago, almost to the day, tomorrow to the day, i put out a tweet in response to someone who said, what if we move silicon valley to miami? i said, how can i help? the counter narrative of inviting narrators, creators, and builders to the city was not happening in other parts of the country. in new york, you had hq two for amazon that left. you had in san francisco i councilwoman saying f elon musk. the fact that you had a mayor that was inviting innovation to their city was unusual, and when
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you couple it with, as you said, the pandemic and remote work and these phenomena where you didn't have to be physically anywhere and people like ken griffin approving being in west palm beach and be just effective as in other parts of the country. that has created an effect, of fear of missing out. we have made it probably a 10 year progression in about 10 months. is, and it is him on that, he said that actually, it is hard to directly accept your paychecks in bitcoin. you have to accept it in dollars and then transfer it. how does the progression of how you are accepting your first paychecks? mayor suarez: you know, mayor elect adams has become a friend.
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we joke with each other and hit each other all the time. maybe it is difficult for him to do it. is easy for me to do it. i don't know if it is a generational thing. we use an app called strike. that allows us to convert it instantly. it is like a direct deposit feature. it directly deposits the money into a digital wallet. it is very easy for us to do and i'm doing it with a variety of different cryptocurrencies on my mayoral salary. we are the first city to do that in the country. paying our employees in bitcoin, we already have started doing that. allowing our residents to pay for fees in taxes and bitcoin. the miami coin, which was created, which has generated $30 million in revenue in three months. that gets put into our digital wallet. we are going to give every one of our citizens a bitcoin dividend.
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not only will they have money in their pocket from innovation but they will learn about bitcoin. taylor: talk to me from the big picture perspective. a lot of critics would say, ok, the appeal is cost-of-living. it is weather. it is low taxes. eventually, a flock of people are going to need to get better help, better schools, fix the roads and bridges, but that will come with higher taxes, and it will be a revolving circle. what is the case that you can make to stand out for the long-term? mayor suarez: i'm laughing because i love "the critics s ay". for us, it has been a different story. reproduced taxes to the second lowest level since 1960. we don't have an income tax and our budget has doubled. people who think you have to raise taxes to increase your budget are wrong. the more you increase taxes, the more people will flee, what we are seeing in these tax bases
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and you will lose revenue, which creates a budget hold. we are seeing the opposite scenario. by having more revenue, we have been able to read -- increased policing of many states have defunded the police. crime went down in the city. while the murder rate is going up across america, it is decreasing in miami. we are starting to see these counter narratives and what i want to do every january, i'm the president of the u.s. conference of mayors and i want to work with mayors like mayor adams to create an agenda for america that is nonpartisan or bipartisan, that is focused on making american cities work. . 85% of the american population is in cities and on -- 91% of the gdp is in cities. we can make america work for the foreseeable future. romaine: we only have a minute left. i'm curious about the competitive nature. you joke about your relationship with eric adams, the incoming
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mayor in new york, but we see other cities, not just new york, start to take a more progressive mindset with regards to how they attract businesses, what they offer -- offer to businesses. is there a sense that so many mayors are trying to do the same think that it creates a situation where these companies then have a little bit more power as to where they can go and may not have that in miami? mayor suarez: there is no doubt it is a competitive environment. there is no doubt every city should want to fight for the largest share of the pie. we also see other countries making huge mistakes from my perspective, like china banning bitcoin because i cannot control it. that is an enormous opportunity for the u.s. to become a mining powerhouse and do it in a carbon neutral fashion. taylor: i appreciate your time and perspective on wide-ranging topics.
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mayor suarez of miami. stick around next. final thoughts, romaine, is coming up. i asked the question. [crosstalk] taylor: this is bloomberg. ♪
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♪ ♪ romaine: we always take a different look at things here. we looked at the jobs report today. talk about the competition between cities to attract talent and workers and the companies there. we heard from the mayor of miami and the mayor of the bat emerged. you get perspective of how they are trying to do it. taylor: to think it only took 18 months to make this into a big moment, caroline, but it was fun.
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it is not we talk -- it is not cities we talk about every day. there is geographic diversity. caroline: they don't want to talk about technology. baton rouge is talking about software. romaine: we should reach the topic again because you see the flows of companies to austin, alabama, arkansas, a lot of places that were not able to attract these i get skilled industries in the same capacity as new york or los angeles. they're doing it now, because of what mayor suarez talked about. they are making the environment more comfortable for the companies with lower taxes. there could be longer term ramifications. taylor: the investment management industry, as well. you mentioned cathie wood and technology but if you think about the financial industry as well, some ramifications down there. where we going next? can we take a trip? caroline: let's go to chicago.
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everyone comes from their believes the way. taylor: i hear it is cold. caroline: that doesn't from "what you missed?" bloomberg technology is up next. romaine: i a great weekend. this is bloomberg. ♪
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♪ >> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang and this is bloomberg technology. coming up, the chinese ride-hailing app is planning to delist from the u.s.. why this could be just the beginning.


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