Everybody's Business

• Does a Mamdani Blowout + Bezos Blowback = Billionaires Beware?

  With Stacey Vanek Smith off at the World Economic Forum in China, Max Chafkin is joined by Brad Stone, the editor of Bloomberg Businessweek, and Bloomberg reporter Laura Nahmias. Together, they discuss how significant democratic socialist Zoran Mamdani’s surprising New York City’s Democratic mayoral primary victory could be for Wall Street and the city of New York. A parallel to Mamdani’s triumph in an increasingly unaffordable city is taking place this week in Venice, where multibillionaire Amazon co-founder Jeff Bezos and former broadcast journalist Lauren Sánchez are to be married. With fierce opposition raging in the Italian city, already made crushingly expensive by over-tourism, does this mean disdain for billionaires is at a boiling point? Chafkin and Stone talk it over. Also, the crew sent out a producer to the streets of New York to ask people the question on everyone’s mind: what wedding gift can you possibly get for the man behind the everything store? Chafkin and Stone then turn their gaze to the movie industry. Technology has been haunting Hollywood for a while now. The internet, file sharing, streaming—the big studios have been playing defense against Silicon Valley since the turn of the century. But now they’re facing a potentially bigger threat: artificial intelligence. Entertainment reporter Lucas Shaw walks us through how the industry is fighting with, and adapting to, this seemingly unstoppable new force. And to end things, Chafkin brings what he considers the most underrated story of the week: the accidental support of a planned coup in South Sudan by a co-funder of Jane Street. See omnystudio.com/listener for privacy information.

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• Ripple Effects of War, Private Equity Gets Personal, and... President Cuban?

  As of this writing, Israel’s war with Iran has been underway for close to a week, triggered by a surprise attack ordered by Prime Minister Benjamin Netanyahu on Iranian military and civilian targets. Israel’s waves of strikes have killed hundreds of Iranians while dozens of Israelis have died in Iranian retaliatory volleys. Donald Trump has demanded Iran’s “unconditional surrender” and indicated that America might join Israel’s bombing campaign. Iran’s Ayatollah Ali Khamenei has rejected the Republican president’s demand. While acknowledging that this is a bit further afield from the show’s usual fare, Max Chafkin and Stacey Vanek Smith talk through the Mideast conflict and what it means for the global economy—and for everyone. They’re joined by Bloomberg Opinion columnist John Authers, who’s been covering the war and its implications in his newsletter, Point of Return. Later in the show, Bloomberg Businessweek contributor Megan Greenwell joins Max and Stacey to talk about the economic destruction private equity has wreaked on the US. Greenwell covers this subject in her critically acclaimed book, Bad Company. PE’s effects on working-class communities are on Max and Stacey’s minds as the industry angles for access to Americans’ 401(k)s. Finally, Stacey digs into Max’s new feature on Mark Cuban, the Shark Tank billionaire who’s been not not-flirting with a run for president in 2028. They discuss Cuban’s healthcare plans, the challenges of fighting “Trumpiness” with “Trumpiness” and pitch a shark tank-like arrangement for congressional bills.See omnystudio.com/listener for privacy information.

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• ICE Raids, Expensive Cheap Food and a Venomous Black Market

  Some of the most important forces at work in the US economy can’t be captured by the data, at least not entirely. Take the contribution of undocumented workers—an estimated 5% of the US workforce is undocumented, many toiling in sectors of vital importance to the economy, such as construction, agriculture and food services. With Donald Trump’s immigration crackdowns on the rise, reports are coming in that immigrants (both documented and undocumented) are staying away from their jobs. If the trend continues, the economic consequences could bring this part of the economy to the fore in a big way. The less-visible economy is the theme of this week’s episode of Everybody’s Business from Bloomberg Businessweek. Hosts Max Chafkin and Stacey Vanek Smith look at the economic impact of immigrants with economist Kathryn Anne Edwards. Edwards says more workers (documented or not) are almost always a net gain for an economy, causing it to grow, expand and become wealthier. Then what is going on underneath the inflation numbers? The government’s Consumer Price Index for May came out this week and the numbers look good. Prices are rising at a rate of 2.4%, quite close to the central bank’s “ideal” inflation rate of 2%. Of course, to many of us, it doesn’t feel that way. Some prices, especially unavoidable prices, like food, have risen enormously since before the pandemic and continue to sting. Max and Stacey talk to Bloomberg Businessweek columnist Deena Shanker about how pizza is a perfect economic indicator for this moment, and a window into the profound changes happening in the food industry. Finally, the hidden economy inside carry-ons surfaces in a recent seizure by border security in India, which caught a man trying to smuggle dozens of deadly pit vipers. Stacey and Max discuss the underground economy for exotic animals: Whether it’s spiders, parrots or poisonous snakes, the market is worth billions of dollars a year. See omnystudio.com/listener for privacy information.

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  34:36
• Bad Blood: Elon vs. Trump & Taylor Swift gets her Grooves Back

  Hell hath no fury like Elon Musk scorned. Messy breakups grabbed headlines this week, with the strange and storied bromance of Musk and President Donald Trump rather predictably ending in tears (and a series of incendiary social media posts). Musk fired sharp criticisms at the White House-backed tax bill for being fiscally irresponsible. “Bankrupting America is NOT ok! KILL the BILL,” wrote the richest man in the world. Indeed, love and loss dominate this week’s episode of Everybody’s Business from Bloomberg Businessweek. Hosts Stacey Vanek Smith and Max Chafkin dive into the so-called big beautiful bill to look at the economic impact Musk is supposedly so worried about, and why America’s love affair with debt could prove the republic’s downfall. The proposed 2017 tax cut extension would add an estimated $2.4 trillion to the country’s almost $37 trillion in debt over the next 10 years. Musk isn’t the only titan of industry having a big week. Taylor Swift recently announced she had taken full control of her music library, marking the end of a years-long battle. “I’ve been bursting into tears of joy at random intervals ever since I found out that this is really happening,” she wrote. Bloomberg’s Lucas Shaw joins to hash out the long, tortured breakup between Swift and her record label, and how the fight over her rights helped make Swift the superstar she’s become. Finally, it’s time to pour one out for the open tab. Bars are reportedly complaining that young customers aren’t leaving them open like they used to. A number of culprits of this curious behavior are explored, including Gen Z’s alleged struggles with commitment. (If you can’t even commit to handing your credit card to a bartender, how will you ever lock it down with a future partner?). See omnystudio.com/listener for privacy information.

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  32:48
• Small Businesses vs Tariffs, Trump + Crypto, and Tinder's Big Swipe

  Small businesses struck back this week–A handful of companies plus a dozen states sued to block the Trump administration’s Liberation Day tariffs. The Court of International Trade ruled that the tariffs marked a presidential overreach. The Trump administration swiftly appealed the decision and the appeals court allowed the tariffs to stay. For now. In the third episode of Everybody’s Business from Bloomberg Businessweek, hosts Stacey Vanek Smith and Max Chafkin dive into the impact tariffs are having on small businesses, Trump’s crypto strategy, and Tinder’s new plan to arrange double dates. The initial court ruling on tariffs this week marks a notable pushback from states and small businesses, which have been hammered by Trump’s litany of tariffs, and typically have far less flexibility than large corporations, which can stockpile supplies, shift costs, and, in some cases,fly to Mar-a-Lago to negotiate deals in person. Also, this week a big Bitcoin conference is going on in Las Vegas. Vice President JD Vance gave a speech to the cheering crowd, assuring them that they had a friend in the White House. Bloomberg’s stacy-marie ishmael joins the show to talk about President Trump’s crypto strategy as well as what the President’s enthusiasm and support could mean for the industry. Then, Max and Stacey bid farewell to the penny. The Treasury announced it will stop minting pennies–helping save the government millions. But the penny’s departure could cause prices to rise, as businesses begin rounding up to the nearest nickel. Finally, the underrated story of the week is Tinder’s new CEO, whose plan to save the struggling online dating company involves an increase in the use of AI and introducing a “double-date” feature, where four people all chat to arrange a date. Personally, I would swipe left on that idea. See omnystudio.com/listener for privacy information.

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