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Ep. 4000 Mamdani ERUPTS As Goldman Sachs QUIETLY Shifts Jobs to Texas and Florida!!! · Turley Talks

• 0:00
  [SPEAKER_00]: The liberal globalist order is on its brink and awakening a new conservative age.
• 0:06
  [SPEAKER_00]: Dr. Steve Turley, join me every day as we discover answers to today's toughest challenges and explore the re-bondalization of conservative civilization.
• 0:18
  [SPEAKER_00]: This is Turley Talks.
• 0:21
  [SPEAKER_00]: A new epidemic is rapidly spreading throughout New York City, but it is not a virus.
• 0:27
  [SPEAKER_00]: It's an epidemic of left-yugees.
• 0:30
  [SPEAKER_00]: Businesses are corporations by the thousands leaving behind the city that's bankrupt and broke, and now wants to pillage successful industries.
• 0:40
  [SPEAKER_00]: But as it turns out, New York City's new mayor is only pouring gasoline on a raging fire,
• 0:51
  [SPEAKER_00]: Stick them in the very end of this video because we're about to see the latest multi-billion dollar corporation leaving the city and why the political future for progressive socialist like Mamdonny has ended before it even began.
• 1:06
  [SPEAKER_00]: Hey gang, it's me, Dr. Steve, your patron professor here to help you make sense of the madness.
• 1:10
  [SPEAKER_00]: We're breaking news in analysis, you're not going to get anywhere else.
• 1:13
  [SPEAKER_00]: You know to do make sure to smack that bell and subscribe button.
• 1:17
  [SPEAKER_00]: Let me start by painting the picture for you here because the numbers are genuinely staggering.
• 1:23
  [SPEAKER_00]: Zoran Mamdoni is watching his city literally hemorrhage businesses and the latest in the left-easy camp is Goldman Sachs.
• 1:34
  [SPEAKER_00]: Now if you don't know Goldman Sachs has launched an internal initiative called Project Voyage or Project Voyage, I don't know which one I like better, but it's an internal program ordering.
• 1:47
  [SPEAKER_00]: That's the key.
• 1:47
  [SPEAKER_00]: It is or it's requiring.
• 1:50
  [SPEAKER_00]: It is mandating managers,
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  [SPEAKER_00]: vice presidents, managing directors, and in some cases partners to get out of New York City, to leave Manhattan all together and relocate to either Dallas, Texas or Salt Lake City, Utah with a very clear message attached to the relocation order, move or find another job.
• 2:11
  [SPEAKER_00]: This is mandated.
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  [SPEAKER_00]: The new multi-million dollar Goldman campus going up on Northfield Street in Dallas, it's not a satellite office.
• 2:22
  [SPEAKER_00]: It's a two building 800,000 square foot, 5,000 employee campus scheduled for completion in 2027.
• 2:32
  [SPEAKER_00]: Dallas gave them $18 million in city incentives to make it happen.
• 2:37
  [SPEAKER_00]: Taxes gave them zero state income tax all the while New York under Mamdoni is preparing to raise the top corporate rate from 7% to 11.5% and the personal income tax rate for top earners by another 2%.
• 2:54
  [SPEAKER_00]: Meanwhile, J.P. Morgan Chase O. Jamie Diamond went public in his April shareholder letter with the very same dynamic as Goldman Sachs.
• 3:06
  [SPEAKER_00]: JP Morgan's New York City headcount has dropped from 30,000 to 24,000 over the last several years.
• 3:14
  [SPEAKER_00]: All the while their Texas workforce has surge from 26,000 to 32,000.
• 3:21
  [SPEAKER_00]: And the head of the partnership for the City of New York has confirmed that Apollo Global Management, a $900 billion asset manager.
• 3:32
  [SPEAKER_00]: is actively plotting a second US headquarters in the Sunbelt while several other major New York City firms that have been headquartered there for like a hundred years.
• 3:42
  [SPEAKER_00]: are in his words down the road of leaving.
• 3:47
  [SPEAKER_00]: Now get this.
• 3:48
  [SPEAKER_00]: This is going to blow you away, ready for this?
• 3:50
  [SPEAKER_00]: According to report from the Economic Development Corporation, New York City, lost nearly five thousand businesses just the last year alone.
• 4:02
  [SPEAKER_00]: 5,000 businesses have packed up and moved out of the city in the last year alone.
• 4:10
  [SPEAKER_00]: In terms of large corporations between 2020-2024, 892 have left New York State taking and estimated $47 billion in income with them.
• 4:23
  [SPEAKER_00]: Florida loan picked up 341 of those companies.
• 4:26
  [SPEAKER_00]: Texas added 187.
• 4:29
  [SPEAKER_00]: This is a massive economic realignment that's happening.
• 4:32
  [SPEAKER_00]: And New York, for the fifth consecutive year, you want to talk realignment.
• 4:38
  [SPEAKER_00]: for their fifth consecutive year, New York ranks dead last, 50th out of 50 states in the tax foundations, state tax competitiveness index, dead, last.
• 4:52
  [SPEAKER_00]: And that's even before Mamdonis and St. tax increases, pass.
• 4:57
  [SPEAKER_00]: The city's broke, he's had to admit that.
• 5:00
  [SPEAKER_00]: He's slowly but surely admitting.
• 5:02
  [SPEAKER_00]: There's not even going to come close to fulfilling
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  [SPEAKER_00]: Less than 1% of New York City's tax filers pay roughly 37% of the city's entire income tax revenue.
• 5:17
  [SPEAKER_00]: I mean, less than 1% are funding more than a third of the ledger.
• 5:23
  [SPEAKER_00]: I mean, that's a disaster in the making right there.
• 5:27
  [SPEAKER_00]: And then, of course, Mandani inherited
• 5:29
  [SPEAKER_00]: a $5.4 billion budget gap that sources actually at City Council say is closer to 6 billion and the citizens budget commission projects it could hit 10 billion within the next two years.
• 5:42
  [SPEAKER_00]: So as city is broke.
• 5:44
  [SPEAKER_00]: And there's a time to quote fixing that brokenness by tax and corporations and the wealthy is backfiring big time with this massive corporate exodus out of New York.
• 5:55
  [SPEAKER_00]: Mamdonis inaugural budget was built on a projection of 15.1% Wall Street bonus growth for fiscal year 2025.
• 6:05
  [SPEAKER_00]: The financial sector accounts for roughly 20 percent of all New York state tax revenue.
• 6:11
  [SPEAKER_00]: I don't know if you know that.
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  [SPEAKER_00]: It's the single most concentrated dependency of any major cities budget on any single industry in the entire country, okay?
• 6:22
  [SPEAKER_00]: 20 percent of their tax revenue comes from this industry and what had the financial industry and what happened is that the
• 6:35
  [SPEAKER_00]: And that created a budget hole before a single new tax passed before a single new regulations been imposed before Goldman Sachs's project Voyage has even completed its first phase.
• 6:49
  [SPEAKER_00]: So, Mamdoni's response to this emerging fiscal gap, it was actually to double down on the tax increases.
• 6:56
  [SPEAKER_00]: Raise the corporate rate even further.
• 6:58
  [SPEAKER_00]: Raise the personal income tax on the very people.
• 7:01
  [SPEAKER_00]: The high earners, the financial professionals, the managing directors being asked by Goldman to move to Dallas, whose departure is the cause of the shortfall he's trying to fill.
• 7:12
  [SPEAKER_00]: Yeah, let's tax them more.
• 7:16
  [SPEAKER_00]: And the Dallas mayor, who, by the way, is a Republican, Eric Johnson, he switched an office from Democrat to Republican, he's a good guy.
• 7:24
  [SPEAKER_00]: He's sitting in Texas watching all this unfolding.
• 7:26
  [SPEAKER_00]: He's like, he could be happier.
• 7:28
  [SPEAKER_00]: It's just, I mean, it's like Christmas every day.
• 7:31
  [SPEAKER_00]: He's seeing a flood of Wall Street firms moving from Manhattan to Dallas.
• 7:36
  [SPEAKER_00]: And this is after seven consecutive years of Texas cutting property taxes.
• 7:40
  [SPEAKER_00]: This is what competition between states looks like,
• 7:45
  [SPEAKER_00]: In a Federal Republic, this is exactly what the founders designed.
• 7:49
  [SPEAKER_00]: We're about to find out why this competition is indeed the death now for Mamdoni.
• 7:54
  [SPEAKER_00]: and all the insane socialist trying to emulate him.
• 7:57
  [SPEAKER_00]: What do you see this?
• 7:58
  [SPEAKER_00]: But first gang, when the left talks about affordability, they never once mentioned how catastrophically costly the Biden-Ares regulatory avalanche was for ordinary American families.
• 8:11
  [SPEAKER_00]: Because under Biden between 400 and 800 new rules were forced into hardworking Americans every single year.
• 8:18
  [SPEAKER_00]: placing a $1.8 trillion burden on the backs of the people who build and sustain this economy.
• 8:26
  [SPEAKER_00]: Now thankfully President Trump is changing all of that in a dramatic and historic way slashing and cutting rules and regulations at an unprecedented rate earlier this month.
• 8:36
  [SPEAKER_00]: In fact, the SEC officially eliminated something called the pattern day trader rule.
• 8:42
  [SPEAKER_00]: So that's an old rule.
• 8:44
  [SPEAKER_00]: that force ordinary people to have to keep up to $25,000 sitting in their account just for the privilege of day trading.
• 8:53
  [SPEAKER_00]: And while liberals argued what this rules there to protect less educated Americans, what it really did was protect the status quo by keeping the little guy out of the game entirely, but not anymore.
• 9:05
  [SPEAKER_00]: By removing that arbitrary threshold, the Trump administration has effectively democratized
• 9:14
  [SPEAKER_00]: who ever wanted to see it at the table, which is exactly what I am so excited to tell you about my good friend Mark Wilburne of NEOS Capital, he'll be hosting another free online training called The Freedom Trading Summit on June 25th and June 27th, Mark has been training for nearly 20 years, his stock picks and training have helped listeners not only beat the market but in some cases two X or even three X market returns, and the last time he hosted one
• 9:44
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• 9:49
  [SPEAKER_00]: Feedback from listeners like Burke, who after attending what a Mark's events, went on to make nearly $25,000 on a $70,000 account in just six weeks and sent over statements to prove it, showing exactly the kind of opportunities that exists right now in this new era we're living in.
• 10:08
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• 10:12
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• 10:26
  [SPEAKER_00]: You're going to absolutely love it.
• 10:29
  [SPEAKER_00]: What Mamedoni and others like him represent is the rise of what's increasingly called municipal socialism.
• 10:37
  [SPEAKER_00]: The municipal socialist coalition is a coalition of
• 10:40
  [SPEAKER_00]: Cosmopolitan professionals and university educated urbanites who haven't many ways Never run a business, never met a payroll, never had to calculate what happens to your workforce When the cost of operating is in a given jurisdiction, say, like rises by over 40% overnight They live in cities
• 11:01
  [SPEAKER_00]: They work in cities, and crucially, they think that everyone who matters also lives and works in cities.
• 11:08
  [SPEAKER_00]: And therefore, what happens in the city stays in the city, meaning that the capital, the talent, the enterprise, they're all fixed and immovable as like the buildings themselves.
• 11:23
  [SPEAKER_00]: This is the foundational intellectual error of municipal socialism.
• 11:28
  [SPEAKER_00]: And it's an error with catastrophic consequences every single time it's tried.
• 11:34
  [SPEAKER_00]: So as I'm sure you've guessed, given the trend of businesses leaving New York, the principle that interrupts and destroys the utopian plans of every urban socialist mayor is a simple principle, businesses are transportable.
• 11:51
  [SPEAKER_00]: OK, businesses are trying to capital is transportable.
• 11:56
  [SPEAKER_00]: Talent is transportable.
• 11:59
  [SPEAKER_00]: In a federal public with 50 sovereign states, each competing for investment, each setting its own tax rates, each making its own regulatory decisions.
• 12:09
  [SPEAKER_00]: The geography of economic activity is not fixed, it's fluid.
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  [SPEAKER_00]: It responds to incentives and disincentives exactly the way water responds to gravity.
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  [SPEAKER_00]: It flows to lowest point of resistance and it does so slowly at first and then all at once.
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  [SPEAKER_00]: The Municipal Socialist makes a very specific and very fatal assumption.
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  [SPEAKER_00]: They assume that the city's existing economic base is a captive resource.
• 12:39
  [SPEAKER_00]: They assume that the financial sector is in New York City because it has to be in New York, because of the talent pull, because of the network effects, because of the destiny of relationships, because of Wall Street's hundred-year institutional history.
• 12:56
  [SPEAKER_00]: But what Goldman Sachs's project voyage tells you, where JP Morgan's 10-year headcount migration tells you, is that the talent pool they rely on is more than willing to leave the high confiscatory taxation of New York for the economically free and vibrant states at Texas and Florida.
• 13:17
  [SPEAKER_00]: And here's the key.
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  [SPEAKER_00]: Once a business of that size, like JP Morgan or Goldman Sachs, once that business makes the decision to begin migrating its operational infrastructure to a lower cost environment, that decision does not reverse.
• 13:36
  [SPEAKER_00]: The campus in Dallas only continues to grow while the campus in New York City continues to fade.
• 13:42
  [SPEAKER_00]: That is exactly what happened recently with Exxon Mobile in New Jersey, which is suffering as well from these insane socialist policies.
• 13:52
  [SPEAKER_00]: Exxon Mobile has been in New Jersey if you can believe it.
• 13:56
  [SPEAKER_00]: for 144 years since JD Rockefeller's standard oil days.
• 14:02
  [SPEAKER_00]: But of late, they slowly but surely began moving their operations more and more to Texas.
• 14:08
  [SPEAKER_00]: I believe it's Houston, I believe.
• 14:10
  [SPEAKER_00]: And then it was just recently revealed that they hadn't had a board meeting in New Jersey for over 40 years.
• 14:17
  [SPEAKER_00]: All their board meetings have been in Texas.
• 14:19
  [SPEAKER_00]: And now they're leaving Jersey all together.
• 14:21
  [SPEAKER_00]: So that's the pattern.
• 14:24
  [SPEAKER_00]: And that's the pattern that's destroying municipal socialism before it ever really begins.
• 14:30
  [SPEAKER_00]: Every city that's tried municipal socialism has learned this lesson eventually.
• 14:34
  [SPEAKER_00]: Chicago is learning it, Seattle is learning it, and New York under Mamdoni is about to learn it.
• 14:41
  [SPEAKER_00]: At enormous cost to the very working families, he promised
• 14:46
  [SPEAKER_00]: to protect most of whom, by the way, didn't even vote for them.
• 14:49
  [SPEAKER_00]: They voted more for Cuomo or Sliwa.
• 14:53
  [SPEAKER_00]: So, Suela, because you can't tax your way to prosperity.
• 14:57
  [SPEAKER_00]: They know that.
• 14:58
  [SPEAKER_00]: You can't regulate your way to abundance, and you absolutely categorically definitively cannot build a socialist city in a capitalist republic where the capital has a moving truck and a GPS signal pointed straight at Dallas.
• 15:16
  [SPEAKER_00]: Thanks so much for listening this episode of the Trolley Talks podcast.
• 15:20
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• 15:33
  [SPEAKER_00]: Come back again tomorrow for another episode celebrating the rise of a new conservative age.