Latest / Turley Talks / Ep. 3711 Mamdani PANICS After Huge Companies LEAVE New York!!!

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Ep. 3711 Mamdani PANICS After Huge Companies LEAVE New York!!! · 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 joined 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.
• 0:20
  [SPEAKER_00]: Wall Street is fast becoming a ghost town, and that's not even remotely an exaggeration.
• 0:27
  [SPEAKER_00]: In the past six months, one Fortune 500 company after another has packed up
• 0:32
  [SPEAKER_00]: leftown and headed south, JP Morgan Chase now has more employees in Texas than in Manhattan.
• 0:41
  [SPEAKER_00]: But here's what's really terrifying the people in City Hall.
• 0:44
  [SPEAKER_00]: This isn't about a few companies.
• 0:46
  [SPEAKER_00]: This is about the entire financial ecosystem abandoning ship and it's all happening even before their ultra-woke socialist mayor takes office.
• 0:58
  [SPEAKER_00]: Again, it's me, Dr. Steve, your patriarchal professor.
• 1:01
  [SPEAKER_00]: I hope you're having a wonderful week and the lead-up to Christmas.
• 1:05
  [SPEAKER_00]: It's so exciting.
• 1:06
  [SPEAKER_00]: And I've got a last-minute Christmas idea for you.
• 1:10
  [SPEAKER_00]: Take a guess at what this is.
• 1:12
  [SPEAKER_00]: This is absolutely amazing.
• 1:14
  [SPEAKER_00]: I'll give you a hint.
• 1:16
  [SPEAKER_00]: The older we get, the less we hold on to heat.
• 1:19
  [SPEAKER_00]: So imagine being stranded and broken down car in the middle of the night and having to walk for help.
• 1:24
  [SPEAKER_00]: You know, a simple rainstorm even in the summer, that could mean hypothermia.
• 1:29
  [SPEAKER_00]: And so that is where this little beauty comes in.
• 1:33
  [SPEAKER_00]: I'm gonna bring it out.
• 1:34
  [SPEAKER_00]: I kid you not.
• 1:35
  [SPEAKER_00]: This is a full size heat reflective emergency sleeping bag that actually fits into the palm of your hand.
• 1:43
  [SPEAKER_00]: I've never seen anything like it.
• 1:46
  [SPEAKER_00]: It's absolutely amazing.
• 1:47
  [SPEAKER_00]: And you heard it right, I mean, it's an emergency thermal sleeping bag.
• 1:52
  [SPEAKER_00]: that you can keep you warm down the Arctic temperatures, it's waterproof, it's windproof, it's bright orange, as you could see, so you could be spotted in a disaster and look at this thing, it's like 7 feet long, 3 feet wide, but it fits in your glove compartment.
• 2:09
  [SPEAKER_00]: I've never seen anything like the seromodri, the genius creators of this emergency sleeping bag.
• 2:17
  [SPEAKER_00]: Made it small enough to fit in your pocket, your glove box, your junk drawer, your go buy, whatever.
• 2:23
  [SPEAKER_00]: But it packs such an amazing pun.
• 2:25
  [SPEAKER_00]: I'm actually sweating it.
• 2:27
  [SPEAKER_00]: Anytime I get into it, it's amazing.
• 2:29
  [SPEAKER_00]: And I made sure to get a whole bundle of them for all my family to keep in their glove
• 2:35
  [SPEAKER_00]: You can, too, this week, the Patriots over at Sierra Madre, have to clean out their warehouse before a new shipment arrives for the new year.
• 2:44
  [SPEAKER_00]: So they're marking these puppies down over 59% for the holidays.
• 2:50
  [SPEAKER_00]: You heard that right, 59% click on that link below and get one each for your whole family and save a bundle before the sale.
• 2:58
  [SPEAKER_00]: And oh, and I almost forgot.
• 3:00
  [SPEAKER_00]: the 10 pack, it ships free.
• 3:02
  [SPEAKER_00]: So you're double your savings.
• 3:03
  [SPEAKER_00]: So don't wait.
• 3:04
  [SPEAKER_00]: I mean, these aren't available in any stores or big box real tailers and the only place you can get this warehouse clean out deal is if you click on that link below right now.
• 3:15
  [SPEAKER_00]: These are going to make for gifts.
• 3:16
  [SPEAKER_00]: Your entire family will never forget this Christmas.
• 3:19
  [SPEAKER_00]: You're going to love it.
• 3:20
  [SPEAKER_00]: Click on that link below right now.
• 3:23
  [SPEAKER_00]: The Democrat on Klave of New York City is experiencing a business exodus like never before, while well-known titans like Tesla, Chevron, Oracle and Charles Schwab of all left the ultra-blue state of California.
• 3:38
  [SPEAKER_00]: That's nothing!
• 3:39
  [SPEAKER_00]: compared to what's happening in New York since 2005, New York has gone from hosting 125 Fortune 500 companies to hosting just 50 today.
• 3:51
  [SPEAKER_00]: New York has lost an astonishing 60% of its Fortune 500 companies in just the last two decades.
• 3:59
  [SPEAKER_00]: Meanwhile, Texas now has 54 Fortune 500 companies
• 4:06
  [SPEAKER_00]: has 22 and as a result, the financial services sector, the lifeblood of New York's economy is hemorrhaging jobs.
• 4:15
  [SPEAKER_00]: In the first half of this year alone, from January to August,
• 4:19
  [SPEAKER_00]: the financial services sector lost 84 hundred jobs and that same time frame last year it gained 6400.
• 4:27
  [SPEAKER_00]: So that's a 15,000 job swing in the wrong direction.
• 4:33
  [SPEAKER_00]: JPMorgan Chase employees nearly 32,000 people in Texas as compared to 24,000 in New York.
• 4:40
  [SPEAKER_00]: Let that sink in.
• 4:42
  [SPEAKER_00]: The company that defines Wall Street as more people in Texas than a Manhattan.
• 4:47
  [SPEAKER_00]: But what makes all of this even more astonishing is that this Democrat-induced disaster was happening before New Yorkers voted in Zoron, Mamdoni this past November.
• 4:59
  [SPEAKER_00]: Mamdoni, of course, ran on a Democratic socialist platform promising to raise taxes on corporations
• 5:05
  [SPEAKER_00]: and wealthy New Yorkers, and so, since November, the corporate exodus that's been devastating New York for the last two decades has only accelerated, it's being reported that relocation attorneys in the state of Florida are reporting an unprecedented surge in inquiries.
• 5:23
  [SPEAKER_00]: Corporate filing data obtained by Florida News outlets revealed that multiple New York companies filed
• 5:35
  [SPEAKER_00]: They're calling it the Mamdoni migration.
• 5:38
  [SPEAKER_00]: It's an unprecedented number of left U.G.'
• 5:41
  [SPEAKER_00]: 's, both residents and businesses, and they are officially leaving the state and they are not coming back.
• 5:48
  [SPEAKER_00]: This isn't about culture.
• 5:49
  [SPEAKER_00]: It's not about geography anymore.
• 5:51
  [SPEAKER_00]: And ain't about weather.
• 5:52
  [SPEAKER_00]: It's about money.
• 5:54
  [SPEAKER_00]: Bottom line, basic brutal economics.
• 5:57
  [SPEAKER_00]: Now, if you don't know New York's top personal income tax rate,
• 6:01
  [SPEAKER_00]: is 10.9 percent.
• 6:03
  [SPEAKER_00]: It's the third highest in the nation.
• 6:06
  [SPEAKER_00]: But it's even worse if you live in the city.
• 6:08
  [SPEAKER_00]: There you're going to pay an additional 3.9 percent in New York City taxes.
• 6:13
  [SPEAKER_00]: That means a high earner pays nearly 15 percent of their income to the state and to the city.
• 6:21
  [SPEAKER_00]: That's on top of federal income tax.
• 6:24
  [SPEAKER_00]: A person earning $200,000 per year pays approximately $13,000 more in taxes to New York than they would in Florida.
• 6:33
  [SPEAKER_00]: That's $13,000 annually.
• 6:37
  [SPEAKER_00]: That could be reinvested saved or spent in the economy, except it's all going to Albany and City Hall.
• 6:44
  [SPEAKER_00]: For businesses, it's even stronger.
• 6:47
  [SPEAKER_00]: A company with $1 million in profits faces a corporate tax rate.
• 6:51
  [SPEAKER_00]: a 6.5% New York, sometimes higher with additional business taxes in Florida, the corporate tax rate is 5.5% with zero state income tax.
• 7:02
  [SPEAKER_00]: According to analyses, a firm moving from Manhattan to Boca Ratone,
• 7:06
  [SPEAKER_00]: could save approximately $7.5 million annually on taxes, rent, and labor costs at 22.5% reduction.
• 7:17
  [SPEAKER_00]: And Wall Street professionals are acutely aware of this.
• 7:21
  [SPEAKER_00]: Here's what's already keeping the mayor elect awake at night.
• 7:26
  [SPEAKER_00]: Every company that leaves New York City, everyone takes what's called a
• 7:33
  [SPEAKER_00]: JP Morgan's 32,000 employees in Texas, they don't just reduce Manhattan's direct tax space.
• 7:41
  [SPEAKER_00]: Those 32,000 workers, they're not eating lunch at Manhattan restaurants.
• 7:47
  [SPEAKER_00]: They're not paying rent.
• 7:48
  [SPEAKER_00]: on Manhattan apartments, right?
• 7:50
  [SPEAKER_00]: They're not shopping at Manhattan stores.
• 7:54
  [SPEAKER_00]: They're not using Manhattan's subway system.
• 7:57
  [SPEAKER_00]: And as a result, commercial real estate in New York is collapsing.
• 8:02
  [SPEAKER_00]: Manhattan office vacancy rates had been climbing for years and the Exodus is accelerating that decline.
• 8:09
  [SPEAKER_00]: Lower occupancy means lower property tax revenue.
• 8:12
  [SPEAKER_00]: Exactly what the city needs more of, especially if Mandoni is gonna keep old name promises.
• 8:21
  [SPEAKER_00]: But because corporations and wealthy individuals are leaving, the ripple effects are being felt everywhere.
• 8:27
  [SPEAKER_00]: Service providers from law firms, consultancies, tech fenders, accounting firms, they're all facing reduced demand.
• 8:35
  [SPEAKER_00]: They're all either gonna have to downsize or inevitably, they're going to follow their client's south.
• 8:42
  [SPEAKER_00]: And as a result, the economic doom loop only intensifies.
• 8:47
  [SPEAKER_00]: Now New York officials have been panicking over this, even before Mamdonny.
• 8:52
  [SPEAKER_00]: They've been rolling out in Senna's, you know, tax breaks, subsidized rent, streamlined permits.
• 8:58
  [SPEAKER_00]: But none of it is working.
• 9:01
  [SPEAKER_00]: Executives view these as frankly band-aids on a structural wound.
• 9:06
  [SPEAKER_00]: The real issue isn't a lack of incentives.
• 9:09
  [SPEAKER_00]: It's the overall business climate.
• 9:12
  [SPEAKER_00]: It's horrible.
• 9:14
  [SPEAKER_00]: It's the fact that you now have a radical socialist mayor elect who claims that businesses and billionaires are the real enemy.
• 9:21
  [SPEAKER_00]: They're the real criminals and he promises to punish them.
• 9:26
  [SPEAKER_00]: Why on earth would you stick around for that?
• 9:29
  [SPEAKER_00]: and Governor Greg Abbott at Texas, he ain't helping New York's cause just a couple of months back.
• 9:34
  [SPEAKER_00]: He literally rang the closing belt in New York Stock Exchange to celebrate Texas's zero personal and corporate income tax rates and reasonable and predictable regulatory environment as they call it.
• 9:47
  [SPEAKER_00]: New York officials like Governor Hockel actually doubled down.
• 9:51
  [SPEAKER_00]: They remained defiant.
• 9:52
  [SPEAKER_00]: They said, we're not taking business advice from Greg Abbott.
• 9:56
  [SPEAKER_00]: Oh, okay.
• 9:57
  [SPEAKER_00]: But the jokes on them.
• 9:58
  [SPEAKER_00]: That defiance might have played well at a far left political rally, but every CEO watching that exchange got the message.
• 10:08
  [SPEAKER_00]: New York is hostile to business, while Texas openly welcomes it with open arms.
• 10:15
  [SPEAKER_00]: bottom line, this is beyond politics now.
• 10:19
  [SPEAKER_00]: This is economic triage.
• 10:21
  [SPEAKER_00]: New York lost its relevance, its relative dominance decades ago.
• 10:28
  [SPEAKER_00]: But for years the city limped on.
• 10:30
  [SPEAKER_00]: Yeah, sustained by Wall Street wealth, that era is over.
• 10:36
  [SPEAKER_00]: Between 2017 and 2022 alone, 125,000 New Yorkers move to Florida, taking $9.2 billion in annual income with them.
• 10:49
  [SPEAKER_00]: and with the Mamdoni migration only getting started, that Exodus is only going to get worse.
• 10:56
  [SPEAKER_00]: The question is no longer weather, New York will decline.
• 11:00
  [SPEAKER_00]: The question is how fast and whether that decline becomes irreversible.
• 11:06
  [SPEAKER_00]: Until then,
• 11:08
  [SPEAKER_00]: The next chapter of New York's economic story is certainly being written, but not in New York.
• 11:15
  [SPEAKER_00]: It's being written in Texas and Florida and red states throughout the nation.
• 11:21
  [SPEAKER_00]: And unfortunately, for Mamedani, those states are winning and they're winning big.
• 11:28
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• 11:33
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• 11:44
  [SPEAKER_00]: Thanks so much for listening to this episode of The Turley Talks Podcast.
• 11:48
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• 11:53
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• 12:01
  [SPEAKER_00]: Come back again tomorrow for another episode celebrating the rise of a new conservative age.