Tough Love for San Francisco, Economics of Populism, Space Competition | Wall Street Week

[@youseed1]

“Most criminals are not that forward looking” statement of the year!

[@trinydex]

it's not about being forward looking. this is political rebranding. when criminals are not on the streets, they cannot commit crime. the punishments we have these days are just sequestering people from the rest of society. it's not corporal punishment, it's not forced labor, it's just taking people out of society so they can't do crime. the offender doesn't have to be forward looking. society does what is necessary despite them not being forward looking.

[@eddieyang7970]

Imagine if instead we help them with there forward thinking, giving them dreams and goals to achieve instead have no hope.

[@trinydex]

@@eddieyang7970 you can imagine that, but for a lot of these people it'll take almost their whole lives to relearn another way to live and many won't have the motivations until they reach old age or sometimes when they have a family to live for. even with those factors, there's no guarantee.

[@eddieyang7970]

@@trinydex you have lost all hope, the USA has the highest rates of drug deaths in the world. yes other countries also have drug problems. why are the rates lower in other countries, because they care about other human beings.

[@trinydex]

@@eddieyang7970 we have the highest rates in the US because we are closest to the source of production. we have a situation where in 2010 the cost of 1 pound of meth was 15k, today it's 1.3k. there's democratized access to meth and fentanyl through the lowering of price. I am for lowering demand for drugs in the US. the needle exchange programs have data that says less than 30% of users use more than 70% of the street drugs. if we remove these superusers from the streets, it collapses the street drug economy. however the most efficient way to do this is to involuntarily confine these people in health facilities. I agree with treating people and providing for them, especially if they can take care of themselves. but I do not agree with just wasting money on ineffective solutions. I am here to debate, but let's talk about a real solution.

[@shokuchideirdrecarrigan7402]

I lived in SF from 1973-2005. Tech changed the city completely from my view. The highly paid young people from Silicon Valley had no commitment to the city and drove out the various communities of lower income by pushing up housing prices--already challenging, and then left. Only the wealthy could weather that invasion. But the life of the city came from the traditional neighborhoods and from its artists. It is a beautiful city still but a city is brought to life by the people who live there.

[@trinydex]

that's an interesting tale, except that the wealthy young actually drove themselves out. they spent many years making the city a policy disaster with expensive cost of living and then they all, who could afford to, moved away.

[@atc576]

@@shokuchideirdrecarrigan7402 you nailed it! I was born and raised and couldn't afford the 3k/mo for a studio! I love the city too but those greddy ass commercial and condo landlords as well as city officials ruined it..

[@r2dad282]

Nobody is owed affordable housing in SF. Not Mission hispanics, nor the Irish and Italians before them. City tenants/landlords are no better nor worse than others. Rent Control and all the rest of the nonsense that Supervisors and the Mayor come up with only serve to freeze things as they are, which is regressive.

[@jasontheworldisyours]

As a former San Francisco resident from 2009-2021 I have nothing but love for that city

[@trinydex]

why did you leave

[@Humpolot84]

1984-2024 STILL HERE ALL FUCKED UP FOR IT

[@jasontheworldisyours]

@@Humpolot84 hopefully this year Mayor election can bring some good results for the next 4 years

[@jasontheworldisyours]

@@Truelib99Hobbes I'm the opposite. Currently live in Las Vegas. Next stop Denver, Miami and then maybe back to San Francisco

[@Scapone2001]

It's nice for a vacation only. I would absolutely never want to live there for a number of reasons

[@Zt3v3]

San Francisco will never go the way of Detroit, the weather is 1000% better so people will always want to live there, but it can be broken.

[@cyrilkarpenko691]

The city needs more police and more enforcement.

[@acepain16]

Please, please bring back the original format for Wall Street Week! This new style turns its back on longtime fans that have followed the show for years.

[@alexanderclaylavin]

Seriously, feels cheap and preschool-y

[@ChrisRGB]

Every state in America has a misdemeanor limit for shoplifting. Ours was raised from $750 to $950. In Texas it’s $2500. It is not a ticket it’s a $1000 fine or 6 months in jail if you’re a first time offender. If you have priors it’s 16 months, or 2-3 years and a $10,000 fine with a felony conviction. The misrepresentation of the law by media convinced people they wouldn’t be prosecuted and thousands have been burdening both families and our criminal justice system. This rumor needs to stop.

[@trinydex]

so you not understand what the difference is? there is no jail time on the table, many times even if it's beyond $950. so it's always just a ticket or it's nolle prosequi. that's no consequence for crime.

[@ChrisRGB]

That’s not true. The law states otherwise, and I encourage you to read it for yourself. Over $950 is a felony carries a $10,000 fine and as much as 3 years in prison. The punishment is NOT a ticket and the rumor that it is, is ruining lives. In California, a misdemeanor shoplifting charge (for theft of property valued at $950 or less) under Proposition 47 can result in the following penalties: 1. Jail Time: Up to 6 months in county jail, though first-time offenders often avoid jail and are instead given probation or fines. 2. Fines: Fines can go up to $1,000, but they are typically lower for petty shoplifting offenses. 3. Probation: Most people charged with misdemeanor shoplifting, especially first-time offenders, are likely to receive informal (summary) probation. During probation, they may be required to meet certain conditions, such as attending theft prevention classes or performing community service. 4. Community Service: Courts often assign community service in place of or in addition to jail time or fines. 5. Restitution: Offenders may be required to pay restitution to the store for the value of the stolen items, particularly if they were damaged or unrecovered. 6. Diversion Programs: In some cases, especially for first-time offenders, defendants may be eligible for a diversion program. Successful completion of a diversion program can result in the charges being dismissed, keeping the offense off their criminal record. Another standard response all over the USA. Overall, California tends to focus more on rehabilitation and alternatives to incarceration for first-time or low-level offenders as most other states do. However, repeat offenders or those with more serious criminal histories could face strict penalties, including jail time.

[@trinydex]

​@@ChrisRGB you can keep quoting the law as it is written, but that's not what's occurring. when I say jail time is never on the table, that means no one gets prosecuted. here's what happens. someone is caught, even if the police come, they issue a ticket or they get booked and there's no cash bail. they are immediately back on the street. so there's no jail time. even if there were charges brought, there's no prosecution, that's what nolle prosequi means. the environment 47 was trying to foster was one where no one goes to prison for petty offenses, so even if there are people stealing many many times, who have you seen go to jail? this environment was further facilitated by liberal district attorneys who refused to prosecute. I've seen cases where they didn't even prosecute for killings, murderers got drug diversion (which is not the purpose of drug diversion programs). over COVID so many inmates were released from California facilities. who even talks about the prison industrial complex anymore???? there isn't one at this point. please stop with the nonsense.

[@ChrisRGB]

How many cases were ruled Nolle Prosequi by the DA, and what was the statutory justification for them?

[@trinydex]

@@ChrisRGB statutory? you don't know how this works do you? it's discretionary, at the whim of the DA. do you think that data is public? let's instead look at the other evidence. SF DAs office loses many ADAs under Chesa Boudin. there's an article about how they all rage quit. talk to attorneys in San Francisco, they all know someone who did. look at the articles of Chesa Boudin'a record. none will cite TOTAL crime stats. all of them reference ratios of charging compared to former DAs or ratios of charged to convictions, they'll NEVER state the total number of crimes reported or even indictments after charging. this shit is simple, if the record was so good, they'd just post the damn numbers, but they have to play these numbers games because the numbers are ABYSMAL.

[@ddc2343d]

I lived in San Fran from 2000-2006 in the financial district. i loved living there, that area was up and coming lots of condos going in. I go back semi often now as my company is based there. I actually don't like heading down to that area now, just doesn't feel safe.

[@gkumar48]

I have been to so many countries, even developing countries have better infrastructure than SF these days and better safety. It clearly points to the inadequate leadership and policies.

[@thesynthguy_1428]

@@gkumar48 the entirety of the bay area (except atherton and maybe the hills) is a fourth world hellscape

[@dinkeydink9376]

7:20 you cant deter a drug addict from doing crime. Prop 47 + Prop 57 were bad. Enable drug use and tents in the streets is nuts.

[@heyaisdabomb]

The problem really comes down to how unaffordable it's become to live here. Even if you have a couple working in tech with 5 years of experience each, you STILL can't afford a starter home. And with college becoming so expensive, most people in their 20's who can afford to live here, now have student loans, which makes it even harder to afford a house. The poverty line is now in the 6 figure range... And most non tech jobs just don't pay anywhere close to that. So we have a real problem of where are the people who do basic jobs that keep the city running going to live? Housing has become a pyramid scheme, and the young today have a fraction of the purchasing power that someone did 20 years ago. My last landlord has had their house they bought in 2004, increase over 400%. That's way higher than inflation.

[@riumudamc4686]

They are talking about crime and drug use. This problem is not coming from the working people who can't afford housing. It is coming from people who are committing crimes and doing drugs excessively.

[@heyaisdabomb]

@@riumudamc4686 do you live in SF? I can tell you that property crime is a plague, but it’s not the only issue. And the lack of affordability makes it hard to support local businesses because who can afford a $20 burrito when they need to make $360,000 per year to afford a starter home. Most people can’t afford to spend money at local businesses because most people are broke or going negative. Affordability is a crisis in SF, just as much if not more than crime.

[@trashpageant7861]

In Phoenix, you never saw homeless people. After Covid, when prices jumped up to unsustainable levels (2000+ for a 2 bedroom) the homeless population exploded. Now prices are back down but the homeless remain. It’s 100% prices. The people who were teetering on the edge were able to sustain themselves. But when prices went out of reach they fell. And even with prices going down, once they’ve fallen they cannot get back up.

[@trinydex]

the answer to your quandary isn't simple. there's actually a lot of vacancy in SF right now, but that vacancy is still high priced because those developments were made during a time when capitalization rates were high. loans were made in relation to those cap rates. those cap rates only come down if the bank receives more cash as collateral. these large developers are not going to voluntarily infuse their own cash to satisfy loan conditions. so until the properties change hands and loans are renegotiated, will the rental process come down. this takes decades. but it will happen. so we are a bit behind the curve by saying SF still needs more housing. the real issue is that solutions take time.

[@trinydex]

​@@trashpageant7861I'll disagree. nation wide there has been a decrease in homelessness, except in the western coastal states. at the same time nation wide, major metros saw an increase in homelessness. the story is that homeless people migrated to major metros, mostly for services and drugs. and they moved to the western coastals for weather, services and drugs.

[@tmghui888]

Despite all its problems, I have read that the Bay Area still has the highest gdp per capita in terms of major metro areas in the country and only 1 of 3 metro regions with a $1 trillion economy. Also, the violent crime rate is low compared to many major cities. It is the property crime that is the problem. Plus, California is still the world’s 5th largest economy.

[@prabuddhaghosh7022]

@@tmghui888 Bay area GDP is mostly Silicon Valley which is the South Bay not SF

[@churblefurbles]

This is the bill gates is in the room average, and crime is based on demographics, most of the bay area is not Oakland.

[@Stargate2077]

I do find it crazy that a media outlet from New York is talking about crime in San Francisco instead of figuring out how to fix the myriad problems in New York.

[@adamoliver4094]

​@@Stargate2077Bloomberg has an office on the Embarcadero in SF as well. When I visit New York it makes me wish we ran our Bay Area cities like NYC.

[@trinydex]

the language you're using is a bit murky violent crime is up everywhere, it may be low in San Francisco, but it's historically high. San Francisco is not a large place. if you count the entire bay area, crime is wild. you're definitely counting the entire bay area for your GDP per capita as San Francisco is hardly a major metro region in and of itself and any trillion dollar valuation would have eto include the rest of the silicon valley

[@UnReal31337]

Can we get a piece on coastal NIMBYism while we're critiquing San Francisco?

[@trinydex]

why? do you think there's a housing shortage in SF? currently there's a lot of vacancy in SF, it's just priced very high. for the prices to come down, the capitalization rates will be affected and that affects the loan terms for the owners of large developments.

[@coolsteven2]

@@trinydex SF's vacancy rate is 3-5%. We need to be 5-10%. There aren't enough vacancies to put a dent on housing costs.

[@trinydex]

@@coolsteven2 what're these numbers based on? I see lots and lots of new developments with vacancies. these vacancies are at high cost. those costs are likely not to come down until the properties change hands or until the owners / developers are willing to lower the cap rate which affects their loan conditions (usually means liquidity has to be invested in order to increase collateral for the loan.) so if you have a way to speed that process up, go ahead and t off. but there's lots of vacancy now, just not at the right price.

[@Epsilon3inc]

Thanks for having Laura on the show! 🚀🚀🚀

[@DG10-youtube-channel]

Way to go Califórnia!! Carry on with the soft on crime laws!!!

[@chancellorism]

Part of the problem is that government is trying to be the answer to everyone’s problems. Instead: Help those who help themselves and teach a person to fish. I walk past those people on the street everyday. They have nothing to do and if they are compos mentis cant have any self respect.

[@Atilla-m9i]

San Francisco, listen to at least 1 Republican. Jennifer Doleac intelligent. BOEING back down to earth for stratospheric earnings.

[@cenkufukyildiran3844]

I really enjoyed the new format, but I also thought the old format was excellent. My suggestion for Bloomberg is to have two distinct shows: keep the old format under its original name and timeslot, while introducing the new format with a fresh name and a different timeslot. This way, both styles can appeal to different audiences, maintaining what worked in the past while exploring new possibilities.

[@eddiemunster8634]

It's not the passage of time that led to the changes, it's the change of demographics

[@AA-kj4ic]

Police is overworked because they have to do repeated work, catch and release, catch and release. Imagine catch and lock away, catch and lock away, there will be less and less criminals roaming, then police will have the bandwidth to deal with less and less crime.

[@trinydex]

in 2019 there were 2200 gun carriers. in 2024 there's 1200. the policy on the ground has changed with Brook Jenkins, but the lack of officers is grinding people to the bone

[@AA-kj4ic]

@@trinydex can't agree more. Brook Jenkins has to go. We need to elect people with common sense, not those soft on crime.

[@trinydex]

​@@AA-kj4icshe's better than Chesa Boudin

[@gorongo4202]

Space! The cadence of new space innovation outpaces our governments ability to foster it. Even the early investment community is somewhat lagging behind. But there are world changing companies brewing. Interestingly, many are based in San Francisco! OSK, Spire, Astranis, Planet etc.

[@CLaFong]

I always wondered why if places like Texas were so great why everyone wasn't already there? Why did it take a pandemic and people willing to pay incredible high prices for housing in CA to get people to move to Texas? It seems like Texas is a place that you settle for when CA is no longer affordable because of its success at attracting more people than any other state and creating businesses that dominate the world which drives up the costs of living. For some reason CA has failed because of its success at attracting the most people and creating the most wealth.

[@user-uskxnfiw729]

They are not building houses or condos enough despite the vast land they have. Property cost has gone through the roof. That became exponentially worse during pandemic to the point even the engineers making $400k couldn’t afford a small house. Add the social activist movements in that time where parental rights are removed when it comes to their children’s gender decisions and the crimes by teenagers are going up but the laws have become even softer. The final nail in the coffin was so influx of migrants and the tax dollars going away for minor groups. No merit based compensation and people realized that as they seek out for what’s going on.

[@trinydex]

I think the inflection you're pointing out is very telling. people were willing to pay a lot to live city life. when the pandemic took away city life and people had to value other forms of living, SF was a very poor value proposition. decisions like this are sticky, so once people pivot, they may never go back.

[@Jm-Gonz]

There is no privacy when you’re in a public place, having cameras everywhere like London should be in every major city.

[@notoftheworld6905]

So instead of criminalizing the criminals you want to criminalize everyone. Taking the rights away of law abiding citizens is not the answer.

[@aj_bary2044]

I don’t think anyone has ever thought of SF as libertarian lmao.

[@mcmxli-by1tj]

They moved out of San Francisco? Replaced by those less committed? Moving out means not committed.

[@trinydex]

yep

[@r2dad282]

Moving out means giving up on current government--it's a vote of no confidence in Breed et al, with the understanding that the next mayor wont be able to change things either.

[@korenng5553]

Elon purchased Boeing and Space X is his baby, and so many businesses moved out of SF!

[@congomac2001]

Please bring back the old format!

[@williamkreth]

San Francisco is a cool city

[@mgevirtz]

What if we increased the probability that people could earn a living and keep a roof over their head.

[@evdm7482]

Interesting ppl you chose to speak with on SF. Also putting your stats/data into perspective would help, meaningless how it’s been presented.

[@chancellorism]

Let have Larson and Hamid give up their real estate, tear it down and build affordable housing there. They’ve go the money 😊

[@r2dad282]

Why should the city pursue free lunch for any citizens? Free lunch isn't free, duh.

[@daveschoenfeld]

Thank you Bloomberg. After yawning often enough with this new format. I've been able to make the quit, no more Wall Street Boring Week, completely.

[@chancellorism]

Oh yes; let’s become part of the surveillance state and give up all our privacy.

[@jasonhegener4147]

Sorry, the City of San Francisco has never had a population of 3.2M.

[@stuartzalka]

Nice stories but what does it have to do with Wall Street? Change it back.

[@MrDemoldo]

using technology to patch up the deterioration of the social fabric, the social contract....where in history was that done before? The report shows cultural poverty and the denial about it. Feels like Apple when it was taken over by accountant and then the sales went down till the inventor returned. Life, I know, so complicated.

[@garycheung6780]

SF city credit rating downgrade associated with the city budget deficit , along with 35% office vacancy rate (Los Angeles 25%, Chicago 24٪, Houston 25٪, Manhattan 15.٪)

[@dinkeydink9376]

27:10 Portray FDR as a Populist, with Le Pen in conjunction? Wow, someone skipped the history lesson , for sure.

[@alexanderclaylavin]

Larry Summers will know what to do about populism, I just know it

[@clhodapp]

It's a bit interesting to claim that companies like Schwab were more committed to the city when they left the city

[@RicardaWindsheimer]

the president lack the exposure to tackle the economic situation of this country. Trump is more open minded to trying out new things. At this point I don't know who will win. Am I better off re-investing into Gold as it seems stocks are a little too unstable right now?

[@Lubumbemusongo]

… T bills, CDs, Gold, dividend stocks, Municipal bonds, Bitcoin, Real estate, etc assets speak when cash has no value ,Considering diversification is excellent. Now might be a good time to consult a fiduciary advisor for expert advice and seize opportunities in this volatile market.

[@richardwilliams4669]

Ripple seems to centralized, but I’d like to meet Chris Larsen *giggle laugh

[@craigjgomez]

Let's be clear about this assertion that we are soft on petty crime. Yes, theft of $950.00 or less is a Misdemeanor but that was a voter approved initiative to reduce the costs of skyrocketing incarceration. However, a second arrest for petty theft can be charged as a felony at the discretion of the District Attorney. The problem isn't as simple as one would have us believe. The SFPD is down 350 officers from mandated staffing of 1900 officers. Police response must be prioritized and reports of violent crimes take priority over petty property crimes. That's the reality. Just as incarcerating violent criminals takes priority over jailing shoplifters. But, there are signs of changes coming with 150 new officers hitting the streets this month and a state ballot measure to increase penalties for petty theft and drug dealing. So, all is not doom and gloom.

[@sourabh7137]

I thought people in SF wanted to defund the police. What happened to that narrative? Why would any person wanna be an officer in a place where they are shit upon for doing their job? No wonder there is a decrease in the number of officers. So yeah it is doom and gloom, you just dont see it.

[@trinydex]

honey, the second offense was never prosecuted as a felony or ever prosecuted. not only is sfpd down 1000 officers, the DAs office is also down the same percentage. all because bad policy, Chesa Boudin was bad policy. voted for or otherwise, bad policy is bad policy and begets bad fruit. we will suffer this for the next decade. that's the cost of being stupid as f.

[@trinydex]

​@@sourabh7137the numbers cited here are actually not the real numbers. in 2019 there was a data collected by the city of SF. there were 2200 gun carriers. in 2024 there are 1200, from what I have heard. they're graduating classes in the teens when they need classes of 50 multiple times a year. we will be stuck in this slump for a decade if not more. that's why they're trying to play up this narrative of tech to augment enforcement because they know the numbers are miserable.

[@TheRustyLM]

“At the discretion of the district attorney” Exactly. The DA won’t prosecute any crimes. Demoralizing the entrepreneurs and police. SF is in a doom loop, for decades now.

[@SoSpicy-Gmac]

Only Transplant think San Francisco is bad. When they don’t know sf from the early days

[@r2dad282]

90% of people in SF are transplants. Ask Herb Caen, who is currently spinning in his grave because SF is such a dumpster fire.

[@khairulnaeim756]

😂..that good men speech... really good...🤣....

[@2rx_bni]

"Democratic socialists are on the run" buddy you just threw a glove down. :|

[@jamesmorton7881]

I miss Louis Ruckiser.

[@khairulnaeim756]

Laws cannot be play with even though politics, crime is crime ,

[@jamesmorton7881]

Louis Rukeyeser where are you? ❤❤😊

[@khairulnaeim756]

Drone space being suggest,the build probably for drone arms

[@danielgreen-q1z]

Ha that's NANCY PELOSI GARDEN OF EDEN 😊

[@edmundlively8137]

Happy Columbus Day!! 😃😃😃😀

[@khairulnaeim756]

Ohh..the trouble from top rank..🤖

[@hangdog7094]

So SF is getting better huh? Did I hear that correctly?? Y'all have been smoking that Vulcan Mind Eraser weed again 😂. SF is engaged in a permanent doom loop.

[@TuyenHuynh-cl7ec]

Why does everything that these people on tv says is always questionable?

[@DmitryBikKinin]

So they saying quite part loud. Get rid of the supes and let mayor lead the way. Here is a translation: we can’t bribe all the supes so we need one guy as Mayer to give kick backs to and ride the poor people out.

[@dr.romeoconfidential9271]

So boring ! Common sense can fix SF as a former resident 😂

[@r2dad282]

SF won't hire a normie as mayor. So common sense is not possible.

[@Joshp786]

Yup and the main streets where open, SF is a 3rd world city been here since 03

[@CEAZETHEFUTURE]

you must live in the TL and never venture past a 3 block radius if you think that. smh

[@Joshp786]

@@CEAZETHEFUTURE I have lived in many parts of the city thanks

[@thesynthguy_1428]

@@CEAZETHEFUTUREdude even the outer sunset is crime ridden and run down. stop denying reality

[@teglaprbambaluftlaurvafhen5449]

Guys....Tough Love? Been debunked. Remwber wirhout a house, a car, food, water, and insurance....medical ins and car insurance....someone to pay for all these things hello. Should be already part of a childs life. .....just print money. Duh

[@daffodil9075]

Wow--terrible reporting! Total failure to differentiate between the population of the city itself, about 788, 000 and the population of whatever else you are talking about--the population of the Bay Area at 7.7 million or the San Francisco metro area, whatever that is, at 3 plus million, neither of which is anything like the city and county of San Francisco.

[@khairulnaeim756]

Yeah some secret probably they do not tell , toilet...is horrible in space, sure any men will think twice,🎃😱

[@khairulnaeim756]

American not in to it...they not..is private individual agreement,🥸🤖 what someone want and what they want..

[@lindaocean6858]

how about shut down mass transportation into the city after 9 pm ? shut down mass transportation into the city after 9 pm.. The people who do these violent crimes don’t live in San Francisco . It is disgusting. You give the harmers all the rights and that is STUPID. GROW A BRAIN AND QUIT VIRTUE SIGNALING

[@gregh7457]

they'de still get across the oakland bay bridge

[@khairulnaeim756]

Rumors say Boeing not like X person,make him out of business... rumors say🥸

[@khairulnaeim756]

Hopefully good deal both side can be done ,as soon as possible,...🥸

[@khairulnaeim756]

Yeah they will say ,lack of funds how come or what way , supposed to fix crime and laws.. money move things... yeah they correct...🥸

[@khairulnaeim756]

How about start with sold property or something else just like other business people like to hear, maybe cut tax,...and so on... about tech probably can open another one, creative section lots of type... good to have .. decline probably because lack of jobs, must have a buyers class,it looks they run way... return back ,lack of job that can produce power of buying if that lose or run away that what happen..🥸

[@khairulnaeim756]

Yeah explore space,it can happen with two combine, space exploration & trusted business men, that make it move.. is business men...🥸🤖

[@khairulnaeim756]

The same X suggestions about new type products for Boeing...IS XXX....base on X person vision and his friends...not hear thanks at all from Boeing....🥸

[@khairulnaeim756]

Every one knows this thing,if wanted investment better fix up crime and laws, cannot be play with and that what happen,they run away, about lack of funds probably most reason was over spending or debt...🥸... return back about laws

[@gregh7457]

rururu chicken in the bread pan pickin out dough. yes sir thats the truth

[@khairulnaeim756]

Yeah already take a look X person new product about laser... yeah he suggests about new television and monitor...🥸