Episode summary
Bloomberg Businessweek Weekend - September 25th, 2026 | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 39 min · Hosts: Carol Massar, Tim Stenovec
Summary
The weekend show centered on two big themes: how Donald Trump’s politics fit into a longer story of economic dislocation, and how wealth in America is far more widespread than the usual focus on billionaires suggests. The opening conversation with Anthony Scaramucci tied Trump’s rise to stagnant wages, trade shocks, tax cuts, and a sense among many workers that the system was no longer fair. Scaramucci argued that Trump had the potential to be a postpartisan president, but distraction, grievance politics, and attacks on perceived enemies, including his own critics, pushed him in the opposite direction.
The second half shifted to Eric Zwick and Owen Zidar’s book on “everywhere millionaires.” They argued that America’s rich are often owners of ordinary businesses, not just tech founders and Wall Street executives. Their research highlights car dealers, beer distributors, contractors, and other private business owners whose wealth is often protected by local market rules and favorable tax treatment. The authors said private equity has accelerated this by buying businesses from founders who need an exit, while politics and regulation are often shaped by the owners themselves.
Across both interviews, the throughline was power: who gets it, how they use it, and why many Americans feel the economy is tilted against them.
Key takeaways
- Anthony Scaramucci said Trump’s appeal grew out of stagnant wages, trade disruption, and a feeling that 20% to 25% of Americans were becoming economically desperate.
- Scaramucci argued Trump was distracted and increasingly transactional, and that personal attacks on critics and their families were a turning point in his break with the president.
- Eric Zwick and Owen Zidar said America’s wealth is broader than the Forbes 400, with many rich households owning ordinary private businesses rather than working in tech or finance.
- The authors said private equity has become a major engine of millionaire creation by buying and rolling up businesses in fragmented industries like home security, pest control, and restaurants.
- Zwick and Zidar said business owners are disproportionately influential in politics, shaping tax rules and local regulations that can reinforce their wealth and market power.
Notable quotes
“we have a crisis of wages for a very large group of people in the United States”
“under Donald Trump, it's not a swamp. It is a goldplated hot tub. Okay”
“the way you often get rich is by owning and not earning”
“if you want to understand the economy as it really is, what's going on with economic growth, what's going on with income and wealth inequality”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. — This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenc on Bloomberg Radio.
Hi everyone, welcome to the Bloomberg Business Week weekend podcast. Our backdrop this week, the 81st annual UN General Assembly in session in New York City. President Trump addressed the United Nations General Assembly, saying that he expects the US will reach an agreement with Iran after the midterms.
He also said that the US rejects the globalist scheme to control AI. He reiterated that he believes Cuba will fall and that the US will start building two quote very major military bases in Greenland that will give the US permanent control over security and all other needs on that territory.
The address was President Trump's second before the United Nations since returning to the Oval Office in early 2025 and comes at a very different moment of his presidency. one where his approval rating is at or near record lows according to polls and warning signs continue to flash for Republicans ahead of November's midterm election that could see them lose control of Congress. It also comes at a time when President Trump's approach globally has faced push back from other world leaders.
So, lots to think about around the world and our global news team converging here in New York City to talk with leaders in town for the UN gathering. You can check out all of our coverage on the Bloomberg terminal and at bloomberg.com.
As for us this hour, we wanted to focus on the US, the politics of the country, the economy.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- business news
- finance
- technology
- politics
- economics
Watch the episode
Watch “Bloomberg Businessweek Weekend - September 25th, 2026 | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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