NY Elects Mamdani, Crypto Dumps $200bn Plus

Subscriber Update Nov4 2025

Good Afternoon Magnelibra readers, well it is official NY city has voted for Zohran Mamdani, its first Muslim, Socialist mayor in history. Some of his core values are as follows:

• Government should work for working people, not landlords or real-estate donors.

• Anti-corporate to the bone -he wants to tax Wall Street trades, vacancy-tax luxury condos, and seize abandoned big-box stores for public use.

• Big on identity + class: proudly Muslim, wears a kufi, opens rallies with “As-salamu alaikum,” but frames everything through rent strikes and UAW picket lines.

He has some radical proposals:

• Free municipal broadband (goal: 500 Mbps for every household)

  Free CUNY/SEIU childcare for kids 0-5

  Free MTA buses system-wide (he’s already got $300M lined up from congestion-pricing surplus)

• City-wide rent freeze for any unit built before 2009

  Good Cause Eviction” bill becomes NYC law Day-1 (caps annual increases at 3%)

• CITY-OWNED GROCERY STORES

  5 pilot public supermarkets in food deserts (Bed-Stuy, South Bronx)

  Prices pegged to 15% above wholesale with no corporate markups

• Retrofitting every public housing building with heat pumps & solar by 2035

  100% municipal fleet electric by 2030

  Climate Jobs Guarantee -city pays $30/hr for weatherization crews

• Cut NYPD headcount by 2,000 officers, redirect $400M into:

  1,000 new mental-health street teams

  50 restorative-justice neighborhood courts

How does Mamdani expect to fund it all???

• WALL STREET SALES TAX

  0.1% tax on every stock trade, 0.2% on bonds, 0.5% on derivatives

  Campaign says it raises $26B/yr

  -Well probably a boom for Miami FL for more firms to exit NYC!

In fact we already had a glimpse of Wall Street pandering this morning when we saw Bill Ackmans latest X post:

So America is about to get its first glimpse of the age old false promise of prosperity via redistribution. Socialism never works, why? Simple, you cannot take from those that are productive and give to those who are not. There is zero purpose or value behind a structure like that. What Mamdani should do is distribute the wealth of the taxation toward cultivating a generation that can become self sustaining, via education, via proper trade training, via a hospitable environment where learning can be obtained without the worry of having a roof over your head or affording your next meal. Socialism stems from the misallocation of misaligned incentives driven from both fraudulent capitalism and even worse a regulatory and political environment that is offered to the highest bidders. Its no secret that the monetarists are always to blame, they create money from nothing and its distributed to those that have already benefitted from this structure. This is not the future for America, but it will be an exercise of ignorance designed to enlighten the masses who haven’t figured out that you yourself are responsible for you. All of my learning has led me to one very important fact of life, that is,

NOBODY IS COMING TO SAVE YOU

Once you realize you are responsible for all of your actions, then you become accountable, then you can align your incentives in a way that you can achieve something greater than what you presently have.

Socialism is a false prosperity and false hope premise peddled by ignorance and a society that is destitute. America will learn, America will change and it starts with each and everyone of us, upholding that social construct, that contract that our actions do effect others and we need to be accountable at the least, for ourselves.

Ok enough of that, let’s move to the markets where we saw the Nasdaq futures get pounded dropping 532 points or 2.0% on the day. They tested and broke the weekly support at 25,550 but today’s move has seen decent technical buying come in:

The same thing holds true for the SP500 futures which saw a -1.1% decline yesterday but it too is seeing big technical buyers coming in at the 21p MA and pushing the SP back above 6825 support:

Ok that is all we will say for now, we highly recommend that you become a subscriber and enjoy our global macro viewpoints and also consider becoming a Founding Member to enjoy our added bonus incentives that comes with our Founding Member Digital Strategy Membership. As always at the least consideration, share our work with all your friends and family, show them how smart you are!