Earlier this morning, Squawk on the Street had a little interview with Blackstone chief Stephen Schwarzman, live from Waldorf Astoria, where the Yale CEO Summit is taking place. The chat was conducted by Tyler Mathisen, with his colleagues patched in from the mothership in Englewood Cliffs. Everyone was very excited to have Steve-o on and things started off friendly enough. David Faber had a question about Dynegy. Erin Burnett wanted to know about investing opportunities abroad. And Mathisen and Schwarzman, whose firm owns the Waldorf, had a cute little repartee going about Steve delivering towels to Tyler’s room and leaving a mint on his pillow (given how game Schwarzman was to play along, and the diversity of the The ‘Stone’s companies, now might be a good time to nominate a certain someone as the next guest on Undercover Boss).
Then Mark Haines had something to say.
Haines: “Mr. Schwarzman. You’ve said you think the tax compromise will boost economic activity from one half to one percent. How do you figure that’s going to happen?”
Schwarzman: “I think you’re going to have more people with more money. Without taxes going up you’re going to have a variety of different incentives with cutting payroll taxes and there are other incentives in this package. And I think the economy will respond positively to that.”
Haines [internally smirking at how Schwarz had played right into his hand]: “Huh. Cuz the Congressional Budget Office it will increase employment by no more than 1/10t of one percent. And we are asking Americans to take on $850 billion more in debt so RICH PEOPLE…[you] can continue to pay less in taxes.”
[This was when someone at CNBC should've had the foresight to cut away to the reaction shots on Mathisen, Faber and Burnett's faces, and a producer considered screaming "cut his mic!"]
Schwarzman: “Well, you know, this is one of those situations where there is no perfect answer. You have now very large amount of fiscal stimulus. Nobody likes the debt. You can take either side of that argument; I don’t really want more debt but the faster the economy grows, the more taxes people will ultimately paying because everyone’s earnings will be higher. Over time–”
Haines: “A year from now- oh, sorry, didn’t mean to interrupt I thought you were done with that sentence. So, a year from now, if the economy isn’t growing, will you admit you were wrong?”
Schwarzman: “I’m always comfortable admitting I’m wrong, I don’t have a problem with that.”
Haines: “Me too. Out of necessity.”
Moment at which we stopped watching and started picturing the look on Haines’ face when he finds out he’s no longer welcome at Blackstone-owned Michaels craft store, Legoland, Jurassic Park, or Madame Tussauds (the last of which is really gonna chafe).
SS: “When we believe something we make investments based on that . . . so it’s more than just chatter”
Translation: “You and I are not the same Mark, and we never will be.”
SS [cocking his head in reaction to the third trimester abortion that was Burnett's question]: “Erin, do you mean to ask whether we’re at a competitive disadvantage investing internationally?”
This entire interview is full of wonderful subtleties which serve to confirm both SS’ superiority and view of his own superiority relative to all CNBC staff combined, and most other people.
co-signed.
her question was truly amazing in its stupidity. SS deserves a medal for not asking if she was dropped on her head a lot as a child.
Erin is just uncomfortable in the bra Mark Haines bought her
Which one of you wharton h-mos marinated your dong in this?
http://www.coburngreenberg.com/chezleyhowle
Apologies for being redundant (above).
Mark Haynes is so dumb. So fucking stupid. And he’s a fat, disgusting slob. WTF is he doing on TV besides making people quickly change the channel to Bloomberg.
Steve?
David Faber?
Jeffrey Immelt is that you?
My cats breath smells of cat food
My cats breath smells of cat food
I can picture Stevie jingling his Rolls keys in one hand and flicking off purple
shirt with the other while saying “management expertise”
politics are a mystery to him…?
So Blackstone’s lobbyist are really rolling in the mystery van, and they just keep reporting back that politics are a mystery.
scooby snack?
How dare you interrupt thee SS!
I was at a party last night at the Holiday Inn, Hartford airport. They were filming a new reality series, the Biggest Wall Street Loser. At any rate, there was this guy there who mumbled to himself a lot, and looked a lot like King Kong Bundy from the old Mike Tyson’s Punch Out. He kept talking about getting back to Stamford, but from the looks of him, he seemed destined for a rub and tug in Springfield after the last ad shots. You guys ever hear of this guy who supposedly was a trader, though I think he probably just churned retail accounts? His name was Steve something. Said he was framed, and spent a few years in Danbury.
– The Ghost of Christmas Future
You are a bastard .. why is that some ppl think it is just funny to talk dirty about some random person especially when it is not even newsworthy.. most probably she is someone you know who didnt give a fuck about you .. and rightly so coz you sound like a wanker .. now fuck off to your little closet and stay there till I tell you to come out
Erin Burnett could have asked SS of what he thinks of that red gas mask bra! If his firm would be in competitive disadvantage if he sells that bra overseas!
I used to think Mark was just a bitter old man. In actuality, he is trolling, and you all have been had. It would have been even funnier if SS had bit harder on the bait. Mark is my hero.
You have too much time and imagination.
Try switching to FOX BUSINESS NEWS…..prettier girls…..most up to date business news…..guests withj some semblance of a brain. Me
Al you retards who have nothing better to do but watch CNBC…..remember….they are losing audience. Many of you in the USA have Bloomberg, FOX business in addition to the clowns recently being offered to Comcast cable, if ever settked, Just a thought……..;and I wish I were 18 again……Lori B in the midday at Fox……races my pulse.