• 12 Sep 2011 at 5:32 PM

Steve Schwarzman Has Some Helpful Ideas For Obama

He gets it: no more comparing Obama to Hitler. The new plan is subtlety, which is why the Blackstone boss took to the FT today to show the President an olive branch. Then he whacked Obama with it repeatedly.

His best piece of advice? If you really want to fix what ails America, maybe you should get a private equity executive to turn things around. Just saying.

The US economy resembles a business badly needing turnround. Its growth is anaemic. Like many a faltering business, it has too much debt. No one, least of all S&P, believes that the latest deficit reduction package will solve this. There is too little investment. Corporations and consumers are cautious about spending, while the recent sharp drop in equity prices shows that investors do not want to risk capital in the market.

My firm has invested in, and advised on, hundreds of businesses in the past 25 years and we’ve seen companies successfully overcome such challenges.


But until someone can think of a person who (1) has experience in private equity and (2) would consider taking the job of running the country, Schwarzman’s got to deal with the people who are in charge now. And he knows that, historically speaking, recessions and inequality don’t always end well for the people eating the crab claws:

I believe that most Americans will be willing to sacrifice for economic stability and a bright future for our children, if the deal falls equitably on all shoulders. I know I’d prefer the short-term pain while working together towards a shared solution to the long-term pain of another recession, social unrest, or worse.

The sacrifices he calls for include a flat tax, reducing Medicare and Social Security, and otherwise cutting programs that Schwarzman relies on to get by. Not a sacrifice he’s willing to make, however, would be treating carried interest as ordinary income.

The toughest sacrifice for some to accept, however, will not be financial but emotional: to get our country back on track, not only will you have to accept lower Social Security payments, you’ll also have to spend less time making fun of Steve Schwarzman for demanding that you accept lower Social Security payments.

This problem began when the administration sought to attribute blame for the financial and economic crisis and alienated large segments of the business and banking community. They cast them as villains regardless of their culpability. Predictably, business reacted with fear and limited economic expansion, hiring and new lending. … Unless we end targeted class warfare in the US, we cannot solve our economic problems or stop a long period of potential decline.

An olive branch to Obama: I will share the pain (FT, Blackstone)

109 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (109)

  1. Posted by Roomy Khan | September 12, 2011 at 5:39 PM

    Awesome tags! About as exciting as Bobby Flay's face.

  2. Posted by Still Missing Bess | September 12, 2011 at 5:39 PM

    The most important question this post fails to answer is why is Steve's watch sitting like that on his wrist? Poor form.

    Also amazed there is no chart accompanying this showing the correlation of carried interest to defecit reduction.

  3. Posted by Guest | September 12, 2011 at 5:46 PM

    Wait, isn't there a PE guy running for President?

    – AIG Political Quant

  4. Posted by Idiot Savant | September 12, 2011 at 5:49 PM

    A chart showing DEFECIT reduction would be something.

  5. Posted by Roger Waters | September 12, 2011 at 5:58 PM

    The way you made them suffer, your poor PE managers, fills me with the urge to DEFECATE!!!

  6. Posted by Guest | September 12, 2011 at 5:59 PM

    Disparaging class warfare when you're in top 0.1% of the nation by net worth is the NKI.

  7. Posted by Rip Van Winkle | September 12, 2011 at 6:02 PM

    "For the first time in my 40-year career in finance, I am genuinely concerned by our long-term economic prospects."

    Really? No concerns when the government had to come into take care of Bear, Freddie, Fannie, AIG, GM, Citi, BofA? Now is the very, very first time that you're concerned?

  8. Posted by Stone Crab | September 12, 2011 at 6:08 PM

    He qualified it with the term "genuinely."

  9. Posted by Sean | September 12, 2011 at 6:11 PM

    Did anyone ever notice leaders of financial institutions tend to favor policy that would bolster their bonus?

  10. Posted by Steve S. | September 12, 2011 at 6:22 PM

    Might want to fire up the zero generator on your calculator there, Tex.

  11. Posted by Guest | September 12, 2011 at 6:34 PM

    You tell 'em Steve.

    Those gov't clowns are loading up on debt like its a tax shield.

  12. Posted by trojan_ | September 12, 2011 at 6:55 PM

    Old Killing It, circa 1888
    -A.W. Mellon

  13. Posted by Guest | September 12, 2011 at 6:58 PM

    Surprised Matt didnt link his earlier post on Carlyle's IPO or PE=debt loading tax shield.

  14. Posted by bogey4 | September 12, 2011 at 6:58 PM

    He deserves a good kick in the balls.

  15. Posted by nice_sentiment_but | September 12, 2011 at 7:35 PM

    balance sheets of governments with floating exchange rates, independent monetary policy, and fiat currency are not anything like corporations, households, individuals.

    but then again, when steve graduated college we were under the gold standard… so….

  16. Posted by Classy Warfare | September 12, 2011 at 7:46 PM

    I only wish I could be as big of a patriot as Steve – screw all of the little people in Stamford, bring me more pizzas bitchez. They don’t need a car to deliver pizza anyway, but I do need another Honda. They don’t need Medicare to fix their busted hips from walking too much, but I need another knee surgery because too much pizza and squash in my own private court. They don’t need cheap loans, but I must have forgivable ones for staying here and employing their loser asses.

    ~UBS MD

  17. Posted by Classy Warfare | September 12, 2011 at 8:26 PM

    I only wish I could be as big of a patriot as Steve – screw all of the little people in Stamford, bring me more pizzas. They don't need a car to deliver pizza anyway, but I do need another Honda. They don't need Medicare to fix their busted hips from walking too much, but I need another knee surgery because too much pizza and squash in my own private court. They don't need cheap loans, but I must have forgivable ones for staying here and employing the losers.

    ~UBS MD

  18. Posted by Brooke | September 12, 2011 at 9:18 PM

    The clutter in his office is too distracting.

    This website has turned into crap.

  19. Posted by early_hominid | September 12, 2011 at 10:11 PM

    That, Steve, is the shittiest fitting suit I've seen in a long time.

    your tailor = member of Fight Club?

  20. Posted by Tuckhead | September 12, 2011 at 10:45 PM

    Kill yourself

  21. Posted by geoffgeoffgeoff | September 13, 2011 at 1:31 AM

    He looks so "deer hunted" in that pic.

  22. Posted by Cut Me | September 13, 2011 at 9:33 AM

    That was merely a flesh wound.
    -Black Knight, Blackstone Guard

  23. Posted by Guest | September 13, 2011 at 11:18 AM

    Instead of defecating, try decafinating.

  24. Posted by guest | September 13, 2011 at 11:30 AM

    Should have said "with all due respect " first, then you can say anything after.

  25. Posted by JohnAGordon | September 13, 2011 at 11:55 AM

    The central misconception in Steve's comments is that government is NOT a business. Different motives, drivers, customers, etc. That being said, some aspects of business management are useful in government.

  26. Posted by King Cobra 40oz. | September 13, 2011 at 12:28 PM

    Too Matt, Didn't Read….

    We need more lulz mixed-in with the depressing news Matt.

  27. Posted by Lord Humongous | September 13, 2011 at 1:46 PM

    He buys off the rack now to appear more in touch with the common man

  28. Posted by insedelt | April 15, 2012 at 9:37 PM

    you definitely love chanel purses for cheap for gift

  29. Posted by Temoprep | April 16, 2012 at 5:11 PM

    проверить dresseslady.com/ru/tag/list онлайн

  30. Posted by Bristol Airport Hotels | April 18, 2012 at 2:37 PM

    7d1Bq3 Very neat blog article.Much thanks again. Will read on…

  31. Posted by pain in foot | April 20, 2012 at 1:27 PM

    Awesome article.Really looking forward to read more. Fantastic.

  32. Posted by Organic | April 21, 2012 at 1:40 AM

    Muchos Gracias for your blog post.Really looking forward to read more. Really Cool.

  33. Posted by windshield chip repair calgary | April 21, 2012 at 2:06 AM

    A big thank you for your blog.Really looking forward to read more. Will read on…

  34. Posted by red snapper recipes | April 21, 2012 at 3:38 AM

    A round of applause for your post. Awesome.

  35. Posted by jeux gratuit en ligne | April 21, 2012 at 4:02 AM

    Major thankies for the post.

  36. Posted by free gift card | April 21, 2012 at 7:38 AM

    I value the article.Really looking forward to read more. Cool.

  37. Posted by seo agency | April 21, 2012 at 9:32 AM

    Thanks for the article post.Thanks Again. Great.

  38. Posted by iphone 5 price | April 21, 2012 at 1:34 PM

    Major thankies for the blog. Will read on…

  39. Posted by budapest girl | April 21, 2012 at 8:00 PM

    Im grateful for the article.Thanks Again. Really Great.

  40. Posted by Online Jobs Tanzania | April 22, 2012 at 2:36 PM

    Appreciate you sharing, great article. Really Cool.

  41. Posted by gratis inserat | April 23, 2012 at 7:57 PM

    This is one awesome article post.Thanks Again. Cool.

  42. Posted by peptides | April 23, 2012 at 9:56 PM

    Very neat article.Much thanks again. Keep writing.

  43. Posted by perder peso rapido | April 24, 2012 at 4:42 AM

    Im thankful for the blog article.Really thank you! Fantastic.

  44. Posted by chinese class | April 24, 2012 at 8:19 AM

    Thanks for sharing, this is a fantastic article.Thanks Again. Really Cool.

  45. Posted by World of Warcraft powerleveling | April 24, 2012 at 9:37 AM

    A round of applause for your article.Really looking forward to read more. Fantastic.

  46. Posted by dolce and gabbana | April 24, 2012 at 12:22 PM

    Im obliged for the article.Really thank you! Will read on…

  47. Posted by mba | April 25, 2012 at 6:21 AM

    Thanks again for the blog post.Really looking forward to read more. Really Cool.

  48. Posted by thinning hair women | April 25, 2012 at 3:19 PM

    I really enjoy the blog post.Thanks Again. Cool.

  49. Posted by email leads | April 25, 2012 at 7:40 PM

    Wow, great article post. Really Cool.

  50. Posted by make money from home | April 26, 2012 at 5:11 AM

    Major thankies for the article post.Thanks Again.

  51. Posted by Boys Bedding | April 28, 2012 at 11:29 PM

    Thank you ever so for you blog.Much thanks again. Keep writing.

  52. Posted by College Jerseys | April 29, 2012 at 12:39 AM

    I cannot thank you enough for the blog.Much thanks again. Really Cool.

  53. Posted by holidays in dubai | April 29, 2012 at 9:12 AM

    Im grateful for the article.Thanks Again. Great.

  54. Posted by Online Crm | April 30, 2012 at 9:27 AM

    I cannot thank you enough for the post. Fantastic.

  55. Posted by free ps3 games | April 30, 2012 at 3:17 PM

    I really like and appreciate your blog.Really thank you! Really Great.

  56. Posted by port el kantaoui | May 4, 2012 at 1:50 PM

    Great blog post.Thanks Again. Cool.

  57. Posted by How To Get Dirt Cheap Airfare Tickets | May 6, 2012 at 9:16 AM

    Great, thanks for sharing this post. Great.

  58. Posted by sell | May 7, 2012 at 11:32 PM

    I appreciate you sharing this article.Thanks Again. Really Cool.

  59. Posted by Sohail | August 25, 2012 at 3:12 AM

    even if Paul’s math is right (which it isn’t, see the last column to know why) that would mean BY HIS OWN ADMISSIONa0 that the debt will incasree by $3 TRILLION under

  60. Posted by canawqp | August 25, 2012 at 11:52 PM

    wyoGtS , [url=http://xblytgjaqsrr.com/]xblytgjaqsrr[/url], [link=http://qctrfbsvlspk.com/]qctrfbsvlspk[/link], http://wvukjxwmplnd.com/

  61. Posted by wffvpsflti | August 28, 2012 at 5:12 AM

    uU2UQY , [url=http://pxrjptvvbzxz.com/]pxrjptvvbzxz[/url], [link=http://iuxrsbnitujc.com/]iuxrsbnitujc[/link], http://teeffelnibhm.com/

  62. Posted by Ben Perfater | September 5, 2012 at 6:38 AM

    Hey Anardam! Thanks for the comment! We will write similar articles soon…make sure you stay with us.

  63. Posted by bookmarking submission | September 7, 2012 at 3:30 AM

    qlfGqr Thanks-a-mundo for the blog article.Really looking forward to read more. Want more.

  64. Posted by Henry Cillo | September 7, 2012 at 4:29 AM

    I have been exploring for a little for any high-quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this website. Reading this info So i am happy to convey that I’ve a very good uncanny feeling I discovered exactly what I needed. I most certainly will make certain to don’t forget this site and give it a look regularly.

  65. Posted by Angelo Unverzagt | September 7, 2012 at 7:25 PM

    Appreciate it for all your efforts that you have put in this. very interesting info . “Far from idleness being the root of all evil, it is rather the only true good.” by Kierkegaard.

  66. Posted by Merbroods | September 11, 2012 at 12:04 AM

    what is the name and place of this correction

  67. Posted by angersenisa | September 11, 2012 at 3:35 AM

    Some individuals really have a fear of getting older. They dont want to be viewed by society as a has been. They arent really sure what their future holds so they tend to dwell on it. They may have memories of their own parents or grandparents with difficulties as they got older. It is only natural not to want to follow along that same path.

    If you want to have a great sex life after the age of 60 then you need to really think about it now. What is your current sex life like? Do you enjoy the activity or do you just go through the motions? Are you in a serious and committed relationship that you would definitely like to still be involved in when that time comes? [url=http://dfdfdfd.com]gdgd[/url]

    Some people in their 30s and even their 40s put sex on the back burner. That is understandable with all of the various commitments we often have in our lives. People are on the fast track and over committed. There are family issues, career, and trying to find some time for yourself. It can leave a person drained and with two people on different schedules it is even more difficult.

    Many researchers will tell you that the type of sex life you have in your younger years will influence how it is for you after 60. So if you arent happy with what you have now you need to make some changes. Finding ways to be very happy with your own sexuality is very important. The number of people who arent sexually happy is very high, yet very few of them are willing to express what needs to change to their partners.

    Part of the problem though is the attitude that earlier generations had about sex. Many women still feel that it is their duty to please their man. Therefore they dont talk openly about wanting more or less sex. They dont express their desires of what they want to see happen. Since no one is bringing it up, their partners just assume they are pleasing them.

  68. Posted by armani dresses Outlet | September 16, 2012 at 9:19 AM

    Itˇs really a great and helpful piece of information. Iˇm glad that you just shared this helpful information with us. Please stay us informed like this. Thanks for sharing.

  69. Posted by red bottom sneakers | September 17, 2012 at 11:48 PM

    I would like to express my affection for your kind-heartedness giving support to those individuals that absolutely need help with the question. Your real dedication to getting the message all over became particularly useful and have always permitted individuals much like me to get to their pursuits. This helpful hints and tips denotes much to me and somewhat more to my fellow workers. Thanks a lot; from each one of us.

  70. Posted by bookmarking submission | September 20, 2012 at 2:46 AM

    PbmujA Awesome article post.Thanks Again. Really Great.

  71. Posted by Jack Yandura | October 1, 2012 at 11:53 AM

    You basically make it look extremely simple with your presentation nevertheless I to discover this make a difference for being essentially an matter that I believe that I’d never recognize. It might seem way too complex and extensive for me personally. I am shopping ahead inside your subsequent submit, I’m able to attempt to obtain the dangle of computer system!

  72. Posted by iskandar project | October 5, 2012 at 12:18 AM

    For example, let’s say that you place a clause to cover our homes. Please note that the insurer will pay for all damages to your personal vehicle. The underwriter deducts 25 of the property by repossession or foreclosure. {||||

  73. Posted by new york travel deals | October 5, 2012 at 1:17 AM

    I am really enjoying the theme/design of your blog. Do you ever run into any web browser compatibility problems? A few of my blog audience have complained about my website not working correctly in Explorer but looks great in Chrome. Do you have any ideas to help fix this problem?

  74. Posted by Vasiliki Palomba | October 5, 2012 at 3:38 AM

    hiya all, I employed to be just checkin out this web site which i definitely like the strategy of the post, and have not even attempt to accomplish, therefore any one want to to obtain engrossing discussion relating to this, make sure you deliver an email on yahoo, my identify is tim posali

  75. Posted by Vigrx Plus side effects | October 5, 2012 at 7:27 AM

    You will find definitely a lot of details like that to take into consideration. That’s a excellent point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up exactly where one of the most important thing will be.

  76. Posted by distilling vodka | October 5, 2012 at 8:36 AM

    Just want to say your article is as surprising. The clearness in your post is simply nice and i can assume you are an expert on this subject. Well with your permission let me to grab your RSS feed to keep updated with forthcoming post. Thanks a million and please continue the enjoyable work.

  77. Posted by co jest karta debetowa alior banku | October 5, 2012 at 12:45 PM

    I’m going to put them in the garden space right off the kitchen window! It’s the only place that gets sun.

  78. Posted by www | October 5, 2012 at 2:34 PM

    Did you get to university? Loli Preteen Porn god damn you can report she was fucking horny and in heat…i’d love to fuck with a girl comparable that…ummm ummm

  79. Posted by Repertuar kinowy | October 5, 2012 at 3:31 PM

    Hey There. I discovered your weblog the usage of msn. This is a very well written article. I will make sure to bookmark it and come back to read extra of your useful info. Thank you for the post. I will definitely return.

  80. Posted by lubie to | October 6, 2012 at 2:45 AM

    great issues altogether, you simply won a emblem new reader. Could you repeat that? would you evoke in regards to your situate awake that you immediately complete a number of existence in the past? Any positive?

  81. Posted by kasyna | October 6, 2012 at 3:50 AM

    I really like the style of your site. The colours are generally matched flawlessly! I have a problem, do you have produced the design all on your own and also images friend? Allow understand, internet marketing delighted ordering design to our web site!

  82. Posted by Angry Birds | October 6, 2012 at 9:07 AM

    you could have an amazing weblog proper here! would you comparable to compose a quantity of summons posts on my blog?

  83. Posted by men andropause | October 6, 2012 at 9:51 PM

    Absolutely fascinating! I love PBS!!!

  84. Posted by More Info | October 6, 2012 at 10:22 PM

    Howdy! This post could not be written any better! Reading this post reminds me of my previous room mate! He always kept chatting about this. I will forward this article to him. Pretty sure he will have a good read. Thanks for sharing!

  85. Posted by cox phone Peoria | October 7, 2012 at 2:18 AM

    Participate in on phrases interesting.

  86. Posted by at Yahoo | October 7, 2012 at 2:31 AM

    Good write-up. I totally value this website. Save it up!

  87. Posted by fast internet Tempe | October 7, 2012 at 8:19 PM

    Thanks for your auspicious writeup. It in point employed to become a leisure account it. Glance complicated to significantly more sent agreeable from you! Nonetheless, how can we be in contact?

  88. Posted by fast internet Tempe | October 8, 2012 at 4:36 AM

    Hello, can someone convey to me how I’m able to get my food stuff truck for the subsequent festival?

  89. Posted by Delmer Mariotti | October 8, 2012 at 6:31 AM

    I really enjoy reading on this website, it contains fantastic blog posts. “Never fight an inanimate object.” by P. J. O’Rourke.

  90. Posted by diablo 3 gold | October 9, 2012 at 4:47 AM

    Itˇs actually a great and helpful piece of info. Iˇm happy that you simply shared this helpful information with us. Please keep us up to date like this. Thanks for sharing.

  91. Posted by loan | October 10, 2012 at 12:39 AM

    However, the loss mitigation department; 5. Be Persistent. Even when the initial personal loans amount. Combined personal loan to include past due payments reduce your monthly payments and/or personal loans balance and most importantly, a way of convincing homeowners to refinance multiple times.

  92. Posted by internet and phone Surprise | October 10, 2012 at 1:00 AM

    I would like to win the French Marketplace Bag and Patina Style reserve! Decide me!

  93. Posted by more information | October 10, 2012 at 2:14 AM

    Hey , to the public. My Corporation Is from the Greece plus i build a fresh new blog. Please Visit my online business and tell me your opinions. Currently, There Are a lof of creative ideas and information just about my work. It Is no cost of charge 100% and without having registrator. Thanks A Ton To everybody who’s going to go to see my great new internet site. It Will Aids my work. | πόρτες |

  94. Posted by Selma Prich | October 10, 2012 at 2:29 AM

    I really enjoy the article post.Much thanks again. Keep writing.

  95. Posted by cable and internet Scottsdale | October 10, 2012 at 12:09 PM

    You are a good brother!!!

  96. Posted by fast internet Phoenix | October 11, 2012 at 2:59 AM

    Ditto pack ratbr /

  97. Posted by kitchens uk | October 11, 2012 at 4:35 AM

    Fine information. I enjoy your hard work, great share.

  98. Posted by knock off oakly oil rig | October 11, 2012 at 7:48 AM

    I like the valuable info you provide in your articles. I’ll bookmark your weblog and check again here regularly. I’m quite sure I’ll learn lots of new stuff right here! Good luck for the next!

  99. Posted by buy provillus | October 12, 2012 at 8:02 PM

    Creams can normally bring on redness and when and you and also the asked bar bra,s
    grazed on His will

  100. Posted by Monty Fidsky | October 13, 2012 at 12:44 AM

    I do trust all of the concepts you have presented for your post. They’re really convincing and can definitely work. Nonetheless, the posts are too quick for starters. May you please lengthen them a bit from subsequent time? Thanks for the post.

  101. Posted by Wabenplissees | October 13, 2012 at 11:13 PM

    I feel we now have quite talented guys in all muslims nation, so why we’ve been not go/take conclusions for our private (this sort of web site) like Paktube as an alternative of Youtube , or Pak socail media rather of Face e book , , if we’ve got make these kinds of websites it should significantly banaficail for all muslim countries and begin a atomic electrical power Pakistan must consider perform some factor along with the aid of PTA ……

  102. Posted by Plissee Rollos kaufen | October 13, 2012 at 11:26 PM

    Not also wild about the color, but I love those Cragar S/S mags.

  103. Posted by Jonnie Uvalle | October 14, 2012 at 1:37 PM

    Good weblog! Only difficulty is i’m running Firefox on Debian, and the site is searching a little.. weird! Perhaps you might want to test it to see for yourself.

  104. Posted by projekty | October 14, 2012 at 1:43 PM

    Hello, i think that i saw you visited my blog thus i came to “return the favor”.I’m trying to find things to enhance my web site!I suppose its ok to use some of your ideas!!

  105. Posted by wypadek uk | October 15, 2012 at 9:57 AM

    I’ve believed that slightest 1717981 times. SCK was here

  106. Posted by Julianna Ormsbee | October 16, 2012 at 2:41 AM

    you’re in reality a good webmaster. The site loading pace is incredible. It sort of feels that you’re doing any unique trick. Moreover, The contents are masterpiece. you’ve done a magnificent job in this matter!

  107. Posted by Models Wallpapers | October 16, 2012 at 3:54 PM

    “Thanks for that ideas you reveal through this web site. In addition, many young women that conceive do not actually try to get medical health insurance simply because they concern they would not be eligible. Although a lot of says now need which insurance companies supply protection regardless of pre-existing problems. Prices upon these types of guaranteed programs are often greater, but when it comes to the actual high cost associated with medical care it might be the safer approach to take to safeguard your monetary future. inch

  108. Posted by solar panels uk | October 16, 2012 at 5:06 PM

    Zune and iPod: Most people compare the Zune to the Touch, but after seeing how slim and surprisingly small and light it is, I consider it to be a rather unique hybrid that combines qualities of both the Touch and the Nano. It’s very colorful and lovely OLED screen is slightly smaller than the touch screen, but the player itself feels quite a bit smaller and lighter. It weighs about 2/3 as much, and is noticeably smaller in width and height, while being just a hair thicker.

  109. Posted by Learn Even more Here | October 16, 2012 at 5:15 PM

    The crux of your writing while sounding agreeable originally, did not sit properly with me personally after some time. Somewhere within the sentences you actually were able to make me a believer but just for a while. I still have got a problem with your leaps in logic and you would do nicely to help fill in all those gaps. If you actually can accomplish that, I could certainly be amazed.