much. it's always good to have you with us. that's it for us tonight. follow me on twitter like me on facebook follow me on instagram @lou dobbs tonight and join us @lou dobbs shop.com as well. thanks for ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend, everyone. welcome tom program that helps position you for the week ahead. thanks for joining me this weekend. coming up, the carlisle group's cofounder and co-chairman david rubin stein to talk about his new book which profiles the world's greatest leaders and game-changers. but first, let's take a look back at the week and some of the big movement with top news makers on "mornings with maria."

watch. give us your reaction to what we're hearing from bob woodward. >> despite what you heard on that tape, they began to move the operation of government, they ultimately mobilized private industry to have ventilators, at one time there was a real fear we would have a shortage of those. going to have a vaccine faster than anytime in the history of the world. maria: your reaction to this pause in the covid vaccine at astrazeneca. >> well, you know, this is one of the reasons why clinical trials are done. this is an indication they're being done safely. maria: we will see another stimulus package, mark? >> i do believe we'll see that. if we would just listen to the american people and meet those needs like the president of the united states is doing. maria: do you believe we see more guilty pleas in addition to kevin klein smith? >> the challenge has always been who ordered the kill shot, so to

speak. so clearly, there was a conspiracy here. this wasn't just dreamt up by a good old fbi agent that was working hard. maria: president trump talks about law and order. >> that message is resonating. maria: you say that people are not focusing on the productivity impacts on the recovery. >> bottom line is you've seen the improvement of productivity which is improving profit margins which does give companies the ability to hire. maria: yeah, it was wild trading week as technology stocks led a big selloff. big tech has been the center of the market's recent volatility as in an lists think the recession-proof resilience was getting overvalued. joining me to discuss that is the founder and managing partner of rose cliff, mike murphy. thank you for being here. first, let me get you take on

the tech selloff this week. does this indicate there's more selling to come? >> good morning, maria, great to be with you. the tech sector, the apples, the teslas, the netflixs, the amazons, they all got bid up in the market in this v-shaped recovery we've seen. maybe they got a little bit ahead of themselves. what i look for is anything fundamentally changing in these businesses? is apple not going to sell as many iphones as we anticipated? and the a answer for me is a resounding no. is so to put a cap on the valuation when these companies are showing real growth, i think any pullback in big tech is an opportunity to buy. maria: goldman sachs out with a report looking for 35% growth in the third quart. nancy lazar, we just heard from a little bit ago in that talkers

piece, and she's talking about productivity which leads her to say 30-35% gdp in the third quarter, she's thinking that the fourth quarter is going to be about 4-5%, the stimulus package could impact that. what's your take on the res of the year in terms of the back drop for investing, and that is the economic story? >> i think the setup, maria, is stronger now even than what it was earlier this year. obviously, the covid pandemic was horrible for for thefect itd on lives, but i think the effect on business, others have had to figure out how to get by and be more productive with less. so i think the setup into next year, you have a lot of companies that can actually do more things. so i think going into 2021 getting past the pandemic, businesses are going to be doing even better than we attempted.

i agree with the 35% gdp number, but i think that's just the beginning. i think it can actually get better as we get further past the pandemic. maria: so it looks to me that you are in new york city. does it feel like people are coming back to new york? to you feel like the economy is getting back to normal little by little? >> the economy nationwide, yes. so in new york city, no, the kids are in school here, so that's really the main reason i'm here. it's different here in new york. you know, we have a mayor in new york city that has kind of proven to be anti-business. there's a lot of my fellow business owners have gotten together to try to reach out to him and say we need, we need more leadership. we need police, we need law and order, we need sanitation workers. aye never seen -- and i've been here now for almost 50 years -- i've never seen new york city like this.

so new york on its own needs better leadership. the country as a whole, people are leaving new york, and i think the economy nationwide is going to do great, but new york city has a lot of problems. maria: before you go, we were talking about the backdrop for investing in the public markets. you invest in private companies, private equity, venture capital. tell me where you're finding growth right now, mike. >> so, you know, we've been kind of -- so corona hit very hard in the first few months. we weren't sure where money was going to come from to continue to fund these private high-growth businesses. but once that unlocked a a little bit, we saw certain sectors start to move in ways you would have never seen before. a company like peloton could have never expected their earnings this week, this type of growth without coronavirus. we're investors in a lot of telemedicine companies like roman, and these companies have just taken off.

they're three years ahead of schedule on where we thought they would be. so i think right now the market is telling you it's open to high-growth private businesses coming out, not just the airbnbs and the multibillion dollar companies. but there's a place for high-growth businesses to come into the public markets, there's an appetite for it. maria: do you think that the things we have been doing more of whether it's telemedicine or e-commerce, tele-education, these things, the digital economy, will further persist in the coming couple of years? >> i do, because, you know, it's things like we've had, we've all had to have more things delivered to our house. so it's really changed the way consumers shop, the way consumers get food. so that, weaver realized that there's an easier way to do things, and now we're going to continue to do that. tool mates was acquired by uber.

more and more people are realizing that because of tech where it is now, their lives can be a lot simpler if they use technology to get food, to get education, to get in contact with people, to see a doctor. so that genie's out of the bottle now, and it's not going back. there's a tremendous amount of growth and productivity that's going to come in this country because of these great private companies that we like to invest in that are now growing so quickly. it's a great time to be in the united states of america. maria: it sure is. mike murphy, it's great to see you. thanks so much. mike murphy joining us there. don't go enough, we've got the founder of geico's been helping people save money for over 75 years. they've really stood the test of time. much like these majestic rocky mountains. which must be named after the... that would be rocky the flying squirrel, mr. gecko sir. obviously! ahh come on bullwinkle, they're named after... our first president george rockington!

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♪ maria: welcome back. some signs that business is beginning to get back to normal as jpmorgan chase told staff this week that they have to come back to the office by september

21st, particularly on the trading desks. there are few exceptions in terms of childcare, etc. joining me now to discuss the business climate and more is the cofounder and co-chairman of the carlyle group, he is a wall street titan with now $200 billion in as asset funds in management. david rubenstein is with us. thank you for being here. i know you are the author of a new book, how to lead, congrats on the book. we're going to talk about that book coming up. thank you so much for being here, david. >> my pleasure. thank you for having me. maria: so what's your take on the business climate today? give us your take on getting back to normal post this pandemic and the impact of this shutdown. >> look, everybody wants to get back to normal, but i think we have to be real lust you can about it. a vaccine, while one might be available or more than one might be available by the end of the year, that means it might be

technically available. getting it to distributed and making sure everyone feels comfortable is going to take some time. i think the leading people in the area think that it will take probably until the middle of the year before enough people are vaccinated so that people feel comfortable going back to work. and then you have the childcare issue as well. so i do know that jpmorgan is asking traders to go back, but in most cases in new york and major city, large numbers of people are still going to work from home, i think, for another 6-9 months. people are afraid, they're nervous about going into elevators and muck transit, so those issues have to be ve resolved. and if i also would point out that some people have have gotten comfortable or working at home, and many people want to stay or maybe only work in the office one or two days a week. so the world has changed a bit, and i don't think we're going to go back to where we were in 2019

anytime soon. maria: i think you make so many important points. i think managers of businesses right now are understanding that, guess what? it's working. some people from actually more productive than they were before. so i agree with you in terms of we're not going to see the full capacity of people back in the office anytime soon. >> you know, it's a very interesting phenomenon. the industrial revolution took about a hundred years start to finish to change the world from an agrarian economy. that was something that was happening over a period of time. we've done this in basically a year. in one year we've changed the way that we work. we don't work in the office as much as we used to, we work at home, and i think that's not going to go away anytime soon. people like working at home, it's much more comfortable, saves travel time, and it's less expensive. while people will go back to work, for sure, some will, not everybody will, and if you have young children at home and they're not in school, it's difficult to go back to work.

maria: what does all of this mean for the broad backdrop of the economy, in your view? goldman sachs came out with a report expecting gdp in the third quarter to be 35%. we had nancy lazar on a couple of weeks ago, she said the same thing, 30-35% gdp, but then she's all the way down to 5% in the fourth quarter. your expectation for economic growth. >> when you have a recession, usually it takes about three years to get back to where you were before the recession started. so if the recession started, let's say, in the first quarter of 2020, it could take two or three years normally to get back to where we were in terms of gdp. now, gdp will show signs of growth from where we were a quarter ago, but getting back to where we were in 2019 will take some time. many industries are still sidelined. yes, the technology world's in great shape, the financial service world's in put good shape, the health care world,

but the cruise industry, the movie industry, the entertainment entry generally, the hotel industry, the airlines, those industries have been hard hit, and many are not come back in the psalm shape as they were -- same shape as they were, and many employees are not going to get their jobs back. i think a lot of employers are basically going to not bring back everybody they had before. they can get by with fewer people, and they have less e revenue to justify the people they had before, we really are going to have a but fur candidated -- bifur caughted economy. the companies at the bottom of the economic strata, they aren't coming back so soon to, and it's going to take years for people to adjust to this fact. that's the sad a reality of it. maria: and, david, your take on stimulus and what has created uncredible debt load. you're talking about, what, $27 trillion in debt. higher than the overall size of the economy, david. >> yes.

it's a very unusual situation. right now we have $27 trillion in debt. in the 1970s a famous senator once said a billion here, a billion here, it becomes real money. a trillion dollars is a lot of money. right now the u.s. government is borrowing 50% of the money we are expending in our budget. that's never happened before except in world war ii. you can't keep doing that forever, and at some point we're going to have to pay back the debt. fortunately, interest rates are low, but at some point, our children and grandchildren have to pay this back at higher interest rates, and the federal government will have to shrink the things it's doing. maria: you added another job to your resumé, and that is interviewer, what you've learned from all the many interviews you've been able to conduct which you you about in your new book. book. david rubenstein is with us this hey, can i...

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♪ ♪ maria: and we're back with the carlyle group cofounder and co-chairman david reuben stein -- david rubenstein. many of whom you have interviewed, david. tell me why you wrote the book and also what you learned from so many luminaries that you've been able to sit down with. >> leadership is very important. if you're going to have a successful country, you need to have good leaders. so i wanted to take the best ideas from some of the best leaders i've interviewed, put them into a book and have young people read them so perhaps they could learn some of the things that made jeff bezos, david petraeus or colin powell successful. a country can only succeed if it has really good leaders, and i think it's important we make

certain our young leaders are getting ready to assume leadership when they're older. what i wanted to do in the book was to say what are the qualities that people have in common who are great leaders, and i learned many of them have many things in common. one, they typically failed early in life, they weren't superstars when they were very young. they have persisted, persisted, per suggestioned. next they also learn how to improve their brain all the time, always reading, always learning more. they also learned that humility is important, and you have to be humble because you pick yourself up and realize you're not perfect. and many of them also learned how to share the credit, how to inspire people, and they have a vision of where they want to go and communicate that with people. many people willing to talk about their failures, in fact, they enjoy talking about their failures as much as their successes. maria: you break it down into three parts, the early years, the middle years and the later years. i like the fact that you say

some of the leading people today were not leaders back in the early days. so tell me about that. >> well, it's my theory that the superstars when you're in high school or college, the people that are the all-american athletes or the rhodes scholars, the white house fellows or supreme court clerks very often they get tired of being a leader or they just don't continue to work as hard, and so the people that really lead the world in the second and third part of their life are more modest in their earlier achievements, but they just persisted. they caught up, they passed the heir, and they're leading -- thaw passed the hare. i think bill clinton might have been the only one that people would say this person might be president of the united states. a lot of them a had challenges, were not seen as superstars, they just per suggestioned. and that's what i want to convey to people, per suggestion, persist, persist, and don't be upset with failure.

in my own case, i was no superstar when i was young, not a great athlete or scholar, but i got lucky in life, and that's important for everybody, but per is sis tense is very important. don't think if you're not a rhodes collar, you're not going to be -- rhodes scholar you're not going to be famous in life. george bush said you might wind up as president of the united states one day. maria: let me end on one of the big issues of the draw, and that is china. we know we are talking about something of an economic cold war with china whether it be, you know, the pushback on intellectual property theft or the human rights abuses with the uighurs or the companies, chinese companies listed on our exchanges, there's a pushback in congress to say you're going to follow the same accounting rules. can the u.s. and china operate and partner going forward given these main issues and completely different ways of governance, the u.s. dealing with the communist party? >> over the last 500 years of

history, it's never been the case the two economic powers in the world got along swimmingly. right now before a presidential election, of course there's tensions. both the democrats and republicans see no loss in beating up on china. there's no votes to be lost by saying china's terrible. i think after the election, whoever ones, i think we'll begin to have some kind of rapprochement with china because it's in our best interests to have a good relationship. we're not going to agree on everything, but a strong relationship with china is essential, i think for both economies. so it'll get better but not until after the election. maria: david, it's great to have you this weekend. thanks so much for your time. >> my pleasure. thank you for having me. maria: we'll see you soon. david rubenstein. don't go anywhere, more "wall street" right a after this.

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you can detect suspicious activity on your account from here. and you can pay your friends back from here. so when someone asks you, "where's your bank?" you can tell them: here's my bank. or here's my bank. or, here's my bank. because if you download and use the chase mobile app, your bank is virtually any place. so visit chase.com/mobile. maria: welcome back, everybody. that'll do it for this week. thank you so much for joining me. every friday night, 9 p.m. eastern for another edition of "wall street." we've got a big show next weekend, hope you'll join us. plus, this weekend on fox news, "sunday morning futures" on the fox news channel live 10 a.m. eastern, texas senator ted cruz, white house trade adviser peter navarro. also joining me, burgess owens, my special guest this weekend. catch the show live, 10 a.m. eastern over on fox news this sunday. miss, start smart every weekday,

6-9 a.m. eastern on fox business. we hope you will start the day with us every weekday. that'll do it for us this weekend. thank you so much for being with me. i hope you have a great......... i'll see you again next time. ♪ ♪ gerry: welcome to the "wall street journal at large." vote early, vote often, the old joke used to say, but it's 2020 and if that joke was ever funny, it certainly isn't now. since those ancient athenians first dropped their pebbles into urns, concerns about voting fraud have been a constant feature of democracy. in the united states, fraud was rampant before secret ballots in the 19th century. vote selling, voting