the business world, david rubenstein, the cofounder and co-ceo of the private equity powerhouse, carlyle. david, thank you for joining us today. >> my pleasure to be here. anthony: we typically get a recession every seven years in the u.s. economy. it seems like we haven't had one in longer than seven years, and we're about to head into a next presidential term. how would you advise the next president, and where do you think the economy is right now, sirsome. >> just to make it clear, on average we've had them every seven years since world war ii. the last recession ended in june of 2009. the next president of the united states will have to face a couple of issues. number one, the economy is slowing down for quite some time. we have been averaging under president obama about 2% growth, but this year we'll probably be less than 2%. second, we have a need for infrastructure spending. infrastructure spending has been way down, and we don't really have as much money for that as we should get. third, there's really a need for tax reform. we haven't had tax reform since 1986, and we're way ove

anthony: we're back with the carlyle group founder, co-ceo, david rubenstein.ed to be the place for people employing a lot of capital. there seems like a lot of cash on the sidelines, so where do you think the reluctance is to spend and invest right now? >> prices are at all-time highs, so the average cash flow multiple for a deal today is over ten times. before the great recession, it was probably about 9.5 times, so we're paying higher multiples than before the great recession. even though rates are lower, the cost is a little lower. still it's expensive. as a result of that, people are reluctant to put money to work. for the last five years, the private equity industry has returned more money to its investors than they have actually invested. right now we're returning more money than investing. i think if prices go down as the stock market kind of goes down a bit, i think that will probably happen at some point, it'll be be cheaper, and we'll have more money invested. right now there's about $1.4 trillion on the sidelines which is dry powder the private equi

these are things he has to keep answering. >> i want to go to carlyle, pennsylvania. chelsea clinton is speaking at a rally there. >> everything that i care most about i worry is at risk, all the progress that president obama has made, the progress i don't think he gets enough credit for having made to move our country forward and all the opportunities for further progress that his leadership has really enabled. i know it is really hot in here and there are lots more people i can see. i just want to share a few thoughts about why i'm such a passionate supporter of my moms and take a couple questions and try to meet as many of you as possible. i should acknowledge no great surprise, i am deeply and unapologetically biased towards my mom. we should hang out more often. i couldn't imagine a better grandmother for my children. that's one of the reasons i am so by ased towards her. i couldn't imagine a better role model for me as a working mom. when an astay ya was talking about all the work my mom did before i was born, i was thinking of all the work she did after i was b

wayland is 52. 47 in carlyle. chilly spots, right, to the north and west, you expect cooler temperatures. you'll find a couple here. fitchburg at 47. now. southwest of boston already into the 40s here. to medfield, sharon, notten, all into the upper 40s right now and even you, cape cod, east harwich the place we're looking at 48 before. now down another degree to 47. province town also down into the 40s already tonight. it's gonna a chilly night no doubt. the high temperatures rebound tomorrow. upper 60s on cape cod, outer cape, water temperature also in the upper 60s and on the mid- to upper cape into the low 70s. low to mid-70s inland especiallyor boston into the hudson valley, and -- merrimack valley, hudson, new hampshire, 76 degrees. lawrence at 74 degrees tomorrow afternoon. futurecast showing clear skies until saturday when some clouds start to move on in. two things happening here. some tropical moisture to our south spinning around, tropical storm carl just formed way out in the atlantic. not a threat to

i mean, you talk about the carlyle hotel in new york, other iconic hotels including the one in paris.u trying to prove a point? sonia: yeah, i think that when i started, i am sure because of my age, and that i don't have the standard resume of a hotel professional, people were probably questioning if i could do it. i think that really incentivized me, and pushes me to achieve the goals and the vision that we were setting out to do. haslinda: it was new world hospitality, that was the brand. but when you took over rosewood, you decided to use the rosewood brand. why? sonia: the rosewood brand is known more globally so we thought it is more appropriate to use it as our umbrella brand. haslinda: and you have always wanted a luxury hotel brand as well. that has always been your vision. rosewood just fitted quite nicely. sonia: absolutely. when i started eight or nine years ago, i wanted to create a luxury brand from scratch. i have a vision, i have a concept of the brand. the rosewood beijing property was supposed to be my first flagship of this luxury brand. i even had a name for it. has

kkr, the carlyle group, said to be among the suitors.res have slumped as the company faces aliens and potential recall costs. is plunged him is 90% since january 2014. over $330ued at just million. rishaad: noble is seeking a strategic investor. it may take as much two years to get back into the black. let's find out the details and get out over to our southeast asia correspondent. they are out there trying to get some new capital. haslinda: that's right. up itsl needs to prop finances, even though it is on track to raise $2 billion by cutting jobs, selling shares and assets. it is holding back cash on businesses which are profitable. a strategic partner? possible. according to the founder of noble, it has to be at the right time and it has to be the right candidate. it has been difficult for the company, losing 90% of its market value. its largest investment grade rating has been weighed down by debt and slumping commodity prices. the worst isn't over. some say the biggest challenge may come between april and may next year, when noble h

kkr and carlyle group are said to be among the bidders.looking to delay the recall of one million vehicles fitted with takata airbags, asking regulators to push back the recall by a year, saying certain models are less risky than those linked to death and injuries. s -- test included back to back policy decisions in japan and the u.s. set to dominate market attention this week. our next guest does not expect a fed rate hike this year and says it is unlikely that boj will make significant announcements. let's bring in mark matthews. he joins us live from singapore. great to talk to you. you are expecting nothing from the boj or fair this week? to partially retract that statement. i don't think the fed will hike now or anytime between now and the end of the year. withpart is correct, but the boj, i think -- they are going to cut rates. i can't really say what the reaction of the market will be because it will probably be in conjunction with a package and a review of past policy that will be complicated, but i do think the boj will cut. yvonn

kkr and the carlyle group said to be among the suitors.pects from algiers say may call an extraordinary meeting if members reach consensus this month. says he isry-general optimistic about the upcoming informal talk, which he described as "consultation, not decision-making." talks will also be at the , fanning speculation that a deal to cap output may be agreed. berkshire hathaway is a household name, certainly among bloomberg viewers. it's energy arm is a major player, $80 billion worth of america's natural gas, wind, solar, and renewable. tell us more. what are the projects in this region. let's ask right now. berkshire hathaway energy, everybody knows his boss, warren is what but that vision is integrated into renewable energy. this kind of attention to the consumer, the end user. tell us about that. good startingery point. as an american utility, you are consumer centric. we have seen renewables as good for consumers. number one, they are a hedge against inflation. with a zero fuel price, we know what the cost of a solar or wind farm i

cbc competing against carlyle group. the asset could fetch more than three alien dollars.business flash upda te. vonnie: going to julie hyman. julie: we are looking at the banks today. is the kicker on this sector etf. down 1.5% today. we have seen quite a tumble. this is one of the reasons are not gaining more overall because of the decline and banks. it has to do with what is going on with bond deals today. the isnsharply after services report. this has been accelerating down six basis points. the services read for the month of august or nonmanufacturing theices report showed fullest expansion and six years. if you are ahis bloomberg subscriber. then you have the u.s. gdp number in white. they do trend -- 10 to track closely together. this in addition to other economic data has in cause for pause. we have been watching the interest rate probability calculator. , wethe september meeting have seen it go down sharply. it reversed after we heard from janet yellen and her comments earlier in august and keeps for the probability of a hike in september. david: thank you. julie

. >> this is the time at the carlyle. and recently on is the decline of the people participating that are not even looking for jobs for gulf so to see another round. will but there are two key issues with the lack of economics. with a lower budget deficits. so there are other issues that were raised with federal policy with the intelligence and wit the disincentive to work. so i have the same argument. such to make a similar argument is the backbone of the economy. but it has gone down. why? growth. leggett said gigantic of portraits. if you want to see why people are cranky or preteen the nurse called dash pointing figures? i know with immigration but it and nobody complains much. as they stop growing they complain to. >> i only is believed so to have a controlled recession but how was it working but then all of a sudden? >> a personal friend of mine. there is the caption of valid greenspan in our book he is and ought interest atopic 2002 had a binding convention. he said with all of the surpluses we actually edition of

in terms of the carlyle group, i have never believed there is any conflict in any relationship relatedo that. host: here is a picture as part of the piece in "newsweek," a billboard featuring donald trump for a luxury residential apartment in india. it says, he is trying to lower -- lure in buyers by using the donald trump name, how does he use his name around the world? he calls himself a developer but the piece says how he uses his name to generate lots of income. guest: one of the things that people do not get is that donald trump is no longer who they thought he was. he started as a developer. he became a casino operator. he became an airline owner. the casinos went bust, and the airline went bust and had to be sold off and it was not making a dime. the developments, he has stopped building buildings. what he does now, he is trading off of his international fame from being a reality tv show host. and is selling his name. that is his business. that is why you see trump steaks, trump vodka. there are a lot of developments around the world, including in the united states, that have th

you go to the northwest at places like carlyle, 48 degrees right now while lowell still holds on to 56 degrees. want to go south of boston and find some cold spots there, too. taunton, for instance, 47 being reported right now. cape cod, province town at 48 degrees. east harwich at 48 degrees right now. certainly some cold spots out 50s and even into the 60s by 10:00. a nice rebound, but still a coolish feature to the air that's for sure. clear all night. couple of clouds float in tomorrow but that's about it. pretty nice-looking day coming up. your lunchtime temperatures upper 60s to low 70s, and by the afternoon, most places will be getting into the low and even some mid-70s out there like here in the merrimack valley. low is 75 degrees. out on cape cod, most towns getting into the 70s here, as ed upper 60s on the outer cape and low 70s on the you wanter cape. upper 60s to low to mid-70s across the area tomorrow. much like you saw out there today. now, saturday, more clouds start to drift on here during the day late into the evening. dry on saturday for your weekend plans. in fact, y

democratic pollster jessica carlyle. she's so bright, she doubles as a search light. political and legal analyst, fox news contributor, ebony williams. her glass is half full of emptiness. national review reporter kat and he's funny and sharp like a whoopie cushion filled with syringes, comedian andrew schultz. first, was a trip south of the border just what the doctor ordered? donald trump surprised us this week by accepting the president of mexico's offer to come on down. he also likely surprised that president who figured trump would toss the invite aside like a bag of discarded doll hair. but no, before hillary could be defrosted from her cryogenic chamber, trump took off on a jet and there he surprised us again by sounding presidential, as presidential as something presidential like a president of something. >> we had a very substantive direct and constructive exchange of ideas over quite a period of time. i was straightforward in presenting my views about the impacts of current trade and immigration policies on the united states. >> like at half speed. anyway, s

rubenstein on "wall street week," it's going to air tomorrow, the founder that noted private equity groupt carlyle group. he said for trump to succeed he needs his base riled up, fired up and that's the only path for him. >> can be a base election for anybody. what she's doing is different from what trump is doing, she's reaching out to disaffected republicans and independents who would never take a look at her ever because her numbers are so bad. trish: do you think they ever will? >> the polling shows they have. when you have white collared educated woman to support her in ways they haven't supported a democrat in a long time. the problem for trump, is i don't understand the need for the whole exercise yesterday. he had a supposedly very successful sitdown. trish: as opposed to? >> coming back and delivering a speech, i found no new ground being broken, essentially speaking to the same people he's been appealing to when he came down the golden escalator in trump tower a year ago. trish: he could have ridden the high, the accolades from the trip to mexico, he could have muddied the waters in some

cheryl: he runs the carlyle group, the co-founder there. because of the jobs report as well, the environment we have with the labor, this is pushing the fed out? >> well, again, i've had a longstanding practice of not commenting on the fed. they're very smart people and make the best judgment. what i can comment on is where we're at. in the last three months, we've had 232,000 jobs on average. a good summer, excellent june, excellent july. a solid august, not as good as june and july but a solid summer. you look at where we are at this point in the recovery, we are basically where we would expect. the closer you get to the summit of the mountain of full employment. what you tend to see is the pace of job growth slows. we're more than twice as many jobs a month above what we need to sustain unemployment rates, and then you start to see the pace of wages grow, and this year annualized growth rate is 2.8%, over 12 months, 2.4%. we're starting to see the wage growth and need to do more of it. cheryl: we need it. >> the whole eschew of stubborn

her daughter, chelsea, will be in carlyle and in state college. trump and clinton will face off tonight. watch the first commander in chief forum hosted by the "today" show's matt lauer scheduled for 8:00 p.m. tonight right here on nbc 10. >>> philadelphia water department crews will make repairs today following this water main broke in oxford circle. the break sent gallons of water rushing down summer view avenue this morning. a full hour of news coming up in about 30 minutes. see you then. i'm hillary clinton and i approve this message. there's a race going on right now. the world's clean energy super power's either going to be germany, china, or us. and i'm going to make sure it's us. from 500 million solar panels installed by the end of my first term, to precision manufacturing. we'll beat the competition and create new high wage jobs. we can do this, millions of jobs right here in america. that's my plan. >>> yes, it is winesday wednesday. you know what that means? we are ready to play "who knew." we are so excited about tomorrow night's nfl

her daughter, chelsea clinton, will campaign in carlyle and in state college and she will be in scranton tomorrow. >>> on the campaign trail yesterday, clinton and trump both courted veterans and their families. clinton pointed out contradictions in trump's plans to fight isis and said he insults veterans with his rhetoric. meantime, trump said if he's elected, he'll give his generals 30 days to come up with a plan to quickly defeat the islamic state group. >>> and tonight, clinton and trump will face off at nbc's commander in chief forum, as we give you a live look at the stage at new york city's intrepid sea, air, and space museum. the two presidential candidates will appear separately to discuss national security, military affairs, and veterans issues. you can watch the commander in chief forum hosted by the "today" show's matt lauer tonight, 8:00 p.m., right here on nbc 10. >>> and a water main break sent gallons of water down summer dale avenue overnight in philadelphia's oxford circle neighborhood. water rushed into the street after an 8-inch underground main ruptured. this happene

and a coach -- this makes the story so good -- is a coach came in after jack carlyle left and went to jackson prep named bob stevens. and bob stevens walked -- he was a real cool, calm guy. came from central high school. he walked into the gym, and he would pick out a boy and say, son, how would you like to play ball? i can help you out, we're going to have a good team. and we had a winning team that year, it was wonderful. i mean, we built something out of nothing. you know, we took deaf station, and we -- devastation, and we made some beauty out of ashes. it was a great time. and johnny and i recognized that we lived through something wonderful. and through the years our classmate -- our class has been very close. we would have, like, five-year reunions and all, and johnny sent out afternoon -- an e-mail which started all this. and he was complaining about the state of the jackson schools. i didn't really understand it because i live in north mississippi, and my children go to a public school, they've been since kindergarten, and it was a fully integrated system. and it's a very goo

possible buyers include kyle i'll group -- included carlyle group.idders have been asked to submit proposals by early next week. samsung's exploding smartphone battery crisis again with a rush to beat the iphone according people familiar with the matter. samsung sped up the launch of the galaxy note seven after hearing that the next iphone would not have any major inventions. just days after the samsung device made its debut, there were reports that the batteries were bursting into flames. samsung plans to recall all 2.5 million note seven's. that is your bloomberg business flash. francine: the overnight -- search the most since january and china's credit binge could lead to a financial bust. for more we are joined by enda curran. great to have you on the program. what did we learn today? intervention from the chinese? enda: good morning. we can't say for sure that it is but it bears all the hallmarks of a slap on the risk from beijing on those traders risks. beijing was going to let the currency we can once they got through the g-20. the narrative h

in terms of the carlyle group, i have never believe there is any conflict in any relationship relatedthat. host: here is a picture as part of the piece in newsweek, a billboard featuring donald trump for a luxury residential apartment in india. it says, he is trying to lower trump by using the donald name, how does he use his name around the world? he calls himself a developer but the piece says how he uses his name to generate lots of income. guest: one of the things that people do not get is that donald trump is no longer who they thought he was. he started as a developer. he became a casino operator. an airline owner. went bust and the airline went bust and had to be sold off and it was not making a dime. the developments, he has stopped building the buildings. what he does now, he is trading off of his international fame from being a reality tv show host. and he is selling his name. that is his business. that is why you see trump steaks , trump vodka. there are a lot of developments around the world, including in the united states, that have the trump name. trump university, what

they hope to shortlist two or three candidates, and among the possibles, carlyle group and kkr.ata has been negotiate with automakers on cuts went to the lengthy --faulty airbags. had, still, a new bit -- i -- a new billew has been introduced that would releasenald trump to his tax returns unless he can prove the details of an irs audit. this is bloomberg. ♪ you are watching bloomberg markets. i am matt miller. scarlet: i am scarlet fu. republican presidential nominee donald trump facing a lot of pressure to release tax returns. this week a new bill was introduced that would force trump to prove he is declining to release returns because of an ongoing irs audited with get more details from capitol hill tech support, aaron lorenzo, who joins us from washington. unveiling thecrat bill that would force trump to prove he is under an irs audit. what is a likelihood of support from the rest of the congress? aaron: full congressional support is a little cloudy, i would say, but democrats think they have a winning issue to keep the drumbeat on. matt: how hard is it to prove you are unde

president obama was one of the original investors in the carlyle group, in the 1980's under presidentgan which invested in oil gas expiration and so forth. the summer before 9/11, if you remember, the cheney administration was that the bush ranch the whole summer leading up to and 11. during that summer, the fbi thector and james baker third, the bush family janitor, with throughout the middle east setting up offices. fbi offices at law offices. i think saudi arabia, the united arab emirates, saudi arabia -- yemen, jordan, and others. and after 9/11, we got the patriot act. the bush administration came in one to create chaos throughout the middle east. so it is like a disney theuction wrapped around twilight zone. that is why i am scratching my head. you have a good day. host: louisiana, welcome. caller: the time is perfect. the last caller was really interesting. if you don't know the whole story, you don't know the story. i would like to go back before 9/11 and go back to the summer of 1990. we are one week before saddam hussein and kuwait. your member that? -- you remember that? ho

remember carlyle. king.er martin kind towill not be these who do what they are doing pursuant to aent deal that was made. >> the gentleman yields back. the chair recognizes the gentleman from north carolina for five minutes. >> thank you for calling this a very important meeting. are you old enough to know the tv show "dragnet?" >> i am, sir. >> sergeant friday. >> one of my favorite characters. >> you recall just the facts. he was renowned for that line. that is all i request today. i will ask a series of questions and i would like your response, just the facts, if i could. who exactly was in charge in gathering the $400 million in currency? what level of staff placed it on a plane and sent it to the foreign government? how were these dollars packaged? was the military used to fly the money to iran? how did iran receive the cash. please articulate the exact process of the money exchanged from the moment the state went to the bank and withdrew the cash and the moment iran received the money. >> there w

. >>> tonight on the latest episode of "wall street week," from the carlyle group cofounder david rubensteinbe on. here is a preview. >> i suspect the markets feel for sure they will do it this year. my own view is december rather than september. who really knows. in december it will be a modest increase. i think it takes a while before the fed feels comfortable going back where we were five or 10 years ago. connell: full interview, "wall street week," friday, 8:00 p.m. eastern on fox business network. >>> back to what we were talking about the fbi releasing documents related to the email investigation surrounding hillary clinton. a few other items we are just learning, and this is in real time, with clinton aides saying she frequently replaced her blackberry, frequently replaced it, and whereabouts of the old device, would frequently become unknown. so she lost her blackberry a lot. deirdre bolton and dagen mcdowell and julie roginsky after she finds her iphone. who makes what of any of this? we deal in real time, deirdre. it is a lot of talking around and coming up with excuses, be they te

according to people familiar with the matter, possible buyers include carlyle group, kkr, and a japaneserts maker. bidders have been asked to submit proposals by early this week. more job cuts are on the way and rolls-royce. cutting 200 positions from its management team. the ceo wants to cut $260 million by the end of this year. rolls-royce has been cut by falling demand for turbine engines. this is bloomberg. david: it is now 49 days until the election. a new poll shows donald trump pulling even with hillary clinton. the two candidates present very different views of the country. a lot of it has to do with economics. with us now is barclays head of public policy research. onhas done extensive work what lies behind the topline polling numbers. let's start with a chart you created. back to 1992, we are essentially graph -- flat in household growth. >> the new numbers show a bubble of 5.2% in median household income, but you have seen a household income. you have seen the rise of the far right and talk on the far left. some people feel they are being left behind and it manifests itself in