coming up, david rubenstein on "bloomberg ." see you in london. ♪ stephanie: david rubenstein.or a bumpy ride. it is said that china's relation to lead to terminal it's. and bill gross' big bombshell. he sues the company that he founded and he wants pimco to pay him hundreds of millions of dollars. vonnie: -- stephanie: welcome. i almost said grand finale. friday, the last day on our first week of bloomberg . i am stephanie ruhle. david: i am david weston. not that we have been looking forward to friday at all. haveck things off, would cofounder and co-ceo of carlyle group david rubenstein. thank you for joining us. let's go first to news from vonnie quinn. vonnie: breaking news this morning from arizona. one person is dead and three others have been wounded in a shooting at northern arizona university in five staff suspect has been arrested. no word on whether those involved are students. it is chaos for house republicans. they now have no clear leader and they have to raise the debt ceiling or risk default. the favorite to become speaker of the house pulled out yesterday

david rubenstein. david: the republican leaders are turned to convince paul ryan to do it.hink you would be a good person to do it. he has the credibility and intelligence and experience. i gather he is reconsidering his position and that would be helpful. betty: that was earlier on bloomberg go. what will happen to this debt ceiling debate? phil: there is no clear pathway. that is one of the issues kevin mccarthy pointed out. he did not know how he could get 218 votes to increase the debt ceiling. there is no sense of paul ryan stepping up changing the dynamic. from the market perspective, no matter who is speaker, the debt ceiling is a serious issue that is not coming off the table anytime soon. betty: phil mattingly in washington. still ahead, dei math new chief economist has been on his job only for one month. -- the imf chief economist. he is being asked if a global recession is looming. we will get his latest outlook live from lima, peru. ♪ betty: start with your first word news this morning. >> we start with oregon. president obama going there to meet the surviving r

alix: there if you investors understand where to put their money, including david rubenstein, co-ceocarlyle group. he offered a forecast for the economy. >> we tend a have recessions every seven years more or less in the united states since world war ii, so it some point in the next year or two or three, we can expect a recession. you do expect some slowdown after the pretty good growth we have had. i don't think we are likely to grow at more than 2% or so in the united states this year. he europe will probably be 1%. china is slowing to about 6%. i don't think we are on the precipice of a recession, i just think there will be modest growth for a while. is different about china. i don't think we have ever had an economy this large that is centrally controlled. as we watch over the last few months, their willingness to ,ntervene in the equity markets dislike give you concern or increase the risk premium as you go to china, because you're not sure with the central government might do? >> the central government there is really controlled by the president. typically, the premier controls

think happens if a fund like calpers tells everyone how much people like steve schwarzman and david rubensteinake off of pensioners? rate.l: a lower tax people on the streets would be protesting with signs. i think it could have a big effect. had a big effect earlier this year when they said they would not pay hedge fund managers. you sense a change in the air in the relationship between money managers and the people who was money they are managing. it feels like it is less respectful. erik: is that a good thing? michael: i think it is great. stephanie: who would you get to disagree? wooden everyone say you should have that transparency? erik: is the issue with the schwarzman's and rubenstein's of the world or is the issue with the people who run calpers and ofer public pension funds the country who have made the decision for years already to agree to that? stephanie: they did not have much of another option. there is a different skill set in investment opportunity between being the guy who is getting paid $120,000 who has limited access to deals who runs calpers versus steve schwarzman and he

we will have david rubenstein back on "bloomberg ." ♪ ♪ (ee-e-e-oh-mum-oh-weh) (hush my darling....) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. 10:00 a.m. in new york, 10:00 p.m. in hong kong. welcome to the bloomberg "market day." from bloomberg world headquarters in new york, i am pimm fox and here is what we are watching, the congressional hearings on the volkswagen hearings are underway in washington. the first person on the hot executiveswagen's michael horn will go live to capitol hill. deutsche bank battles a tide of red ink, drastic measures the german lender takes after posting a likely third-quarter loss of $7 billion. hillary clinton is taking aim at wall street. details behind her plan to tax high-frequency trading remake the rules. half hour into the trading day, so let's go to our markets where julie hyman has taken