we are back with stephen schwarzman of blackstone. who was that speech to, for the u.s. ipants? stephen: i think it was for several different constituencies. here is somebody who is having the impeachment process start with a trial today, and i think this was a speech to basically say, i think we need some perspective and let's look at what has happened under this administration. i think that is not just for domestic consumption. heardk it is meant to be in a broader context. francine: could the u.s.-china phase one deal have been signed 12 months ago? stephen: it would have been if it could have been, but it could not have been done. part of the issue on the trade you need twothat countries and each has its own politics. a model country in that sense. they have their hardliners and reformers, and what has happened , thathe last three years the u.s. and china have been discussing changes in trade, that it takes a while for a country that has got a very particular system like china, to basically make a decision to start changing its system that has been very successful for

profit * and profit is good and this is our ideology and you just focus on profit and stefan stephen schwarzman is making 2345000000000 a year off this that's a good thing right we need to celebrate billionaires and this is a good thing right well we talked about austrian economics let's talk about marxist economics of course he famously said karl marx that capitalist would sell them their rope to themselves to hang themselves right so they are following out their own economy principle in america because they've hollowed out as bad as much of the global economy if they possibly can the rest of the globe is now going. as a sion and the us dollars on its way out as world reserve currency so the u.s. has to turn inward and hollow out its own economy to keep the plutocrats in the kleptocrats where they are the other option of why we have so many net negative book value companies is that the phenomenon is a side effect of the demand of capitalism material assets don't matter as much as they used to to believe that we don't even need to succumb to area excitement over the sharing economy and the era

here is blackstone chairman and ceo stephen schwarzman. ♪ >> what is the biggest unknown for 2020 fort is not global growth. that will continue. markets arerisk for two types of things. u.s. domestic politics and the black swan effect that can happen. we had an incident that happened in iraq. i was watching television. -- everyone is declaring world war iii but if they were right and the streets up withsed and we ended a huge dislocation you could get thrown, accidentally, into a recession. >> it is amazing how the market is discounted once there was no immediate threat of war. we have asset prices priced at perfection. how did the two match up? >> usually perfection does not last. this has been an amazing run. normally you expect some type of havetment but if we don't an event with u.s. politics, and we avoid the kinds of major , iernational type of risks think we will go on with ability over today's levels. ♪ do believe there is a sense that for the next 12 months or maybe 24 months we are going to have economic growth. it may be slow or slower and places like china and germany but

here is blackstone chairman and ceo stephen schwarzman. ancine: what is the biggest unknown for 2020 for the markets? is it the u.s. election, global growth, or is it geopolitics? stephen: it is not global growth. i think global growth will continue. the biggest risk for markets are two types of things -- one is u.s. domestic politics. and the second is the black swan effects that can happen. i mean, we just had an incident, for example, in iraq. i was watching television. almost everyone was declaring world war iii starting. they all happened to be wrong. but if they were right and the straits of hormuz were closed, and we ended up, you know, with a huge dislocation, you could get thrown, accidentally, into a slow growth into a recession. francine: but it is amazing how the markets quickly discounted. once there was no immediate threat of war, they kind of moved on. we had asset prices really priced to perfection. so how do the two kind of match up? stephen: usually, perfection doesn't last. and, you know, this has been an amazing run. usu

. >> i think that's stephen schwarzman of blackstone behind you.ure yeah, he's walking by. can you ask him if he's going to invest in lng? >> my old friend steve, we've done a lot of lng deals together, mr. schwarzman and i >> i think he's coming up on cnbc in a minute in the different industries, what's the takeaway? >> so much energy there, brian and not only energy companies, but from across all of the sectors i think there were roughly 200 ceos that represent really the future of prosperity of the u.s./china trade relationship >> all right meg gentle, president and ceo of tellurian ticker tell, we appreciate you telling us what happened today congratulations from the white house. for being there, meg >>> all right. so, let's take a closer look at these markets if we can because what a day this is just to recap, if you're just joining us, maybe you're in hawaii and you're waking up, the dow new corerds across the board. that does it here on skx skg"the exchange." "power lunch" is up after this ♪ >>> welcome, everybody, to a very busy edition of

billionaire stephen schwarzman, who runs the largest private equity firm. >> hi, zibby. >> one with ofssi who wrote the book "open," one of my favorite book. >> you weren't an experienced podcaster. >> no, i didn't know what i was doing. i really had things i wanted to know about him and tennis and his life and the writing. i did it on the phone. but i was drenched in sweat, like so nervous asking him all these questions. >> how did you find coaching versus playing? >> it was interesting, you know. when i played, i never felt pressured at all. it was never about pressure. i felt stress. >> i remember running downstairs after and being like, i did it, i did it! >> almost two years later, owens has hundreds of podcasts under her belt. she now tapes most of her interviews in this home library studio, helping create a comfortable and intimate space. >> there are a lot of book podcasts out there, a lot of people doing interviews out there. what's different about your podcast? >> i'm not afraid to ask about what i really want to know. i'm legitimately interested, which i think people can tel

steve schwarzman was one of the business leaders present at the white house for the phase one trade deal signing. he told bloomberg what the deal means for businesses. stephensically because it has been going on for three years, since we really started this. it was two days before davos three years ago. so, we have had a lot of near success, little bit of and now a lot of success. and i think it takes a while for each country to figure out what it really wants to get out of a trade agreement, what it wants compliance,f the the opening of its markets. you have toa, remember that the u.s. and china, other than the wto deal in 2001, fundamentally has not had a trade agreement since the 1940's. so, what has been achieved is very, very significant. the two countries want to work together, that is a huge change. the tariffs are starting to be reversed. there are major purchases of things, not just agriculture but other things, intellectual property has been reversed separately. in decembertions which is sentinel, killing over 50,000 americans a year in china, has really made huge strides to cut off the supply of fentanyl. so, what we are seeing are countries that