steve schwarzman here. >> thanks so much. black stone's steve schwarzman. let's get reaction to the interview from chief economist jeff cleveland. steve liesman is with us. we were talking about the comments from fed governor about the banking system and we just heard steve schwarzman say the u.s. banking system is terrific, the best in the world but needs to keep growing. there was some optimism in his commen comments. >> i think it amounts to how much regulatory reform. this is a very interesting panel. there are some people we know to be more to the left or some more to the right. i think what is interesting about them is there are a lot of zeroes after salary numbers. what i look ad it from an economics point of view, this panel shows to me that the trump administration very much believes that the problem with the economy come from the supply side and not from the demand siepd. these are not necessarily those people who immediately deal with problems of labor but more with the problem of capital. whether it works or not is unclear. >> and i'm going to a

please join me in welcoming dave cote, steve schwarzman and david is going to interview. thank you. >>> great to have you guys with us. so what went wrong p? y you guys are like politicians yourself? what went wrong? why is the representation of business so poor as it relates to politics and the voting public? >> dave. >> in terms of what went wrong, if the question is geared towards the view of business in general, i remember complaining about this long before the financial crisis or this election. i can remember having a discussion in new york with a couple of people, les moonbez was there, i said, how come you guys can't make a movie where the ceo is the hero and rescues somebody from a burning building. >> this group likes that movie. >> something where we are portrayed positively, because we are actually a force for good. the reason the country lives as well as it does and has the standard of living it does is because of business. i'm not a complete anti-regulation guy. i think you need certain regulations to maintain a certain common denominator. at the end of the d

they are all well-known titans of business, and the group will be chaired by blackstone's ceo, steve schwarzman>> if possible, he asked me if i would form a group of terrific people who were experienced and wise and, you know, sort of experts in their field to join for meetings where he would be able to learn from them with meetings on a regular basis. and i should pick the people, and he would review them. and he loved them all. >> the members of the panel include the ceos of general motors, jpmorgan, blackrock, disney, walmart, a former boeing ceo, ibm's chief executive, and the former ceo of general electric. but if you do notice, there is no one on the list specifically from silicon valley. the first meeting will take place in february. >>> the president-elect's deal with carrier to keep 1,000 jobs from going to mexico is drawing divided reaction. and some of the most negative responses have come from south of the border. michelle caruso cabrera reports tonight from monterey, mexico. >> reporter: there are 3,000 carrier employees in mexico already. that number was supposed to rise to 5,000,

steve schwarzman earlier saying this was a job he had taken motivated to help the country that he loves. guys? >> will, did he say what his first order of business would be, come february, or is that entirely up to the president-elect? >> reporter: well, i don't think it's an order of business. i think it's a case of advice and discussion amongst himself and all of these leaders. and that they're really at the beck and call of the president. some of the other interesting things that came up were, in fact, on the conflicts of interest, at which point he said it could take a while for trump to unwind his own conflicts of interest, because they're so intertwined and it's something he cares deeply about. so i don't think he knows what's on the agenda at the top of it. but i imagine there will be lots of conversations. he did reveal so far there has already been plenty of discussions between him and the president-elect. >> all right. will ford frost, thank you. willford with that exclusive from steven schwartzman. is donald trump a friend or foe of corporate america? can you imagine that con

meanwhile, steve schwarzman has been named to chair the digit policy forum.l be made up of business leaders who will advise the white house on how business policies affect growth. global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. this is bloomberg. vonnie: thank you. we got a mixed picture of the u.s. labor market this morning. u.s. employers adding 170,000 jobs in november, unemployment theping 24.6%, below federal reserve's idea of full employment, but wages declining. the probability of a rate hike remains at 100% for this month. joining me now is the head of global rates and strategy at td securities. average hourly earnings month over month declined .1%. it is not that they are declining overall. a slowdown in the pace, but they are still increasing. are they increasing enough for the federal reserve to go with a rate hike now and another one soon? >> we think so yes. the data threshold for the u.s. has been met from the fed's standpoint. today's report was marginally weaker than what we were expecting.

trump is named blackstone group ceo steve schwarzman to chair his strategic policy forum.de to business leaders who will advise the white house and how government policy affects growth, job creation, and productivity. other ceos include general motors and others. soldiers in italy in italy mayister resign if a constitutional reform is not approved. the proposal would reduce the size and powers of the senate. the prime minister argues it will make it easier to pass legislation. opponents say it could give the prime minister to much power. global news, 20 four hours per day, powered by more than 2600 journalists and analysts in more than 120 countries. vonnie: thank you. a little bit of a mixed picture on the job front. the unemployment rate has dropped to its lowest since 2008 at 4.6% and we saw a climb in wages month over month. let's bring in our international policy consultant michael mckee from washington. he was at the labor department this morning. 4.6% is now below what the federal reserve has considered for full employment for the united states. are we all clear? mi

among them steve schwarzman from blackstone, larry fink from blackrock, jamie dimon from jpmorgan chase disney, mary barra from gm. there were a does or so on the list, the most influential. the president-elect says when he is in the oval office he wants to meet with these folks fairy regularly. back to you. melissa: interesting. we'll see if he listens. thanks for that. connell. connell: a story about bashing billionaires. there have been a number of mainstream media headlines last few days, slamming donald trump's wealthy cabinet picks. "washington post," headline was, collective wealth defies trump's populist campaign promises. "chicago tribune," populist trump fills cabinet with billionaires and wall street tycoons. but president-elect has his own message for the media. >> put on some of the greatest business people in the world. one of the networks said, why, he put on a billionaire! at commerce. that is because this guy knows how to make money, folks. connell: here now to talk about all this, erick erickson, the resurgent editor and fox news contributor and noelle nikpour, gop fun

steve schwarzman said he felt regulation would be roll back more than he had seen in his whole 45-year career. is that what goldman thinks, as well? >> that's a big statement. i don't know if gets rolled back to that extent. i think there is an expectation, certainly held by the market that will see a very big turn to the positive, from the perspective of the banks in terms of regulation. but i think what we heard today in the various rooms and from the various ceos, which i think goldman would hold as well is we need to be a bit guarded in terms of just how much change we'll see, and the pace of that change. but it's very clear, the market has a high expectation of what regulatory change may bring. >> now it's been well-covered over the course of the last year or so, goldman sachs pushing into the consumer bank, a big sea change really for the investment bank focus company. i wonder whether now is the right time to do that. the positivity being brought back, the traditional business able to start doing well, rates about to go up. why are you starting to lend now? >> i think the basis

jason: steve schwarzman, great to see you. scarlet, back to you.lly and stephen schwartzman. gasquet recap of today's market action. we had a jobs report but it did not aspire a lot of conviction in equities. you have the dow down by 21 it's. s&p 500 changed little for the week. the jobs report did not seem to change anyone's mind. joe: no, because the headline was strong but the internals were so-so. what did you miss? it crunch time for italian voters and prime minister renzi with a constitutional referendum vote on tuesday. he is trying to change the constitution to streamline government. joining us on the phone is former director general of the lorenzo.reasury, there is a view that the referendum will not pass. question?l an open could he win? lorenzo: yes, he could still win. it is a 50-50 probability. opinion polls suggest the no caps on win. i think it will be important, the turnout. if the turnout is not big enough, it might be that the yes camp wins. i think it will be key to see of nonresidents. for the first time, nonresidents like mysel

this afternoon here at goldman sachs financials conference steve schwarzman said he expected very substantialobably more than he has ever seen in his 45-year career. is that something you agree with? >> i think that two aspects to that i think there are substantial regulations to rules that should be and will be rolled back. remember this dodd-frank bill was enormous. there was 2,300 page bill that required 393 new rules. it's been absolutely a huge negative impact on the industry skpm . and then the matter of application of existing rules and new rules. what happens in regulations of all areas including banks is you have the rule and then you apply the rule. both of them, a lot more rules and intense application of the rules. that has been a negative impact. i think he is right. i think there will be a substantial rollback. i think the energy on both sides of the aisle would agree. when you talk to business people across all walks of life they will tell you that they have been absolutely inundated with rules from all areas and it is really, really hurt their businesses and their ability to a

so please join me in welcoming dave cote, steve schwarzman. dennis berman our finance editor is going to interview them. thank you. >> so great to have you guys with us. so what went wrong? you guys are like poll situations out here your selves what went wrong? why is the reply taste of business so poor particularly as it relates to politics and the voting public? dave? >> in terms of what went wrong if the question is geared towards the view of business in general. >> i didnyes. >> i actually remember complaining about this long before the financial crisis and the election. i remember having the discussion with a couple of people, les was there, the guy who runs cbs. i said, geez, how come you guys can't make a movie where the ceo is the hero and like rescues somebody from a burning building. >> this group likes that. >> something where we're portrayed positively because we're a force for good the robbery the country lives as we will as it does, has the standard of living it does is because of business. i think you need certain regulations to

steve schwarzman, john gray's boss at blackstone, was just appointed to head donald trump's kitchen cabineto the issue to take kelleher as to whether the big up with we have seen from jamie dimon speaking at the financial services conference extends across the street. olm kelleher is going to tell us what's happening in the fourth quarter with morgan stanley. we can also ask him about the prospects for financial regulation under trump. are we going to a limited the vocal rule for example? our goldman sachs and morgan stanley going to be able to go back to prop trading the way they did in the glory days? lisa: the one-two punch coming up. erik schatzker, sounds like a great program coming up. we are to head to credit suisse and cory johnson is there. the ceo says it wants to focus efforts on its business, but trends in the area have not been too friendly. is still on the floor of credit suisse with a special guest. the special guest is that president and ceo credit suisse usa. cory: eric, i'm glad to have you on here. i want to talk about how important asset management is to the company, but

in fact, i got steve schwarzman called me and asked if i'd be willing to do that.ealth care was an important part of the economy. and he thought that this should be represented. and i was honored to be included. and i think it's a nice opportunity to put some practical thinking -- >> in terms of what you hope or plan to tell the president-elect about how the reform, if you will, of obamacare should go, you plan to tell him what? >> well, i think what we need to do is obviously there's portions of the bill that everybody likes. and that certainly is continuing to keep your health care up to you're 26 with your family. and also to have previously diseases not be an exclusion. but also we have to figure out how we are able to bend that curve. and we've seen now that the inflation rate of health care has gone up most recently 5.8% which did not fit the plan for the affordable care act. and the basic word here is affordable. >> here's the question. is there an economic model that will make some version of this -- call it obamacare, call it trumpcare, whatever you want.

a panel chaired by steve schwarzman is comprised of a number of ceos like jamie dimon and mary barra.is to get recommendations on economics and business and also on the panel is dr. toby cosgrove, president of the cleveland clinic. he started there in 1975 as a cardiac surgeon and is with me now. >> nice to be here. david: start with how you came to be on this committee of experts, how did you get the invite, how did you get into it? >> i got an emailed from steve, talked with him after thanksgiving. he explained what the executives were -- objectives were. i checked with the people at the cleveland clinic to see if this was ok and i accepted. david: so you have not met yet. what is the mandate, as you understand it, to give advice? >> yes, we have no legislative power whatsoever. advice only. david: what do you make of the composition of it? you are there representing health care, a lot of people there from health care and consulting. i'm sure you have been on committees like that before with that kind of diversity. >> i have not before. it's a privilege to be there, it's a distingui

steve schwarzman, david gura and others have lamented publicly their stock prices, and a feeling theyave not been able to make that case. one of the things public investors come back and say is, i can't critically your profit is going to be year over year. what is the legacy of 2016 going to be going forward? there is so much discussion about the fee structures earlier in the year. do you expect that will persist? >> absolutely. we've already seen a lot of institutions, public pension funds in particular, and some endowments say they will cut their exposure. most people i speak with seem to think that is going to continue, the more people are going to cut. be under definitely pressure. it will probably go back to the way it was before, maybe wealthy families will invest. people seem to think, including blackstone, that the industry will be 10% to 25% smaller. >> also interesting to see you and your teammates on the hedge fund desk of cover this so well, these wild swings in performance. i have seen it be a great example. year, just such a wild swing and performance. it's amazing. >> e

. >> steve, china, you have spent a lot of time there and made a large investment in the schwarzman scholars program. given your experience over there, what have you learned about business and government from your experience in china? >> china is a completely different system. they don't he can actually have rule of law. it is a little bit of an adventure when you are there. one thing you learn, it is good to have an american type framework legally, ethically and so forth. however, chinese workers work really hard. sometimes they are difficult to get to do exactly what you want the first time or two but these are very entrepreneurial people. they work harder than people almost everywhere in the world. >> than americans? >> leave americans aside. they have a real will to win. it is almost the whole country with a will to win. that's how you get these extremely high growth rates. you do it through debt policies and other things where one can argue that they have sort of pushed the limits of some of the things that they can do. they are clever. they don't mind setbacks. it is not a problem. the