Carlyle Group co-founder David Rubenstein and Blackstone Group co-founder Stephen Schwarzman offered their thoughts at the World Economic Forum in Davos, Switzerland. Yahoo Finance reported:
Billionaire investor David Rubenstein is the latest Wall Street titan raising doubts about the Federal Reserve's ability to reach its current inflation goals.
"I think the Fed will probably target inflation down to about 3%, not 2%"
Rubenstein added:
...he doesn't see a recession in the cards this year, even as many financial institutions forecast an economic downturn and cut costs to prepare for one.
"The numbers that we have and our own companies at Carlyle don't suggest that a recession is imminent," Rubenstein said. "I don’t really think it’s clear we’re going to go into a recession in the third or fourth quarter."
Bloomberg reported:
Blackstone Group Chief Executive Officer Steve Schwarzman said the US needs a new raft of leaders in both political parties.
He's ready for the next generation of political leaders. Red Team supporter Schwarzman said he is tired of losing elections, citing four in a row.
The U.S. needs a new raft of leaders not beholden to Schwarzman's and Rubenstein's billionaire class. They are not likely in attendance at the World Inequality Forum.
Update: The reason we may need a new crop of U.S. leaders is the current group may send our debt rating into the toilet. That would drive interest rates up on our debt and add to inflationary pressures, something the Davos crowd wishes to avoid.
Update 1-20-23: Americans for Financial Reform had this to say about PEUs and their policy making billionaire founders:
“This long-running perversion of finance allows private equity firms to profit even as they render the companies they control less competitive due to the burden of crippling debt. The contrast is striking. Private equity barons get richer at the expense of the economy that gets fewer jobs, less investment for the future, and lower wages as companies prioritize paying down debt, not growth.”
