May 5, 2025 • 3 mins
Carlyle Group Co-Chairman David Rubenstein discusses Scott Bessent's comments at Milken, and how the business community is willing to be optimistic about tariffs. He speaks at the Milken Conference with Bloomberg's Romaine Bostick and Carol Massar.
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:07):
Carol Masterlow with Romain Bostik here at Milkin in Beverly Hills.
Right now, we've got David Rubinstein, Carlisle Group co chairman,
co founder and host, of course of The David Rubinstein
Show here to beer conversations, appearing on Bloomberg. He's also
a principal owner of Major League Baseball's Baltimore Orioles. We
always like to point that out.
Speaker 1 (00:25):
It is so loud here. You know, we've been doing
this all day. You come up here right and you're
the only person we want to talk to. Kail is
about that, you know, in all serious and so David,
we want to know what you think about some of
the comments that we heard from Scott Bessett earlier today
and his message to investors. Did that message resonate with you?
Speaker 3 (00:48):
I think he did a very good job. Yeah. Obviously
the business people have.
Speaker 4 (00:51):
Been concerned about tariffs and not knowing where it's going
to go. He came out and basically more or less
repeated what he had said in the Wall Street Journal
article today, which is their three elements of the economic program.
Speaker 3 (01:03):
One is tariffs, the other's tax cuts.
Speaker 4 (01:05):
The other's deregulation, and I think he did a really
good job of explaining why all three meshed together. Now
they have to get these things done. But if they
can get the tax cut through, they can get the
deregulation they want through. I think the business community be
reasonably happy. The tariffs is still a bit of a
problem for the business comunitees. Theyn't fully understand what the
endgame is, but I think Scott Best did a pretty
(01:26):
good job.
Speaker 1 (01:26):
Obviously, Carlisle has a huge presence in Washington. You know
how that city works. The business friendly administration that was
promised during the campaign. Is that still intact or is
that still going to show up.
Speaker 4 (01:39):
I think the business community by and large is willing
to give the Trump administration the benefit of the doubt.
Because the business community could extent that business people tend
to be CEOs and not say investors and Republican Perhaps
they want to have this administration succeed.
Speaker 3 (01:55):
They're a little bit confused.
Speaker 4 (01:57):
About the tariffs, but I think they're willing to give
the benefit of doubt to the administration. Now, the tax
cut bill is what people are focused on, and I
will interview on a Bloomberg show soon. The chairman of
the of the House Ways and Means Committee, Jason Smith,
and they are starting them, getting ready to have hearings
and mark up that bill. And whether that bill goes
(02:18):
in the direction the Business Committee wants, we don't know,
but I think the tax cuts or what the administration
thinks is going to happen.
Speaker 3 (02:24):
The question is can you really afford it?
Speaker 2 (02:25):
Well, that's what I want to ask you, David. Can
we afford with the deficit?
Speaker 3 (02:31):
You can afford it.
Speaker 4 (02:32):
If you depends on how you mate massage the numbers.
There's a four trillion dollar number that they haven't figured
out how to deal with yet, which is to say
they want to make certain tax cuts permanent but not
count the four trillion dollars as part of the deficit.
That's an unusual thing to do. Maybe they can get
away with it.
Speaker 3 (02:51):
I don't know.
Speaker 1 (02:52):
Are the people you're talking to though, whether it's on
your shows on Bloomberg, whether it's privately with regards to
your business, are they still optimistic?
Speaker 4 (03:01):
Business people by and large, tend to be optimistic by nature.
They don't think things are going to be better than
things are not going to be good.
Speaker 3 (03:07):
So I think.
Speaker 4 (03:08):
People are hoping that the administration could get the tax
cut bill through the deregulation through. They hope that somebody
can come along and get some of these tariffs agreements
agreed to. I think Scott Descent is a really smart guy.
I think he's done a pretty good job so far
representing the administration. I think he's their best voice on
the economy by far.
Speaker 1 (03:27):
Has anyone approached you about being involved in this administration,
whether an informal or informal.
Speaker 3 (03:32):
I think that's not likely.
Speaker 4 (03:33):
This administration fired me from being chairman of the Chemnty Centers.
I think probably I'm not diverse choice, but no, I
think my days of being the government are probably behind us.
Speaker 1 (03:42):
All right, David, really appreciate you top thanks a lot here, Dave, Okay,
you're a good sport.
Speaker 3 (03:47):
Thank you, Thank you so much.
Speaker 1 (03:48):
Carlisle Group co founder and co chairman. Also, of course,
the hosts of the show period A Peer Conversations right
here on boomber
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:07):
Carol Masterlow with Romain Bostik here at Milkin in Beverly Hills.
Right now, we've got David Rubinstein, Carlisle Group co chairman,
co founder and host, of course of The David Rubinstein
Show here to beer conversations, appearing on Bloomberg. He's also
a principal owner of Major League Baseball's Baltimore Orioles. We
always like to point that out.
Speaker 1 (00:25):
It is so loud here. You know, we've been doing
this all day. You come up here right and you're
the only person we want to talk to. Kail is
about that, you know, in all serious and so David,
we want to know what you think about some of
the comments that we heard from Scott Bessett earlier today
and his message to investors. Did that message resonate with you?
Speaker 3 (00:48):
I think he did a very good job. Yeah. Obviously
the business people have.
Speaker 4 (00:51):
Been concerned about tariffs and not knowing where it's going
to go. He came out and basically more or less
repeated what he had said in the Wall Street Journal
article today, which is their three elements of the economic program.
Speaker 3 (01:03):
One is tariffs, the other's tax cuts.
Speaker 4 (01:05):
The other's deregulation, and I think he did a really
good job of explaining why all three meshed together. Now
they have to get these things done. But if they
can get the tax cut through, they can get the
deregulation they want through. I think the business community be
reasonably happy. The tariffs is still a bit of a
problem for the business comunitees. Theyn't fully understand what the
endgame is, but I think Scott Best did a pretty
(01:26):
good job.
Speaker 1 (01:26):
Obviously, Carlisle has a huge presence in Washington. You know
how that city works. The business friendly administration that was
promised during the campaign. Is that still intact or is
that still going to show up.
Speaker 4 (01:39):
I think the business community by and large is willing
to give the Trump administration the benefit of the doubt.
Because the business community could extent that business people tend
to be CEOs and not say investors and Republican Perhaps
they want to have this administration succeed.
Speaker 3 (01:55):
They're a little bit confused.
Speaker 4 (01:57):
About the tariffs, but I think they're willing to give
the benefit of doubt to the administration. Now, the tax
cut bill is what people are focused on, and I
will interview on a Bloomberg show soon. The chairman of
the of the House Ways and Means Committee, Jason Smith,
and they are starting them, getting ready to have hearings
and mark up that bill. And whether that bill goes
(02:18):
in the direction the Business Committee wants, we don't know,
but I think the tax cuts or what the administration
thinks is going to happen.
Speaker 3 (02:24):
The question is can you really afford it?
Speaker 2 (02:25):
Well, that's what I want to ask you, David. Can
we afford with the deficit?
Speaker 3 (02:31):
You can afford it.
Speaker 4 (02:32):
If you depends on how you mate massage the numbers.
There's a four trillion dollar number that they haven't figured
out how to deal with yet, which is to say
they want to make certain tax cuts permanent but not
count the four trillion dollars as part of the deficit.
That's an unusual thing to do. Maybe they can get
away with it.
Speaker 3 (02:51):
I don't know.
Speaker 1 (02:52):
Are the people you're talking to though, whether it's on
your shows on Bloomberg, whether it's privately with regards to
your business, are they still optimistic?
Speaker 4 (03:01):
Business people by and large, tend to be optimistic by nature.
They don't think things are going to be better than
things are not going to be good.
Speaker 3 (03:07):
So I think.
Speaker 4 (03:08):
People are hoping that the administration could get the tax
cut bill through the deregulation through. They hope that somebody
can come along and get some of these tariffs agreements
agreed to. I think Scott Descent is a really smart guy.
I think he's done a pretty good job so far
representing the administration. I think he's their best voice on
the economy by far.
Speaker 1 (03:27):
Has anyone approached you about being involved in this administration,
whether an informal or informal.
Speaker 3 (03:32):
I think that's not likely.
Speaker 4 (03:33):
This administration fired me from being chairman of the Chemnty Centers.
I think probably I'm not diverse choice, but no, I
think my days of being the government are probably behind us.
Speaker 1 (03:42):
All right, David, really appreciate you top thanks a lot here, Dave, Okay,
you're a good sport.
Speaker 3 (03:47):
Thank you, Thank you so much.
Speaker 1 (03:48):
Carlisle Group co founder and co chairman. Also, of course,
the hosts of the show period A Peer Conversations right
here on boomber
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