All Episodes

July 1, 2025 14 mins

Stephen J. Cloobeck, a self-proclaimed “fiscally conservative and socially responsible Democrat,” is running as a Democratic candidate for Governor of California in 2026. Touted by the likes of former President Bill Clinton, Robert Shapiro and Senator Cory Booker, Cloobeck says he is eager to be the navigator of change for what he refers to as the “broken” state.

Cloobeck is also the founder and former CEO of Diamond Resorts International, and believes his significant business experience well help him guide California's economy, which on its own would stand as the fifth largest in the world.

See omnystudio.com/listener for privacy information.

Mark as Played
Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news.

Speaker 2 (00:08):
This is Bloomberg business Week Daily reporting from the magazine
that helps global leaders stay ahead with insight on the people, companies,
and trends shaping today's complex economy. Plus global business finance
and tech news as it happens. The Bloomberg Business Weekdaily
Podcast with Carol Masser and Tim Steneveek on Bloomberg Radio.

Speaker 1 (00:32):
Now, US states are warning of significant revenue losses due
to President Trump's administrations government cuts and trade policies. The
cuts coming out of time when states are already facing
flat revenue growth, rising costs from inflation, and the end
of pandemic aid, with governors and lawmakers debating how indeed
to make up for those losses. So what might any
or all of this mean for the US state that

(00:53):
is the biggest in the United States the economy and
it is now.

Speaker 3 (00:56):
The fourth largest economy in the world.

Speaker 1 (00:58):
I was corrected before where we came on air and
next year, of course, is host to a governor's race.
We're talking about California and we want to talk to
someone who's looking to be the next governor in the
state of California. Joining us is Steven j. Klubec He
is twenty twenty six Democratic candidate for governor of California.
Founder and former CEO of Diamond Resorts International. He's an

(01:19):
investor in the publicly held microcap and online gaming company
Plays Studios. He's been on Undercover Boss. He's rumored at
one time to maybe run for governor of Nevada. This
is what happens when you do a little bit of
a search. He also served as a Nevada State Athletic
Commission and he's got a new book out. It is
entitled Facing Hard Truths, How Americans Can get real, pulled
together and turn our country around. It's published just earlier

(01:42):
this month. He joins au Center Bloomberg Interactive Broker Studio.
A long lead up, but I want people to know
kind of a little bit about who you are.

Speaker 4 (01:48):
Well, you forgot about something.

Speaker 3 (01:50):
Very important, Which did I leave out?

Speaker 4 (01:52):
The first chairman up Brand USA, the head of tourism
and travel of the United States from America under President Obama.

Speaker 3 (01:58):
I don't know how I let that.

Speaker 4 (02:00):
I don't know.

Speaker 3 (02:00):
Okay, maybe my editors got in there.

Speaker 5 (02:02):
How's the US brand looking right now?

Speaker 4 (02:06):
You know, that's a very good that's a very good
point because I was at I was at a meeting
with the Treasury secretary and he was explaining what the
philosophy was of the president, who I know very well.
I was going to do a deal with him in
Las Vegas. Yeah, the Trump Tower, and I passed. We
had the same architect because I have values, I have

(02:29):
integrity and he doesn't have that. And I pay my
contractors and he doesn't. But look for a brand guy
who licenses his brand, you know it takes decades to
build a brand. He sure killed ours within minutes. And
I asked the Secretary of Treasury, I'm like, how could
you upset the largest buyers of our bonds, the Chinese

(02:50):
and Japanese? How could you have them lose face the
concept of face? And he says, well, you know, the
guy likes to live in chaos and he likes to
play game crazy Ivan. I said, did you just say
crazy Ivan?

Speaker 5 (03:03):
You're killing me, right, I said, look, and Scott Besson
said that to you.

Speaker 4 (03:07):
Of course he did in front of me in two
hundred and it was reported by Puck and I got
to tell you dropping the bomb in the bar and
playing reality TV with the best brand in the world,
the United States of America is beyond any comprehension of
anyone that understands brand marketing sales. I don't get it.

Speaker 3 (03:27):
What do you make of a.

Speaker 1 (03:30):
Treasury secretary who understands financial markets considering his background, right,
he understood that works, and that the understanding of having
kind of full faith in the US government, right, and
there needs to be some calmon consistency rather than volatility, stability,
stability exactly. So what do you make of what some

(03:50):
might say is a US Treasury secretary who should know better?

Speaker 6 (03:53):
Well?

Speaker 4 (03:54):
You know, I know very well because my first partner
at Diamond Resorts was Sorrows, Your Sorrows brah a minute.
And then you know, Guggenheim became my my equity partner
because the Sorrows at that time too was betting against
the consumer. And I said, I can't have you know
that philosophy at that time. And I said I And

(04:15):
so I know Scott, he was the CEO. And I'm like, what,
what what's going on here? I don't know why everyone
around President Trump sells their soul? Why they sell their soul?
Because I've been involved in power and politics, you know,
trained by by by Bill Clinton and my adopted father,

(04:36):
Harry Reid. Look, we all have a soul and conscious conscience,
and I just would never sell my soul, never pander,
and these folks they get sucked into the vortex and
I don't get it.

Speaker 1 (04:48):
But to play Devil's advocate, maybe a little bit here
is that some would say, listen, President Trump is dealing
with some issues that need to be dealt with, and
whether it's immigration and leading illegal immigration, not even when
President Biden came in, a lot of this tire of
stayed in place, right, So there are issues that he
is tackling and some I love this and forgive me,

(05:08):
I repeat it, and I haven't quite meant.

Speaker 3 (05:10):
I don't remember the story. So there was somebody at
the Times, but it was like.

Speaker 1 (05:14):
Donald Trump being the right question, He's just not the
right answer meaning and that's not my view. It's just
how some say that he's asking the right questions.

Speaker 3 (05:21):
But maybe I ask the.

Speaker 4 (05:22):
Right questions too. I have warmth and compassion. Okay, I
am also a guy of performance and results in California.
I'm going to create the Department of California Performance and Results,
known as CPR, which the state needs.

Speaker 1 (05:36):
Well talk well let's talk about California because you know
it's a crowded field. It is a crowded field, and
you know there's some veteran politicians too, So how do you,
how do you stand out? How do you how do
you maybe take California to the next you know, it's
next ten, twenty thirty years.

Speaker 3 (05:52):
Well, the goodness, if.

Speaker 4 (05:54):
They were good at what they did, we wouldn't have
the problems with California that we do. Okay, they have
failed well, affordability number one, homelessness number two, the lack
of transparency, the lack of execution, the lack of enforcement,
will take me to.

Speaker 1 (06:10):
Affordability because Matt and I have been around the block
a few times, and I think it's safe to say
I'm not looking to age you because you never age
minus there.

Speaker 5 (06:17):
Oh my god, I'm pretty old.

Speaker 1 (06:19):
No. But I think my point is that we've been
talking about housing affordability, particularly to California, for decades, and
yet here we are.

Speaker 3 (06:27):
So how do we fix.

Speaker 5 (06:29):
And we have the same issue here, that's.

Speaker 3 (06:30):
Right, right, So how would you fix that?

Speaker 4 (06:33):
Great question? So I was a builder in the eighties
and nineties in California, and I seemed to was able
to pull my approvals without the onset of Sequea sequas,
a highly regulated regulation in California, and the Species Act
and the Coastal Commission. Okay, So, California has over three

(06:57):
hundred and eighty thousand regulations onto its and over the
last ten years, the FTEs the full time employees and
government have increased by forty five thousand. Because these laws
beget regulations which we get FTEs. California is not open
for business. It's not affordable, leveable, or workable. Okay. And

(07:17):
I just as as a builder, tried to get something
permitted over last year and a half and it is almost.

Speaker 1 (07:26):
Impossible saying if those regulations are rolled back that that
that will.

Speaker 3 (07:29):
Lead to affordable housing.

Speaker 4 (07:31):
Yes, so let me kay, let me let me finish,
because I'm about solutions for the other career.

Speaker 3 (07:36):
You're listening to the Bloomberg Business podcast. Catch us Live
weekday afternoons from two to fives.

Speaker 1 (07:44):
And Android Auto shut the Bloomberkness Up or watch live
two la fives.

Speaker 4 (07:50):
The laws sequel and the coast Book Commission and the
Species Act. So I'm going to declare an affordability emergency
in the state of California until the legislature creates new
laws for affordability that will allow housing to be constructed properly, Okay,
without having Nimby or Nimby not in my backyard weaponized

(08:12):
along with the unions weaponized to hold up permits, because
that seems to be the major issue.

Speaker 6 (08:18):
Steven, I want to ask about this because I've also
have been frustrated by red tape, and clearly it's a problem,
especially in a place like California. On the other hand,
without regulations, you will have disasters like the wildfires that
end up burning down. You know, so much of residential

(08:42):
la so well, A very good question.

Speaker 4 (08:46):
Yeah, And you know what's great about this campaign that
I'm running is I've got solutions where the other candidates don't. Now,
if you did your homework, you know I was a
regulator with indictment power, and you know I was also
a judge, and I've changed laws in many states too,
So I understand not only how to fix broken broken businesses,
broken institutions, but I know how to create laws, regulate,

(09:09):
and adjudicate. So I bring this full to the table
and I'll tell you this, regulations are good to keep
bad actors out, But too many regulations inhibit good business
from doing good business.

Speaker 1 (09:21):
But what's the guarantee that that good business means that
you are building affordable housing in the places that are needed.
A lot of folks will say, especially where there's major cities,
it's not that we need affordable housing out in the
suburbs where people have to commute another hour and a
half to get in for workers who maybe can't afford
to even do that, that you need to do it
in the cities where the jobs are.

Speaker 3 (09:42):
And where they have those jobs. How do we get
that done?

Speaker 4 (09:44):
So you really have to have three types of regulations
with regard to affordability and housing. You need rural, suburban,
and urban. Okay, And that's the way it was done
decades ago, and there is something to be looked at
with regard to going back to what worked before. So
it's almost as if California has been putting band aids

(10:07):
on band aids on band aids and they're all bleeding
and they need to be repaired. So the only way
to repair a wound is to rip the band aid
off and get to the heart of the issue. And
in the interim pause, these regulations, okay, still making sure
bad actors don't exist and get to a solution that

(10:27):
allows us to grow and have aspiration in California. I
remember I grew up in the aspiration in California, and
today there is no aspiration because we're closed for business.

Speaker 1 (10:37):
It has the affordability your key policy platform or what is.

Speaker 5 (10:39):
Oh one of benny and the others Insurance Okay, what's
your key?

Speaker 4 (10:43):
Yeah, it's affordable, livable, workable, and all the subcomponent parts
of that. So insurance, for example, I have a fix
for the insurance crisis in California. If you go to
my website you'll see it. You've got to really talk
about the great exports of California. Okay, we have five
great exports, not in any order. Innovation, manufacturing, agriculture, tourism

(11:06):
and travel. Okay, you've got entertainment, and you've got education.
Education used to be an export in the state also,
okay when I was growing up there. So you've got
our uc system and our cal state system, and our
cal state system needs to be reinvented. Okay, to talk
about allowing people to do good work in the real world,

(11:27):
so people are prepared for the real world and more
trade oriented you know behavior, So there's it's as if
California has not been run by an executive in many decades,
and that's what we need to look forward to. And
I'm the only candidate that has that experience. I'm qualified
where the others are not qualified.

Speaker 5 (11:48):
Stephen, how do you though, run against someone like Gavin
Newsom who is a nationally recognized name and has been
for manal election cycles.

Speaker 4 (11:58):
You know, that's a good question because Gavin Newsom has
an expiration date and that's my birth date.

Speaker 6 (12:04):
It's it's expensive, though. I imagine how much Gvins.

Speaker 4 (12:08):
Turned out to win with the joke, but yeah, it
turned out.

Speaker 5 (12:12):
Okay.

Speaker 6 (12:12):
How do you how do you run against other candidates though?
Then with real name recognition? It without putting down millions
of dollars or how much are you prepared to spend
to win the race?

Speaker 4 (12:24):
I guess is what I'm assing. So you didn't see
my Undercover Boss episodes, I'm the number one Undercover Boss
in the history of that television show, sixteen million plus ratings.
So when you say I don't have name recognition, I
beg to differ.

Speaker 5 (12:37):
I guess I don't watch Undercover Boss. You should.

Speaker 4 (12:41):
It's a good show.

Speaker 6 (12:42):
I'm sure it's fantastic. But do you do you have
to spend? How much do you have to spend to win? Well,
I'll be a lot more efficient than the other candidates.
So you know, we just did a lunch Sextant poll
and my bio has twenty seven percent already, Name recognition
and interest.

Speaker 1 (12:59):
One thing I want to ask because one of the
things that any governor, the next governor of California will
have to deal with is you have.

Speaker 3 (13:04):
To deal with President Trump. So how would you.

Speaker 1 (13:06):
Deal with him as governor of the largest state, because
we know it's tricky.

Speaker 4 (13:12):
Well, I've sat across the table from him numerous times.

Speaker 1 (13:15):
Many people have sat Elon Musk has sat across the
table several times. I understand that their relationship has.

Speaker 4 (13:21):
Evolved, no question about it. And I do have respect
for him, and I believe he has respect for me.
We know each other pretty well. I have his cell
phone number, he's got mine. And there's no other candidate
that will fight for California, nor has California values like me.
Kindergarten through first year of college, and I'm not afraid.

(13:42):
I mean, I come from the rough and tumble business world,
that also has been trained in ledge rag and adjudication
by some very very good talents. And if you want
to underestimate me, God bless you at your own risk.

Speaker 1 (13:54):
Well, we look forward to watching the race. We go
from race to race. I'me today, Yes, Stephen, thank you
so much for your time. I'm Stephen Kuschek. He's twenty
twenty six Democratic candidate for Governor of California and as
we mentioned, founder, former CE of Diamond Resorts International, and
so much more.

Speaker 6 (14:08):
As we later recover Boss, I'm going to go back
and watch apparently the most explosive Boss in series.

Speaker 5 (14:14):
History and most generous.

Speaker 3 (14:16):
That's which is nice.

Speaker 5 (14:18):
That's what I want to do.

Speaker 4 (14:18):
Is actually really important, apologetically authentic and warm and compassionate.

Speaker 3 (14:22):
All right, come back soon, Stephen. Good luck
Advertise With Us

Hosts And Creators

Tim Stenovec

Tim Stenovec

Carol Massar

Carol Massar

Popular Podcasts

On Purpose with Jay Shetty

On Purpose with Jay Shetty

I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!

Las Culturistas with Matt Rogers and Bowen Yang

Las Culturistas with Matt Rogers and Bowen Yang

Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.

Crime Junkie

Crime Junkie

Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.

Music, radio and podcasts, all free. Listen online or download the iHeart App.

Connect

© 2025 iHeartMedia, Inc.