I've lived through periods of illiquidity before. Asset prices come down. The economy slows or even goes into recession. Then the cycle re-starts. We buy at lower prices with less leverage.
For future geopolitical stability and global prosperity, we need to build a culture of greater trust and understanding between China, America and the rest of the world.
I can't micromanage what anybody pays or doesn't pay. But the concept that half of the public isn't involved with the income-tax system is somewhat odd and I'm not saying how much people should do, but we should all be part of the system.
I don't feel like a wealthy person. Other people think of me as a wealthy person, but I don't. I feel the same as when I was a fifth-year associate trying to make partner at Lehman Brothers. I haven't changed.
I love picking people. I started Blackstone, and we had no people, and now we have with our portfolio companies about 750,000 people all over the world. Everybody who is at a senior level has ultimately been picked by me.
I'm concerned with China growing at double or triple the rate of the West, that there will be tensions. One needs to do something to start addressing misunderstandings and frustration.
This country, of course, needs fundamental reform of our financial regulatory system, as I, and many other financial institution executives, have publicly advocated for a considerable period.
