Stephen Schwarzman, the founder of the Blackstone Group and one of the richest people in the world, is worried that bank bashing and uncertainty in financial reform could force banks to decrease lending.
In an interview with Bloomberg TV from the World Economic Forum's annual gathering at Davos earlier this week, Schwarzman said the wrong kind of political dialogue -- and the wrong kind of reforms -- could damage bank confidence. "Financial institutions could start cutting back in terms of the extension of credit, and that could hurt global growth," Schwarzman said.
When asked what his biggest economic worry is right now, Schwarzman said:
"My biggest concern is that, as a result of either proposals or tone, that financial institutions are going to feel under siege and their going to retreat with their extension of credit. There is enormous uncertainty, not so much in the economic environment, but we've also increased the uncertainty from the political environment directed at the banks. And there is a really good probability that banks, starting in the U.S., but also on a broad basis may start to restrict credit simply because the uncertainty and the tone against them is so difficult that they may lack the confidence to just start doing their normal function."
Schwarzman added that "we don't need [banks] feeling insecure" and or feeling as if they are "attacked."
How to vote
Vote-by-mail ballot request deadline: Varies by state
For the Nov 3 election: States are making it easier for citizens to vote absentee by mail this year due to the coronavirus. Each state has its own rules for mail-in absentee voting. Visit your state election office website to find out if you can vote by mail.Get more information
In-person early voting dates: Varies by state
Sometimes circumstances make it hard or impossible for you to vote on Election Day. But your state may let you vote during a designated early voting period. You don't need an excuse to vote early. Visit your state election office website to find out whether they offer early voting.My Election Office
General Election: Nov 3, 2020
Polling hours on Election Day: Varies by state/localityMy Polling Place