Blackstone CEO: Regulations Have Made Markets ‘Safer,’ ‘Eliminated a lot of Risk’

SCHWARZMAN I think we ░░░░░░░░ moved away from the ░░░░░░░░ of fragility that we ░░░░░░░░ that was part of ░░░░░░░░ crashes and other types ░░░░░░░░ really deep collapse The ░░░░░░░░ has so de leveraged ░░░░░░░░ The regulators whether it ░░░░░░░░ Basel III Solvency II ░░░░░░░░ caution changing almost every ░░░░░░░░ of the financial institution ░░░░░░░░ being sued regularly institutions ░░░░░░░░ the federal government This ░░░░░░░░ not a time of ░░░░░░░░ and most people don ░░░░░░░░ understand how de risked ░░░░░░░░ system is currently from ░░░░░░░░ it was 6 years ░░░░░░░░ ASHER So it is ░░░░░░░░ as fragile as it ░░░░░░░░ to be So you ░░░░░░░░ t think it is ░░░░░░░░ to happen any time ░░░░░░░░ SCHWARZMAN Well the kind ░░░░░░░░ collapse that we would ░░░░░░░░ had without intervention has ░░░░░░░░ exceptionally low probability of ░░░░░░░░ in your life time ░░░░░░░░ that s because rules ░░░░░░░░ been designed to basically ░░░░░░░░ a lot of risk ░░░░░░░░ reducing leverage in the ░░░░░░░░ by a huge amount ░░░░░░░░ when you do that ░░░░░░░░ slow economic growth You ░░░░░░░░ t shrink banking systems ░░░░░░░░ financial institutions and have ░░░░░░░░ grow at rates when ░░░░░░░░ was much more plentiful ░░░░░░░░ we probably have a ░░░░░░░░ world but a world ░░░░░░░░ will grow slower than ░░░░░░░░ we were used to.”