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BlackRock CEO: America will win the economic war - YouTube
Channel: Fox Business
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[Music]
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holding on to games galore here with the
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markets welcome back we're continuing
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our fox business exclusive interview
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with blackrock chairman and ceo larry
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fink larry uh just last monday just two
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days ago the nasdaq closed in a bear
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market down 20 percent or more from its
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recent highs
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tech many people say is oversold
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do you agree with that do you think that
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tech is sort of oversold or do you like
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something else what else is oversold
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where you say it's cheap enough now
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i would say the overall market for
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long-term investors
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is a good entry level to get in right
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now on tech specifically
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people were buying growth stocks
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indiscriminately and there were some
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that were heavily overvalued it would
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have taken them years to meet that their
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their revenue projections and i think
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there's just been a reassessment i mean
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you could you see companies like apple
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that hasn't really moved because they're
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in a really good position and then you
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see other tech companies someone down as
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much as 75
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and that's just a re-evaluation of is
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that growth real or not real what
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happens when the fed raises rates they
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are supposed to raise rates next
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wednesday they say that they will be on
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a trajectory
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a longer-term multi-rate hike movement
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here what happens to those companies
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that are still a little frothy so i
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think i think in those cases they're
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going to continue to fall but i think
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much of the fed's
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rate projections
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is probably in the market
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i don't i think it's not evaluation but
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i would argue today whatever you know
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right
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two three weeks ago before the
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ukrainian war i would have said you know
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the fed was poised to raise seven or
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eight times can i i don't think that's
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going to be the case now can i just say
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something i was walking around manhattan
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and something unsettling happened to me
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and i wasn't a homeless guy
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you know using the sidewalk as a
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bathroom but i'm walking and i see this
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billboard can you show this thing okay i
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mean this i mean this literally do we
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have to we have the billboard because
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this
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this freaked me out i
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i don't think i've recovered from this
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well no nor have i because i don't i
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wait
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who is larry fink yeah i would like them
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to at least use a nicer picture of me
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it looked like dr evil and oh god it was
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horrible and it's it's pretty stupid
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when you go through the the
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organization's literature because i know
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you and you are have been a guy that's a
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moderate on this you piss off let's face
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it elizabeth warren i won't say the
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other side doesn't like you
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but there is an issue with esg you guys
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do it everybody does it um yes
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one of the things i think this whole
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ukraine russian conflict exposes is that
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there's a lot of holes in esg
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that you know it stops some of our
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domestic oil production it could make us
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dependent on electric vehicles where the
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batteries and then you have had this
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the batteries are essentially the the
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minerals and the batteries come from
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china well they come from they come from
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africa but they're manufacturing but i
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guess my point is
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does the esg
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have to change
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the parameters at least to recognize i
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think i think there's a role for
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everything esg is not responsible for
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all the ills and it's not going to be
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responsible for all the successes right
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um
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i actually believe
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um
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and i'm very proud of american
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capitalism in the last week
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um and this is part of us
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right so
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environmental socialism no no but when
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you see how many american companies
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who've walked away from their business
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in russia
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they did it because their employees were
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talking to them their clients were
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talking to them that's a great example
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of how we modify our behaviors and this
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is the adaptability of american
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capitalism
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10 years ago that would not have
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happened and look at the success we have
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an economic war against russia right now
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and it's much more complete than just
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governmental sanctions
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governments did not call people up and
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say stop doing business in russia it was
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corporations doing it on behalf of their
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employees on behalf of their let me just
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press this point a little bit
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for example mcdonald's under esg
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mcdonald's can open up could you know
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and this is when putin was killing still
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killing people
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they could open up whatever they wanted
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to in rough they opened up a lot of
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mcdonald's in russia esg did not prevent
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mcdonald's investment in russia
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or should it
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but should it recognize that you know i
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mean for example when i went to the
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nasdaq they have these investment these
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listing portfolios which is kind of
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modeled after esg investing they said
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okay u.s companies should have diversity
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on their boards which is fine that's a
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great thing okay but i said how about
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how come and i said well are the chinese
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going to put uyggers on the board of
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their companies and of course we won't
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they're not and of course we're not
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going to mandate that isn't that a hole
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in esg well i don't i think you're
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building it into more than what it is
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it's just a framework evaluation of
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companies
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and every company must do what is right
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for them it's not for us or anybody to
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tell you what to do but every board and
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management team should design a strategy
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how they connect with their employees
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how they connect with their clients and
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importantly how do they connect with all
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their communities and that's what i
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believe what esg is is how to be working
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with all your stakeholders
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and you build more durable more
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successful profitability for your
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shareholders become too formalized
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and with the proxy firm saying you've
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got to know what's i mean
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we don't follow the proxy firms that's
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why we built up our own
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corporate stewardship team but i i i
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really believe
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the the whole essence of where what
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american companies are doing the last
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two weeks really highlights
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this i i'm proud to say i'm an american
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capitalist about what is going on and
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how companies are navigating this um
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look at i believe where we are in the
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energy cycle we got the energy cycle two
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we were too
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bullish on the cycle in the in 2015 and
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16. we were too bearish on the energy
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cycle then and
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that's that's just larry obviously you
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love electrification so where do you
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stand on say for example tesla do you
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drive a tesla i don't
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what do you drive i still i intend to be
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buying one or two electric cars in the
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next two years as gm and ford and other
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companies are rolling them out so i
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still drive i drive a 10 year old car i
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have not bought a new car in 10 years
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wow sound like me
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[Laughter]
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president biden acknowledged elon musk
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he tends not to bring him up when he's
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talking about i'm not going to talk
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about what what anybody should say or
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not say but yeah i would say i think
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elon musk is a is a visionary
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he transformed the auto industry and now
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we have all the incumbents moving how do
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we get out of the chinese trap on
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with this with the with the cobalt and
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all the minerals that go into well glenn
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corp a swiss company owns 45 percent of
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the cold
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you know and so that by the way that's a
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great company to be investing in right
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now because they you know they're the
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largest uh miner in right in
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in
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in the congo but should we be mining
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there i mean is that is that
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um
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i you know i'm not here to tell what
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mining companies should do i mean you
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know we don't do it as a government we
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we are it's a private sector i believe
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in the the role of the private sector
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you know trying to find these out last
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segment you said that everybody's
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reassessing where we are too dependent
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on unfriendly nations like russia
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where else do you see we are too uh
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dependent because the inflation spiral
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that we are seeing right now we're
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getting cpi tomorrow consumer pricing
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very high what do you think it's going
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to be
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seven to eight
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not nine
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i would not be surprised i mean i i
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called and i gave a speech in july to
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the g20 on my fears that we're
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mismanaging the energy transition july
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in july
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i will you know charlie you have that
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speech speech i i said that
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inflation is out of control in july
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that we have to be thoughtful about this
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one of the big reasons why inflation is
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higher in america it's two reasons that
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we don't spend enough time talking about
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over the last 10 years we've moved our
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economic policy when we were all young
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kids the number one economic policy in
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america was consumerism post world war
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ii everything was designed that
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americans can get more and more things
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and we had more than any country in the
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world at the cheapest prices
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i would say in the last 10 years it
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evolved away from consumerism to jobs
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the focus on jobs was more important
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than consumerism but that what that
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means that's inflationary definitionally
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if we are not trying if our number one
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policy is not cheap prices anymore
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and that that is a very significant
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change in our global policies
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and and and i think that's a major
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component of what is happening right now
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and it's it's fine because i think we
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did need to focus on jobs and american
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jobs so i'm not trying to suggest
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that was a bad change but what i'm
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trying to say there comes with uh
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you know that with that change comes
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different actions and it was very
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certain to us that we were going to see
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more elevated inflation to that you meet
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with oil companies all the time i
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talk to oil companies all the time i
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meet them personally i have one of the
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top
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five oil companies in the world in my
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office last week tell us what's on their
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mind what are they worried about what
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are they going to drill more is that are
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they looking they're all
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trying to navigate
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a
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how to become
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how to how to produce more oil
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that is not a 30-year investment or
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40-year investment but to get drill
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where it's successful for the next five
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or 10.
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because keep in mind
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it's pretty clear that we're going to
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have new and not new technology so if
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you are going to have a break even in 50
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years in a well or you're going to lose
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money but you know so it's all dependent
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on what is the time frame for this
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transition you know we are going to need
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hydrocarbons for the next
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50 years
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okay we are still going to have
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technologies where hydrocarbons are
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still going to be heavily used but how
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do we create new technologies
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that will substitute you know
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hydrocarbons and that you know obviously
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solar wind
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but hydrogen is going to play a
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significant significant about nuclear
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nuclear
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is
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you know if you have a country that
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believes in it like france it plays a
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huge role the regulatory backdrop for so
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many other countries
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it's it's much more difficult to adapt
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so
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it's more of a regulatory issue than
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than anything else you know i was in abu
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dhabi recently and they're built they
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they built two nuclear plants they're
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building two more very small one and
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they want to be the first country in the
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world that that is extracting oil
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producing gas
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uh green
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we have 30 seconds lastly
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how happy are you that you didn't get
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the ceo job of merrell back in 2007
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how happy tell us
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i i'm thrilled charlie larry larry one
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quick we've got about 15 seconds who
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wins this economic war between the
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allies the u.s and russia
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oh we're gonna win i mean i said we're
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100 confidence this economic war is so
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powerful we underestimate what
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capitalism can do when we listen to all
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our stakeholders and americans companies
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and european companies not as much as
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american companies by the way are
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listening to our our stakeholders and
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we're responding
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it is wonderful to have you larry fink
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of blackrock charlie thank you very much
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that is going to do it for us on a big
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day with rally on the screen kudlow is
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