CNBC访谈实录——斯坦利·德鲁肯米勒与凯莉·埃文斯

WHENToday, Tuesday, December 12, 2017

WHERE: CNBC's "Closing Bell"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Duquesne Capital Management's Former Chairman, President, & Founder Stanley Druckenmiller and CNBC's Kelly Evans. The interview aired on CNBC's "Closing Bell" (M-F 3PM-5PM) today, Tuesday, December 12, 2017. Following are links to video from the interview on CNBC.com: https://www.cnbc.com/video/2017/12/12/billionaire-investor-druckenmiller-feds-2-percent-inflation-target-needs-to-go.html?play=1 , https://www.cnbc.com/video/2017/12/12/druckenmiller-central-banks-are-financial-worlds-darth-vader.html?play=1k , https://www.cnbc.com/video/2017/12/12/is-2-percent-inflation-at-all-times-absurd-billionaire-investor-druckenmiller-thinks-so.html?play=1 . All references must be sourced to CNBC. KELLY EVANS: YEAH. GUYS, STAY RIGHT THERE. EARLIER TODAY I DID SPEAK WITH STAN DRUCKENMILLER WHO IS FIRED UP ABOUT THE FED AHEAD OF TOMORROW'S DECISION. TAKE A LISTEN. STANLEY DRUCKENMILLER: I THINK THE 2% INFLATION TARGET NEEDS TO GO. IF I WAS RUNNING THE FED, THANK GOD FOR THE – TO THE WORLD – I'M NOT RUNNING THE FED IT WOULD PROBABLY NOT BE IN MY TOP TEN CRITERIA. THE 2% INFLATION TARGET HAS SORT OF BECOME A RELIGION INITIATED BY THE PROFESSORS. AND IT'S THIS TARGET. THERE'S AN INTERESTING STORY ON THE FRONT PAGE OF "THE WALL STREET JOURNAL" TODAY HOW AMAZON IS MAKING THE FED'S JOB MORE COMPLICATED. THIS BELIEF THAT 2% IS APPROPRIATE FOR ALL SEASONS AND ALL TIMES, TO ME IT'S PRETTY ABSURD. YOU TAKE THE LAST GREAT INNOVATION PERIOD WHICH IS THE LATE 1800s, WE HE DEFLATION FOR TEN OR 15 YEARS ACCOMPANIED BY VERY RAPID REAL GROWTH. IN THE '50s, I THINK INFLATION WAS 1%, MAYBE A LITTLE LOWER, FOR A GOOD PART OF THE DECADE. FED FUNDS WERE 4%. WE HAD RAPID GROWTH. THERE WAS NO CRISIS. EVANS: SO WHAT YOU'RE SAYING NOW IS THAT IF INFLATION'S RUNNING – LET'S CALL IT 1%-- THAT SHOULD BE CONSIDERED NORMAL AND FINE. AND THEY COULD STILL HAVE INTEREST RATES UP AT EVEN 4%?

DRUCKENMILLERWHAT I'M REALLY SAYING, IF YOU TOOK THE TAYLOR RULE, AND I'M NOT A FAN OF RIGIDITY, A NORMAL INTEREST RATE GIVEN OUR ECONOMIC CIRCUMSTANCES WOULD BE 4% INTERESTINGLY. WE'RE AT 1%. IN EUROPE, IT WOULD BE 2%. THEY'RE AT MINUS 40%. IN SWEDEN, IT WOULD BE 3.75%. THEY'RE AT MINUS 50%. THAT DOESN'T EVEN COUNT THE BOND BUYING WE'RE TALKING. BUT THIS IS ALL IN THE NAME OF THIS 2% INFLATION TARGET. AND –

EVANS: IF THEY'RE KEEPING RATES IN THIS COUNTRY, YOU KNOW, BARELY ABOVE ZERO, IN OTHER COUNTRIES, BELOW ZERO, WHAT ARE THE CONSEQUENCES OF ALL THAT IS? DRUCKENMILLER: WELL THE CONSEQUENCES ARE HUGE BECAUSE WE'VE DISTORTED MARKET SIGNALS AND WE'RE CAUSING ALL SORTS OF WHAT I WOULD CALL MISALLOCATION OF RESOURCES. EVANS: LIKE BITCOIN? OR IS THAT UNRELATED? DRUCKENMILLER: NO, IT'S NOT UNRELATED AT ALL.

BITCOIN, ART, WINE, EQUITIES, CREDIT, YOU NAME IT. EVERYTHING IS ONE WAY UP AND THERE ARE HUGE DISTORTIONS TAKING PLACE, AND IT'S ALL IN THE NAME OF THIS 2% INFLATION TARGET. AND WHEN YOU GET A MISALLOCATION OF RESOURCES, IT REALLY HINDERS GROWTH OVER THE LONGER TERM. LET ME GIVE YOU AN EXAMPLE. LAST WEEK THERE WAS A COMPANY CALLED STEINHOFF. EVANS: THAT'S COMPANY THAT'S THE PARENT OF MATTRESS FIRM IN THE U.S. NOW. DRUCKENMILLER: YEAH. THIS IS A SOUTH AFRICAN FIRM. I WAS LUCKY ENOUGH TO BE TO SHORT THE STOCK BECAUSE SOMEONE WAS KIND ENOUGH TO EXPLAIN TO ME THAT THESE GUYS MIGHT BE CROOKS. THERE WAS FRAUD AT BEST WHEN YOU LOOK ANOTHER WHAT WAS GOING ON AND IT'S A HUGE ROLL UP. AND THEY BUY THIS MATTRESS COMPANY IN THE U.S. FOR 100% OVER WHERE IT WAS TRADING.

THEY'RE BORROWING MONEY, BIG ROLL-UP, BIG CREDIT. AND GUESS WHY THEY'RE ABLE TO ISSUE ALL THIS DEBT? BECAUSE THE ECB IS BUYING IT, OF A COMPANY THAT HALF THE STREET KNEW WAS A FRAUD AND IT'S GONNA GOING BANKRUPT. NOW MARIO DRAGHI WOULD TELL YOU, "NO PROBLEM. WE'RE MAKING MONEY OVERALL ON OUR PORTFOLIO. THE FACT THAT WE LOST 150, 160 MILLION ON THESE BONDS, IT COMES OUT IN THE WASH." THE POINT ISN'T WHETHER THE ECB IS MAKING MONEY. THE POINT IS WHETHER THEY ARE KEEPING CROOKS AND ZOMBIE COMPANIES ALIVE. THIS IS EXACTLY WHAT JAPAN DID FOR 20 YEARS. IT HINDERS LONG-TERM GROWTH. COMPANIES LIKE THIS SHOULD NOT BE WALKING AROUND BORROWING MONEY. THAT'S KIND OF WHERE WE ARE TODAY. YOU SEE WHAT'S GOING ON IN BITCOIN. EVANS: DO YOU OWN ANY CRYPTOCURRENCIES?

DRUCKENMILLERI DON'T OWN AN. OBVIOUSLY AS A TRADER I SHOULD HAVE BUT I ONLY TRADE WHAT I KNOW. WHAT I DO KNOW IS IT TAKES THE SAME AMOUNT OF ENERGY TO DO ONE BITCOIN TRANSACTION THAT IT TAKES TO POWER NINE HOMES IN THE U.S. BY 2019 IT'LL TAKE UP HALF THE ENERGY IN THE UNITED STATES TO RUN THE BITCOIN NETWORK.

EVANS: SOUNDS LIKE THE UTILITY COMPANIES ARE A BUY. DRUCKENMILLER: WELL, I FIND IT INTERESTING THAT MOST PEOPLE IN BITCOIN ARE CLIMATE PEOPLE. THEY'RE WEST COAST PEOPLE. I DON'T QUITE GET THE CONNECTION. WE'VE GOT THIS ROGUE CURRENCY THAT WE'RE ALL GOING TO SUPPORT THAT IS DESTROYING THE CLIMATE IN SOME EXTENT, BUT WHATEVER. EVANS: SO YOU'RE NOT GOING TO TAKE A POSITION ON WHETHER BITCOIN IS GOING TO GO UP TO $100,000 OR A MILLION OR WHATEVER THE--?

I MEAN, IF WE'RE TALKING ABOUT BUBBLES IT MUSTLOOK LIKE SOME OF THE GREATEST WE'VE EXPERIENCED. DRUCKENMILLER: I DON'T KNOW WHETHER IT'S THE GREATEST WE'VE EVER EXPERIENCED. LOOK BITCOIN IS LIKE ANYTHING ELSE, IT'S WORTH WHAT PEOPLE ARE WILLING TO PAY FOR IT. AND RIGHT NOW PEOPLE ARE WILLING TO PAY -- I HAVEN'T LOOKED IN THE LAST FIVE MINUTES SO IT COULD HAVE VARIED – BUT LET'S SAY THEY'RE WILLING TO PAY $17,000. THAT'S WHAT IT'S WORTH. THE TULIPS WERE WORTH WHEN PEOPLE WERE PAYING THAT FOR THEM. GOLD IS WHAT IT'S WORTH. WHAT I DO KNOW ABOUT BITCOIN IS THE CONCEPT THAT IT COULD EVER BE A MEDIUM OF EXCHANGE HAS BEEN ELIMINATED BECAUSE YOU CAN'T DO TRANSACTIONS, PARTICULARLY RETAIL TRANSACTIONS WITH SOMETHING WITH THIS KIND OF VOLATILITY.

BUT IF PEOPLE THINK BITCOIN IS WORTH $17,000, THAT'S WHAT IT'S WORTH TODAY. EVANS: LAST THING ON THIS BEFORE YOU MOVE ON. THERE ARE PEOPLE THAT WANT TO HOLD BITCOIN BECAUSE THEY'RE AS CRITICAL AS THE FED AND CENTRAL BANKS AS YOU ARE. SO IF THEY AGREE WITH YOUR PHILOSOPHY THAT CENTRAL BANKS ARE SCREWING THIS UP THEN WHAT WOULD BE A BETTER WAY TO EXPRESS THAT THAN HOLDING BITCOIN? DRUCKENMILLER: THAT'S AN EXCELLENT QUESTION. I THINK AT SOME POINT FIGURE OUT WHEN THIS IS GOING TO END. AND THEN EITHER GET OUT OR GO SHORT. BECAUSE, BY THE WAY, WHEN THIS ENDS AND IT WILL, I'M TALKING ABOUT THIS MONETARY RADICALISM PERIOD WE'RE IN, BITCOIN WILL PROBABLY GO DOWN WITH THE REST OF THE STUFF. EVANS: HOW HAS THE YEAR BEEN FOR YOU? DRUCKENMILLER: I WOULD HAVE TO SAY IT'S PROBABLY THE WORST YEAR I'VE HAD RELATIVE TO THE SET OF OPPORTUNITIES OUT THERE.

I CAN NEVER RECALL. I MEAN, FOR ME, 1997 WAS CLOSE. EVANS: BUT THAT WAS AN ASIAN FINANCIAL CRISIS. DRUCKENMILLER: WELL, THAT WAS PRETTY GOOD OPPORTUNITY. I HAVE DONE VERY WELL IN STOCKS. I'VE REALLY, REALLY MISTRADED MACRO. IT'S GOING TO BE -- IF IT WAS UP TO MACRO, I'D HAVE MY FIRST DOWN YEAR BUT STOCKS HAVE BAILED ME OUT, SO BARRING A MIRACLE, THAT'S NOT GOING TO HAPPEN. EVANS: BUT YOU'RE NOT UP 30%? DRUCKENMILLER: I'M NOT UP ANYWHERE NEAR 30%. I'M NOT UP DOUBLE DIGITS. YOU KNOW, I'M HAVING, AGAIN, RELATIVE THE OPPORTUNITY A TERRIBLE YEAR, IT'S GOING TO BE MY FIRST – BARRING A MIRACLE IT'S GOING TO BE MY FIRST DOWN YEAR IN CURRENCIES EVER. EVANS: I POINTED OUT REPEATEDLY THE FACT THE U.S. DOLLAR IS SO WEAK. WOULD THAT BE ONE EXAMPLE OR ARE WE TALKING ABOUT OTHER THINGS?

DRUCKENMILLERNO. IT'S JUST ME JUST OVERTRADING AND BEING COLD AT THE WRONG TIME AND SINCE IT'S BEEN MY BREAD AND BUTTER FOR YEARS, I TELL YOU OVERALLOCATING EXPOSURE THERE RELATIVE TO EQUITIES. SOMEBODY ON YOUR NETWORK SAID A WEEK AGO ALL YOU HAD TO DO THIS YEAR WAS ROLL OUT OF BED AND YOU'RE GOING TO BE UP 20% OR 30%. APPARENTLY I GOT OUT OF THE WRONG SIDE OF THE BED.

WILFRED FROST: WOW. A BIG ADMISSION FROM HIM THERE ON THE PERFORMANCE FRONT. EVANS: SELF-DEPRECATING. IT'S ALWAYS A PLEASURE TO HEAR FROM MR. DRUCKENMILLER. AND ALSO OF COURSE TO GET HIS VIEW ON THESE THINGS. -0- EVANS: YEAH. APPLE IS ONE OF THE MOST-LOVED STOCKS, MOVING ON.BUT NOT FOR HEDGE FUND TITAN STAN DRUCKENMILLER. HERE IS WHY: EVANS: WHAT ABOUT APPLE IN THAT CASE?

DRUCKENMILLERAPPLE I DON'T FIND NEAR AS EXCITING AS SAY AMAZON, FACEBOOK, OR GOOGLE. IT'S A HARDWARE COMPANY. I UNDERSTAND THEY HAVE AN APP PLATFORM, BUT --

EVANS: DO YOU USE THEIR PRODUCTS, DO YOU CONSIDER THEM GREAT PRODUCTS? DRUCKENMILLER: I DO THINK THEY'RE GREAT PRODUCTS, BUT THEY'RE PROBABLY NO BETTER THAN'S SAMSUNG BUT THEY HAVE A GREAT BRAND. I JUST THINK – I DON'T SEE THE UNDEREARNING THAT I SEE IN OTHER COMPANIES, IF ANYTHING THEY'RE PROBABLY OVEREARNING IN TERMS OF THE MARGIN THEY'RE MAKING. SO I DON'T OWN THAT ONE, I'M NOT SHORT IT. -0- EVANS: EARLIER TODAY I SAT DOWN WITH DUQUESNE FAMILY OFFICE CEO STANLEY DRUCKENMILLER, HERE ARE HIS THOUGHTS ON THE TAX BILL: DRUCKENMILLER: ON YOUR NETWORK THE DAY AFTER THE ELECTION, I SAID I WAS VERY EXCITED ABOUT THE PROSPECTS FOR DEREGULATION AND TAX REFORM.

I THOUGHT THERE WAS A GOOD CHANCE THEY COULD BOOST THE ECONOMY. I WAS PARTICULARLY EXCITED ABOUT THE HOUSE PROGRAM "A BETTER WAY." AND I THOUGHT THAT IT'S THE FIRST PROGRAM ACTUALLY THAT I HAD SEEN IN DECADES WHICH WOULD ADDRESS OUR FUNDAMENTAL PROBLEM IN THE U.S. – WHICH WE OVER-CONSUME AND WE UNDER-INVEST. AND LITERALLY ALL THEY HAD TO DO WAS SIGN IT. BUT SECRETARY MNUCHIN HAD OTHER IDEAS. TO ME IT'S JUST BEEN A HUGE MISSED OPPORTUNITY. EVANS: DO YOU LIKE-- DO YOU THINK THE CURRENT TAX REFORM PLAN IS SOUND? DRUCKENMILLER: NO. HAVING SAID THAT, THERE ARE SOME THINGS THAT-- THAT ARE HELPFUL AND THAT GO A LITTLE BIT OF THE WAY BETTER WAY WENT. FIRST OF ALL THERE'S EXPENSING, THAT'S OBVIOUSLY PRO-INVESTMENT. LIKE THE BETTER WAY, BUT AGAIN VERY MUTED AND CARVED OUT FOR SOME OF THEIR BUDDIES-- THERE'S INTEREST DEDUCTIBILITY.

BECAUSE I THINK WE GOT TOO MUCH DEBT IN THIS COUNTRY AND WE DON'T HAVE ENOUGH EQUITY. AND THE FINAL THING IS YOU'VE REALLY, REALLY BROADENED THE TAX BASE. SO A LOT OF INDIVIDUALS ARE GETTING TAX CUTS. EVANS: DO YOU GET A TAX CUT UNDER THE PLAN? DRUCKENMILLER: NO, I'LL GET A 600 BASIS POINT INCREASE. EVANS: DOES THE ESTATE TAX REPEAL HELP YOU? THAT MUST HELP YOU. DRUCKENMILLER: IS THAT GOING TO BE REPEALED? EVANS: OR THEY'RE RAISING THE CEILING, I GUESS. MAYBE THAT WON'T DO TOO MUCH. DRUCKENMILLER: I'M – I'M HOPING TO END UP PRETTY NEAR ZERO. EVANS: WOW. YOUR PERSONAL-- HOLDINGS. DRUCKENMILLER: SO I DON'T REALLY LOOK AT THE ESTATE TAX. I DON'T LIKE THE REPEAL OF THE ESTATE TAX. I DO – I DO LIKE THIS IDEA OF $10 MILLION OR $15 MILLION SO SOMEBODY'S NEST EGG, BUT REPEALING $300 MILLION-- I DON'T GET.

THE OTHER THING I SHOULD HAVE MENTIONED IS-- MOVING THE TAX SYSTEM -- A TERRITORIAL BASE. NOT AS GOOD AS THE BORDER ADJUSTMENT TAX. BUT— EVANS: YOU WANTED THE BORDER ADJUSTMENT TAX? DRUCKENMILLER: I WAS WILDLY IN FAVOR OF THE BORDER ADJUSTMENT TAX. AND TO ME IT WAS-- AGAIN IT WAS A VERY ELEGANT SOLUTION TO THE PROBLEM WE WERE OVER-CONSUMING AND UNDER-INVESTING. UNFORTUNATELY MR. MNUCHIN AND ALL THEIR LOBBYING BUDDIES FROM RETAIL COMPANIES WHICH ARE PROBABLY NOT EVEN GONNA BE IN BUSINESS IN TEN OR 15 YEARS SUCCEEDED IN KILLING THE THING. IT'S PRETTY AMAZING THAT-- EVANS: WOULD IT HAVE HURT AMAZON TOO THOUGH OR NO? DRUCKENMILLER: I DON'T REALLY CARE IF IT WOULD HAVE HURT AMAZON. I DON'T THINK OF THINGS IN THOSE TERMS. NET/NET, YOU KNOW, I DON'T CARE. WE— I THINK WE NEED TO TAX-- THAT WAS SORT OF A VALUE ADDED TAX AND DRAG, WHICH IS WHY IT KIND OF GOT KILLED.

BUT I REALLY LIKED IT. AND YOU KNOW, IT OBVIOUSLY GOT NIXED FAIRLY EARLY ON BY A JUST BRUTAL RETAIL LOBBY. EVANS: SO DO YOU THINK IF THE TAX REFORM PLAN PASSES-- AND-- WE DON'T KNOW THE FINAL-FINAL DETAILS YET, BUT WHAT DIFFERENCE DO YOU THINK IT'LL MAKE TO THE STOCK MARKET AND THE ECONOMY RIGHT NOW? DRUCKENMILLER: I DON'T REALLY THINK IT'S GOING TO MATTER TO THE STOCK MARKET. IT'S ALREADY IN THE STOCK MARKET. AND I THINK THE STOCK MARKET IS BASICALLY A FUNCTION OF CENTRAL BANK POLICY. AND ANY BENEFITS TO EARNING I THINK WILL BE OFFSET BY CENTRAL BANK-- ADJUSTING TO THAT. I WOULD SAY ON THE ECONOMY, IT SHOULD HAVE VERY, VERY STIMULATIVE EFFECT IN '18 AND SOME FOR A FEW YEARS AFTER THAT. AND LONGER TERM, IF ANYTHING, IT'S A PROBLEM.

LET ME EXPLAIN. EVANS: REAL QUICKLY ON '18, YOU THINK IT'LL BE VERY STIMULATIVE, WHICH IS NOT WHAT MOST PEOPLE THINK. IS THAT BECAUSE OF THE EXPENSING OR? DRUCKENMILLER: IT'S NOT ONLY THE EXPENSING. IRONICALLY-- THE EXPENSING IS GOING TO BE MORE POWERFUL EVEN THAN IT APPEARS IF THE TAX CUT CORPORATION IS DELAYED A YEAR BECAUSE THEN IF YOU'RE A CORPORATION-- EVANS: YOU HAVE A HUGE INCENTIVE— DRUCKENMILLER: -- YOU HAVE— EVANS: --TO LOWER YOUR RATE? DRUCKENMILLER: --A BIGGER EXPENSING UNDER THE HIGHER TAX RATE IN '18 THAN YOU WOULD HAVE UNDER '19. SO I THINK IT SUPER CHARGES CAPITAL SPENDING AND INVESTMENT. MY PROBLEM WITH THIS WHOLE THING IS-- AND AGAIN, THE HOUSE PLAN WAS TAX REFORM. IT WAS NOT NET-NET FISCAL STIMULUS. HERE WE ARE, EIGHT OR NINE YEARS INTO AN ECONOMIC EXPANSION. WE'RE GOING TO NEED AMMUNITION DESPERATELY DOWN THE ROAD.

AND WE'RE INCREASING THE DEFICIT-- IT DEPENDS ON HOW YOU SCORE, $1 TRILLION TO $1.5 TRILLION, MAYBE MORE SO. WHEN BUSH TOOK OVER, I THINK THAT THE GDP WAS UNDER 50%. EVANS: WOW. DRUCKENMILLER: BY THE END OF OBAMA, TWO OF THEM DID THEIR DAMAGE TOGETHER, IT WAS 77%. THIS THING TAKES IT TO 95%. KELLY, IF YOU REMEMBER, I SPENT TWO YEARS OF MY LIFE GOING AROUND TO COLLEGES TALKING ABOUT ENTITLEMENT REFORM AND— EVANS: WHICH MAY BE NEXT. I MEAN, THEY SAY THEY MAYBE WANT TO DO WELFARE REFORM NEXT YEAR. DRUCKENMILLER: I SEE A PICTURE UP THERE. MAYBE I COULD SELL YOU THE BROOKLYN BRIDGE, I SEE IT OVER THERE ON THAT PICTURE. IT WOULD'VE BEEN SO ELEGANT IF THEY HAD USED THE FISCAL STIMULUS IN THIS ON THE CORPORATE SIDE AND ON THE INDIVIDUAL SIDE AND OFFSET THE $1 TRILLION OR $1.5 TRILLION STIMULUS WITH ENTITLEMENT REFORM.

WE HAVE 11,000 PEOPLE A DAY TURNING 65 FOR THE NEXT 20 YEARS. THIS IS A TICKING TIME BOMB THAT HAS TO BE DEALT WITH. WE'RE STEALING FROM OUR FUTURE. AND WE JUST AGGRAVATED THE PROBLEM. AND TO ME, WE COULD'VE USED THE STIMULUS AND OFFSET IT WITH REFORM TO MEDICARE AND SOCIAL SECURITY. EVANS: LAST TWO QUESTIONS THEN. PUTTING THAT ASIDE, OR MAYBE THAT BEING PART OF IT, DO YOU SUPPORT THE PRESIDENT MORE NOW THAN YOU DID BACK ON THE CAMPAIGN TRAIL OR-- YOU KNOW, IN THE PAST? DRUCKENMILLER: I NEVER SUPPORTED HIM ON THE CAMPAIGN TRAIL. NO. I THINK THE TAX PLAN, IT IS WHAT IT IS. THERE ARE SOME GOOD THINGS AND THERE ARE SOME BAD THINGS. I DIDN'T GET IN ON THE BAD THING. I AM SO OFFENDED BY THE CARRIED INTEREST PROVISION. EVANS: THE FACT THAT THEY'RE KEEPING IT IN PLACE, SO PEOPLE CAN— DRUCKENMILLER: WELL, IT'S OUTRAGEOUS.

WE HAVE DOCTORS AND LAWYERS IN BLUE STATES, TAX RATES GOING UP DRAMATICALLY, PROFESSIONALS. AND YOU HAVE THESE MULTI, MULTI BILLIONAIRES WITH CARVE OUTS. LET'S BE CLEAR. CARRIED INTERESTS, YOU'RE MAKING MONEY ON SOMEBODY ELSE'S CAPITAL. IT'S NOT ON YOUR OWN. IF THAT'S NOT INCOME, I DON'T KNOW WHAT IS. I WANT TO REPEAT THAT. YOU'RE DOING IT ON OTHER PEOPLE'S CAPITAL. FIRST OF ALL, THE BILLIONAIRES LOBBYING THE CONGRESSMEN FOR THIS OUGHT TO BE ASHAMED OF THEMSELVES, BECAUSE WE'RE ASKING DOCTORS AND LAWYERS AND OTHER AMERICANS IN BLUE STATES TO TAKE TAX INCREASES SO WE CAN FUND THIS KIND OF NONSENSE. AND AS FOR ITS ECONOMIC BENEFITS, HALF THE COMPANIES THESE GUYS BUY, THEY THEN STRIP THEM AND, YOU KNOW, FIRE PEOPLE. SO THE IDEA THAT THEY'RE INCREASING EMPLOYMENT IS ABSURD.

AND THE POLITICIANS LISTENING TO THEM, WHO CLAIM HOLIER THAN THOU – NOW, WE'RE GOING TO DO ALL THIS REFORM AND GET RID OF THE LOOPHOLES, IT'S AN OUTRAGE. For more information contact: Jennifer Dauble CNBC t: 201.735.4721 m: 201.615.2787 e: [email protected] Emma Martin CNBC t: 201.735.4713 e: [email protected] About CNBC: With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.

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