CEOInterviews.AI
Start App
David Rubenstein
Co-Founder & Non-Executive Co-Chairman, CARLYLE GROUP INC

David Rubenstein on New Book, “Speaking of America”

📅 Oct 19, 2026 Bloomberg Television 9 MIN 433 VIEWS 34 SEGMENTS · 2 SPEAKERS
David Rubenstein, Co-Founder & Co-Chairman of Carlyle Group, has released two books in recent weeks: Inside the Owner’s Box, about the experience of owning a sports franchise, and Speaking of America, which brings 19 conversations he held with members of Congress at the Library of Congress into public view ahead of the midterm elections. He discusses the private setting encouraged Washington figures to speak more candidly than they would in public. He speaks with Romaine Bostick on "The Close." -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notif...

What David Rubenstein said

Written from the verified transcript and checked against it. Every figure links to the moment it was said.

David Rubenstein discussed the decline of bipartisanship in Washington, attributing it to a fundraising system that rewards partisanship, and expressed doubt that change will come without a fundraising scandal or a Supreme Court reversal on campaign finance. He noted that the American dream, coined in 1936, is now believed more by immigrants than by native-born Americans, citing 55 million immigrants. He argued that with a fertility rate of 1.6, the U.S. needs immigration to sustain GDP growth. Regarding the Kennedy Center, which he chaired for 14 years, he said it is shut down and unlikely to reopen for a couple of years, and he bought Joel Shapiro's blue sculpture to preserve it for the National Gallery of Art. On the Orioles, he stated his goal is to revive Baltimore through the team, and he expects co-owner Michael Arougheti to succeed him as control partner.

Key takeaways

  1. He predicts no change in campaign finance unless there is a big fundraising scandal or the Supreme Court reverses its view.
  2. He argues that with a fertility rate of 1.6, the U.S. needs immigration to maintain GDP growth.
  3. He confirmed the Kennedy Center is shut down and won't reopen for a couple of years.
  4. He bought Joel Shapiro's blue sculpture to preserve it and give it to the National Gallery of Art.

Numbers and commitments

FigureWhat it refers toTypeAt
55,000,000 number of immigrants in the U.S. metric 2:59
1.6 U.S. fertility rate (children per woman) metric 3:42
2.1 replacement fertility rate metric 3:42

Chapters

  1. 0:00Bipartisanship decline and fundraising
  2. 2:39American dream and immigration
  3. 4:13Kennedy Center and sculpture purchase
  4. 5:46Orioles ownership and Baltimore revival
  5. 7:54Succession and Camden Yards development

Questions asked in this interview

9
  1. 0:00What did that actually teach you about Washington?
  2. 0:56When we talk about the decline in bipartisanship, is that real, or is that just what we see in public?
  3. 1:39Do you see any hope anytime soon for that?
  4. 3:27Does that create new problems, or does it create a better solution?
  5. 4:13Do you think there's any hope we get that back for the Kennedy Center and some of the other cultural institutions?
  6. 5:34So that was an act of preservation or protest?
  7. 6:59Why can you do it differently?
  8. 8:25Are you gonna be young enough to actually see the Baltimore Orioles win a championship?
  9. 8:41What is the status of development at Camden Yards?
Interviewer 0:00 ↗
Speaking of America, you held these conversations at the Library of Congress. The idea was that behind closed doors, you can maybe get some of these folks in Washington to open up and talk about things in a way that they wouldn't do publicly. What did that actually teach you about Washington?
David Rubenstein 0:16 ↗
Well, Washington, when I first went to Washington in the seventies, a good legislator was thought to be somebody who was bipartisan, get people from both sides to work together. Today, that's kind of out of favor. You're either all Democrat or all Republican in terms of votes, rarely have bipartisanship. About a dozen years ago, I thought if I could host a dinner for members of Congress with no press there to see what they were, they were sitting with people from the opposite party, the members might come and enjoy it. And so now I've been doing this for about a dozen years, and members really like it because we'd have experts coming in. I'll talk about American history. I interview them, then the members can ask questions. And the members sit with people from the opposite party in the opposite house, and they seem to like it.
Interviewer 0:56 ↗
So, well, I guess that's my question. When we talk about the decline in bipartisanship, is that real, or is that just what we see in public? Meaning, behind closed doors... Because there's always this, these anecdotes you hear that behind closed doors, some of these people are a lot friendlier with each other than what you see in public.
David Rubenstein 1:12 ↗
Well, behind closed doors, they do have some relationships that are better than what you might appear in the press. But basically, what's happened is fundraising is almost everything that matters in Washington these days. You raise money from the far left, the far right. Nobody raises money saying, 'I'm gonna go to Washington. I'm gonna do what's right for the country. I'm gonna be right down the middle.' That doesn't raise any money. And so if you're gonna raise money from the far left or the far right, you have to be seen as very partisan, and that's an unfortunate system we have. Members don't like it, but that's the system we have.
Interviewer 1:39 ↗
How do you think we grow out of that or break that? Do you see any hope anytime soon for that?
David Rubenstein 1:44 ↗
Typically, when things change in Washington, you have a big scandal of some type. So if there's some kind of scandal in fundraising, perhaps that could happen. But right now, I don't think it's gonna happen. As long as the Supreme Court continues to hold the view that if you give money to a candidate, that's like free speech, it's just your speech right, we're not gonna change anything. And I think a constitutional amendment to change is unlikely.
Interviewer 2:06 ↗
Well, I mean, there are a lot of scandals going on in Washington these days, so maybe that boils over into something.
David Rubenstein 2:11 ↗
No. Plenty of... There's lack of scandals, but in terms of a scandal relating to fundraising...
Interviewer 2:15 ↗
To fundraising.
David Rubenstein 2:16 ↗
If there was a fundraising scandal, maybe it would change. But I think members remember, we also have a system in Washington where if you raise a lot of money and you don't use it, you can keep it for political purposes the rest of your life.
Interviewer 2:28 ↗
Mm-hmm.
David Rubenstein 2:28 ↗
It used to be you could keep it for any purpose. But when you have a super PAC or PAC and you have hundreds of millions of dollars in it and you leave office, you can keep that money more or less for political purposes.
Interviewer 2:39 ↗
There are some people, when they look at the divisions that we see in politics, this also has to do with some of the angst by the voters themselves and the idea that there are a lot of voters out there that don't really see the American dream as achievable. And that's created some of the polarization. They've gravitated to the far right or to the far left because to them, that might be the answer.
David Rubenstein 2:59 ↗
The American dream was a phrase invented by a writer in 1936. It meant you could work your way up from the bottom to the top. Today, sadly, more people outside the United States come to the United States believing in that than people born here believe in it. So we have 55,000,000 immigrants in the country, and most of them came because they believe in the American dream. Many people at the bottom of the socioeconomic structure in this country don't really believe in the American dream so much anymore. And as a result, the American dream has withered on the vine for many people.
Interviewer 3:27 ↗
Well, but what's happening now? I mean, we're deporting a lot of the immigrants. We're not letting new immigrants in. I mean, I know there's a party right now that sees that as a potential solution to our problems. Does that create new problems, or does it create a better solution?
David Rubenstein 3:42 ↗
For a country to keep its population the same, women of childbearing age need to have on average 2.1 children in their childbearing years. We're down at 1.6. So that means the population is going down without immigration. And when populations go down everywhere in the world, GDP goes down. Nobody has a higher GDP when their population is going down. So at some point, the country will recognize without immigrants coming in, and without women reproducing at the level you need to, we can't possibly have our GDP increase.
Interviewer 4:13 ↗
I do have to ask you. I mean, you've obviously been steeped in Washington for years. You left the board of the Kennedy Center when that became a political football. I lived in Washington for years, went to the Kennedy Center numerous times. It is about as nonpartisan as everything you want to be as an American. Do you think there's any hope we get that back for the Kennedy Center and some of the other cultural institutions?

17 more exchanges in this transcript

Sign in free to read the rest of this interview. No card required.

Sign in to read the full transcript

Cite this transcript

APA, MLA, BibTeX
APA

Rubenstein, D. (2026, October 19). David Rubenstein on New Book, “Speaking of America” [Interview transcript]. Bloomberg Television. CEOInterviews.AI. https://ceointerviews.ai/interview/3092327/

MLA

David Rubenstein. "David Rubenstein on New Book, “Speaking of America”." Bloomberg Television, 19 Oct. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3092327/.

BibTeX
@misc{rubenstein2026_3092327,
  author       = {David Rubenstein},
  title        = {David Rubenstein on New Book, “Speaking of America”},
  howpublished = {Interview transcript, Bloomberg Television. CEOInterviews.AI},
  year         = {2026},
  month        = {oct},
  url          = {https://ceointerviews.ai/interview/3092327/},
  note         = {Speaker-attributed transcript with timestamps}
}