“I do believe strongly that the market is in desire of more stability, of less volatility,” Fink said during a pre-taped conversation airing Wednesday evening at the Bloomberg New Economy Forum.
“They’re looking for a voice that moderates, not a voice that incites,” the BlackRock chief said, according to a transcript viewed first by CNN Business. “I truly believe President-elect Biden can be that voice of reason.”
“We’re all tired. We’re tired about all the volume we hear out of Washington,” Fink said during the conversation with David Rubenstein, the billionaire co-founder and executive chairman of the Carlyle Group.
‘A little more global harmony’
“For all those of you who voted for President Trump, I understand the disappointment tonight,” Biden said. “I’ve lost a couple of times myself. But now, let’s give each other a chance.”
“The market likes a divided government,” Fink said. “They want to make sure there’s proper checks and balances.”
Inequality is getting worse
Fink praised the Federal Reserve’s response to the crisis as “nothing but amazing.”
However, he warned the pandemic is worsening the divide between rich and poor.
“The poor do not own financial assets, so the divide because of the strength of the equity markets and the job losses that we’ve witnessed has really created even more of an income inequality,” Fink said. “If we are going to try to really rebuild our economy, we need a very targeted fiscal stimulus for those who are still unemployed.”
“More than any other country, we need a strong infrastructure bill right now,” he said. “We have $2 trillion of deferred maintenance.”
Rubenstein asked the BlackRock boss if he’d consider leaving his job to become Fed chief, Treasury Secretary or another major policy job. Fink demurred, but he didn’t rule it out.
“I’ve committed to my employees and to my board and to my family already,” Fink said, “I’m staying in New York for the time being.”