Stephen Schwarzman On Bloomberg Television (BX)

Stephen Schwarzman, founder of Blackstone Group LP

, talks about the U.S. economy, housing and foreclosures. Schwarzman spoke yesterday with Bloomberg's Margaret Brennan in an exclusive interview at UBS AG's Wealth Management Roundtable. View the video

. Highlights can be found below, courtesy of Bloomberg Television.

“I think as you look at the elements of stimulating the economy, you're out of fiscal tricks. An idea of a $15 billion stimulus on a @14 trillion dollar economy is really pretty much lost. That leaves you with monetary solutions but interest rates are already so low, it's unclear to me, and I'm not an economist, it's not an enormous incentive to do something different with your businesses because rates are down a few business points. Money is already quite cheap.”

“You basically got debt generally in an over leveraged society that is a drag on economic recovery. My friends, who run the large financial institutions, with big credit card portfolios and other consumer debt, are already seeing that the default rates have come down significantly and the consumer is working through that. In the housing markets, you've got some special problems. You've got over a year's worth of inventory of unsold houses let alone houses that will foreclosed. So it's going to take several years to really work through that. It's hard to imagine a robust recover until those units are actually absorbed.” “I don't know enough to predict the number of years but I wouldn't be getting excited about how much my house is going to be worth over the next year.”