The interview began with the now perfunctory admissions of guilt and regret about cheating on Maria Shriver with their live-in housekeeper, but things didn't get interesting until Schwarzenegger and Stewart started dissecting the broke(n) state of California.
The good news? The Golden State is a "perfect symbol." The bad news is that California is a perfect symbol of everything that's wrong with the United States.
"They make it so you can't raise taxes but the people can also vote on what they want," said Stewart on California's ballot proposition system. "So it's the perfect symbol for the difficulties we have in the country of getting the services we want while convincing people that they do have to pay for it."
Schwarzenegger then tore into California's legislature for trapping the state in a pension agreement that has resulted in $400 billion of unfunded liabilities. Because of the state's commitment to pension payments, said Schwarzenegger, money has to be re-routed from investments like education and infrastructure.
"It's kind of like you're living in the past, taking care of things in the past, rather than looking to the future to start building more roads and more schools," explained Schwarzenegger.
"This was something done by the legislature, not the people," Schwarzenegger continued.
Watch part two of the interview, where Stewart gets distracted by something shiny on Schwarzenegger's hand.
In part three of the interview, Schwarzenegger explains why he's not a Democrat.
Related on HuffPost: Pictures of vintage Arnold Schwarzenegger
Bodybuilder and actor Arnold Schwarzenegger is shown in 1975. Schwarzenegger became the youngest man to win the Mr. Universe title, bodybuilding's top amateur prize, at age 20, and won the crown four more times. He won the professional title, Mr. Olympia, in 1969. (AP Photo)
Arnold Schwarzenegger takes a ballet lesson from dancer Marianne Claire during filming of "Pumping Iron," a documentary film about bodybuilding, in New York City, Monday, Oct. 4, 1976. Schwarzenegger is a six-time Mr. Olympia, a title he held until 1975. (AP Photo)
A picture of Arnold Schwarzenegger taken May 19, 1977 during the 38th Cannes film festival. (AFP/Getty Images)
A picture of Arnold Schwarzenegger taken May 19, 1977 at the 38th Cannes film festival. (AFP/Getty Images)
Arnold Schwarzenegger poses with the Golden Globe awarded to him for his documentary feature "Pumping Iron," on January 29, 1977, in Hollywood, California. (AP Photo)
Actor and body builder Arnold Schwarzenegger is seen with Sandahl Bergman, his co-star in the movie "Conan the Barbarian," in Los Angeles, May 5, 1982. (AP Photo/Lennox McLendon)
Arnold Schwarzenegger in the role as Conan holding a sword in a scene of a new Conan episode in "Conan the Destroyer" 1984. Singer, actress Grace Jones plays the role of the amazone Zula. (AP Photo/HO)
Maria Shriver and Arnold Schwarzenegger are all smiles as they pose outside St. Francis Xavier Church, in Hyannis, Mass., after they were married in a pre-noon ceremony, on April 26, 1986. (AP Photo/David Tenenbaum)
Hollywood action star Arnold Schwarzenegger sports the uniform of a Soviet militia man as he visits Moscow's Red Square, on February 9, 1988. Schwarzenegger was in the Soviet Union to film segments of his recent motion picture "Red Heat." (AP)
Bodybuilder-turned-actor Arnold Schwarzenegger puffs on a cigar prior to the start of his "roast" by the Friars Club, in Beverly Hills, Calif., on March 30, 1988. (AP Photo/Ira Mark Gostin)
Hollywood action stars Arnold Schwarzenegger and Bruce Willis, right, imprint their hands in cement during the opening ceremony of the Planet Hollywood restaurant at London's Piccadilly Circus, May 17, 1993. (AP Photo/Albert Ferreira)