Also in this playlist...
This transcript is automatically generated
Now as one and only Donald Trump this trump could shift one nice to see you -- them all right well these are trying economic times.
I guess the first question I have vast -- of four trillion dollar.
Budget that the president's -- put forward we just spent one point seven trillion another 410 billion omnibus bill.
Run the math is this sustainable.
Well you know the amazing -- shown is that I've never heard the word trillion I mean it was never trillions right for years we've been hearing deficits and budgets and everything else but never trillions now.
Boy you hearing history you see you tell me what do you think it's really animal that's.
It's out of whack well I I don't know how it's possibly sustainable you know even -- and they're projecting these Rosie case scenarios.
Why don't I believe that -- Donald Trump is doing a budget deal you're looking at the numbers there's no emotion attached to it.
And it the numbers work you do the deal numbers don't work you'll do the deal right.
But the thing is truly a little disconcerting charities you know get a deduction and mortgage interest in and allowed to deduct mortgage interest -- -- the worst housing crisis probably beyond 1929 you know I've been predicting depression for two years.
I get it on your radio show a while ago has said he's going to have a depression.
And I know that.
Instinctively because the banks with throwing money around like it was water.
And they were taking commissions on the money about one at 300000400.
Million dollars -- how about taking 600 million -- -- but I don't want 600 million gonna say -- taken anyway I don't like crazy you know then you're bad guy when you take it mean and you terrible but what they were doing is taking commissions out of that money.
-- I -- this and I would tell people like told a lot of your competitors I told you that I -- we're going into depression.
The only difference is they stuffed the money with banks and the banks on loaning money it's terrible but the banks are stuffed with money.
And the government had to do that because otherwise you would have had 1920 national average business so rooted.
In this socialist ideal because remember government actually force the banks to make the risky loans and they that's where we started Freddie and Fannie.
The community reinvestment act under Carter doubled down under Bill Clinton and the idea was that every American has a right to a home whether they can afford it or not.
And so we had this sub prime mortgage crisis it impacts Freddie Fannie financial institutions and banks doesn't was socialism no I.
I don't think so but don't forget you're talking about the Bush Administration which is a little hard -- -- talk about I don't know I don't know how hard at all I just like I wasn't a big fan of President Bush and I would is you know night I don't necessarily blame him I blame Wall Street I think it.
They took advantage of the system and some of them -- very bad when you look at what happened at Lehman Lehman Brothers was going crazy in the rose to well you could do -- deal without going to Lehman.
And look what happened at.
So you look at you know different things that took place on Wall Street and it was greed and was lots of different problems and other coming up with a plan that's very bad because Obama -- -- that's been very conservative and have a nice little house someplace in Iowa or wherever it may be and I have a small mortgage and have been paying my interest and the guy next -- pays huge numbers for house gets huge financing.
He's going to be taken care -- by the government but think the men that did it right man or woman that did it right -- is not being taken by taking care of by the government so.
It's a real problem very complex but the real problem.
Volatility of let's talk that you and I always get into this about bush versus -- let's look at Bush's numbers.
He fought two wars had a deal at 9/11 I'm not saying everything that George Bush did was right I didn't like Medicare prescription drugs.
But his deficit his debt was three point three trillion.
Barack Obama is the president thirty some odd days and it's going to be projected after four years about 9000000000003 point four trillion dollars.
And that's a substantial step up for a tripling of the national debt.
Is that going to work do you see his plan is working for the country.
Well I'm not defending anybody or fighting anybody at this point is it's too late to do it like to just kept me honest I -- I can hit it easier to undermine them and respond to my friends and -- so.
But the fact is that you know the war in Iraq and you -- I feel totally different I mean I think was horrible decision to go -- knocked -- the World Trade Center they had nothing to do with it.
Saddam Hussein would kill terrorists that we know terrorism I mean there was no terrorism and Iraqi would kill the terrorists and now it's a breeding ground it's like Harvard for terrorists are you and I differ on that we do it but.
Look at the economics of it I mean forget the most importantly is all the people -- died when both sides.
But look at the economics of it and we spent over a trillion dollars in Iraq.
And we're spending tremendous amounts of money in other places -- minutes at a certain point.
You know we're like you just countries like a huge company the biggest company of all time.
We don't have unlimited money we can't be the policeman of the world we can't win this some money and some foreign land we can't send 500000 soldiers over -- to take care of it.
We should protect ourselves we should be very by the way I'm more of -- hawk -- -- Don't think of me is being I don't know real word I'm -- I'm not a Delphi Mohawk -- -- -- most hawkish for a bottom hawk when you need to be hawk a really.
Vicious hawk when you need to be -- -- and there was no reason for us to have gone into Iraq -- and that really started the downfall of our economic cycle I really believe that you write that oh yeah I think the war was it is.
Behind them fair enough I think the redistribution of the belief that housing is a right.
Was the foundation of this because that's what the -- made the vandals but.
But -- battling and there's more than one reason is that there's a lot of reasons but if is this plan the wrong plan you Walter business guy.
I read the art of the deal many many years ago.
One of the things I go I took out of that book I never forgot was.
You always said always be prepared to walk away from the deal up until the last minute.
So we're signing off now one point three trillion last week 410 billion this week.
Billion as a down payment on nationalize health care should we be thinking about walking away from what Barack Obama's proposing.
Well absolutely I mean.
We're talking about numbers are staggering your grandchildren my grandchildren I just had only grandchild two days regulations a lot of people are going to be paying a big prize piece of wonder.
The entrepreneur in me says don't do anything.
You do have to stuff the banks because I mean they've done a terrible job but to have you need the banking system -- an online banking system -- nothing.
You shouldn't help General -- other than get financing let him go and let it work with a -- was out of work with -- all the unions because they need a lot of help.
And they'll work it out I don't think we should get -- the car industry at all but right you're actually saving the industry by doing it properly.
But I I just think that maybe we're a point where instead of spending all this money we should save money we should maybe go with tax decreases because you know.
A friend of mine was just tell me that years ago under Ronald Reagan he got his huge.
Check didn't understand it was to say we think get a salary could she all of a sudden got a lot more money in his check.
And it was the big tax decrease and he went out he spent the money and the economy was fantastic and did great under Ronald Reagan.
An integrated -- Bill Clinton in all fairness I study Reagan.
He dropped the top marginal rates from seven to 28%.
Number inflation was 21 for site point one and a half price inflation out of control.
We just lost ten million new jobs frankly on the numbers were worse than today.
And he created 21 million new jobs doubled revenues to the government when the marginal rates went from seven to 20% the Obama plan.
It's gonna go from 35 to 39 point six any lets the bush bush tax cuts -- well and also a lot of deductions like for charity it's an amazing you know charities have been Harrison -- if you look at what happened -- -- what the numbers the billions of dollars at this -- took away from charities and now.
You're not getting it charitable deduction a lot of people aren't going to be able to give to charity you know made up.
I met him a couple of times in Palm Beach, Florida should they ask you money.
Well he -- what are you invest in me.
And I was just that well so the simplest and I can lose my own money I don't know who's going to bed and by the way everybody in Palm Beach like they thought he was that you said -- investor money they go.
Madoff you know like I went to Harvard and I went and made off like the biggest thing but he was a disaster so you are convinced this is going to be a depression.
No but I think it's going to get worse it wouldn't be it depression right now if we didn't stuff the banks now the problem is the banks on loaning them money China Michael I don't want to build the project to go to a bank going to have great ratings -- great everything right.
I want to build I need 56700.
Million dollars to build a great building in Manhattan.
Zero chance of anybody not -- of anybody getting money.
So the banks are being given money by the government but the banks aren't loaning them money -- so they have.
Because they're afraid.
Because they're trying to repair their balance sheets I mean basically they're using that money to repair past deals you know -- it power and Ronald Reagan we do agree.
Ronald Reagan -- pose the greatest collector like Ronald Reagan that would be a problem for me on the show is that right that would be a problem that brought Juarez I thought it was great I thought it was -- -- got to the apprentice.
I'd I'd love to show.
And I think you enjoyed look at it people get tough and say you're fired its what now -- -- here it's right eight season and it's been a fantastic success and has great ratings success it goes on Sunday night on NBC.
We've Joan Rivers we have Dennis Rodman Clint black children dice clay who dice clay yeah he's a total wild man and it's going to be great success I mean it's already predicted to be very high in the ratings.
Listen he loved doing that stuff I do I love it I have a great front and actually started with a premise and the apprentice became the number one show on television right.
And you know they -- we do when your country can figure trump would be wonder what is in fact it was one person sent.
Why would women want to watch Donald Trump and if you don't have a big woman noticed what turned -- the women -- Everett says very happy about them both it's been a great success we're having a lot of fun and I actually enjoy doing celebrity apprentice even more why.
Because I'm dealing with people that have watched over 25 years whether it's Joan Rivers or somebody else Dennis Rodman who's a total mess but he's a good guy actually and he's an unbelievable character on the show and I'm dealing with people that I've watched over years and years and now it's imminent.
I think probably the public likes it even better to and you see by the ratings in the public loves it because they -- of these characters and now they really seem exposed.
Some -- which is you gonna bring the best and worst out of it he just sees it is very interesting to see what happens.
Our last question because people look at Donald Trump financial genius wonder guy saw a lot of success you've had -- setbacks at times but you always bounce back.
What do you say it is.
You know the person that's live and in that house the middle America that struggle in the -- that taxes go up.
Jobs being lost around them what advice he gave them about -- they lost him there they -- that was a tough thing.
I just say this if you want to buy a house this is a great time even if you don't have much money you go to a bank.
Only do banks because they have thousands of houses that don't want.
The houses of being ripped off by the security people that they hired her watch them okay all of a sudden the refrigerator is -- the security guys as I don't know what happened but you know yes so it's a terrible thing.
You go to the banks they don't want these houses and you make a deal -- long term mortgage get a great price and house get virtually 100% financing.
The banks will make you a deal has the greatest time in history might even if you don't have money.
So go to the bank.
Make a deal with a bank a low price and it would want to chat last question I watched a Neil Cavuto.
And you said when you get when oil was of 140 dollars a barrel he said it was going down a point he got pretty close right -- like it may still.
But the biggest problem I had shown is that no matter what happens no matter how well we -- As soon as we get well OPEC will -- guts out of us again because OPEC raises threat what should be a 41 it's 41 today -- -- should -- 41 today it should be appointed in my prediction is right.
But you have an illegal monopoly.
If you what I have stores and we get together we set prices we -- go to jail term UI and everybody else these guys get around they sit around a table wherever the hell the table is.
And they said oil prices now.
Wendy -- and I would save as well as economy getting better.
It can't get better until you destroy OPEC because OPEC will take it gets out of the dishonest things start going to look what happens interest rates go down oil goes up.
Interest rates go down again oil goes up again when it should be a 41 why does every environmentalist every Democrat including a new president.
We have more oil resources here in this country oil shale and more offshore.
We can't drill we can't build refineries we can't build nuclear facilities ridiculous it's ridiculous we need nuclear we needed now what's the strongest global and we need it now we have to do if you look at a country I'm not a big fan of France there.
But look at them I -- 80% this stuff with the new year and even -- -- dollars I mean it's the greatest thing it's the more it's much more powerful than oil it's it.
They have great safeguards now and obviously you need to safeguards.
But you have to open it up.
But more importantly you have to do something about OPEC because it would be talking about -- in for another ten years you have to do something about -- because as soon as this economy starts to get better.
OPEC will excuse me screw us again -- -- no doubt about it foul -- thanks to do what I appreciate it trichet thank you.
Filter by section