NEIL CAVUTO, HOST OF “YOUR WORLD”: Well, there’s a reason why they call them volatile markets -- 9:32 a.m., the market open just two minutes, and the Dow was up 171 points.
By 10 a.m., it’s down 80, two hours later, careening 250 points, less an hour after that, up 157 -- a 400-point swing and it’s barely lunch, and by day’s end, ahead 60 points. Man, oh, man, oh, man.
Welcome, everybody. So glad to have you.
Well, we survived, I think. Welcome, everyone. I’m Neil Cavuto.
And here’s all you need to know about how bummed we all are. Give us news that’s not worse than expected and we will take it and investors will run with it, like 117,000 more jobs popping up last month. Sure, 25 months interest a recovery, you know, they -- they really be triple that, but have you seen all the other numbers?
Factory orders plunging. Retail sales stumbling. Consumer confidence cascading. What’s that line? Take what you can get. And through a nearly 500-point whipsawing that would do Sybil proud, the market traders make a rally out of it, the Dow finishing up on the day, but off on the week about 6 percent, about 700 points, and still well into correction territory and not all that far from bear market territory.
So, no wonder why Donald Trump ain’t exactly doing a jig.
He joins me on the phone right now.
Donald, this was hardly a convincing rally, I guess a calming one. But what do you make of it?
DONALD TRUMP, CHAIRMAN & CEO, TRUMP HOTELS & CASINO RESORTS: Well, I think, basically, Neil, nobody knows what’s happening.
I have never seen volatility like that. It’s got to be some kind of a record. I say, how are we doing? They’re down 250. They’re up 150. They’re up 250. I don’t think any – I’ve never seen anything like it. So, basically, I think people are saying they don’t know what is happening.
CAVUTO: You have also said, Donald, it’s a crisis of leadership not just here but kind of everywhere. Explain that.
TRUMP: Well, I think we’re leading it, but that’s the only thing we are leading in. We have a tremendous crisis in leadership. There’s no confidence in our leadership.
And it’s going to have to change or this country just will not be great again, Neil. We are going through a tremendous crisis. And I think it all begins with the crisis in leadership.
CAVUTO: You are not a fan of how the president’s handling this, are you?
TRUMP: Well, I don’t think anyone can be. Who could be? I haven’t heard anybody -- even his biggest allies are not fans so much anymore, and I actually wouldn’t be that surprised if you saw a nice liberal move to run against him in the primaries. I would not be at all surprised if someone on the liberal side of things, on the liberal side of the world decided to run against him.
I mean, think of it from their standpoint. It doesn’t happen to be my persuasion, but think of it. He has got us in these wars. He stayed in them. He was going to get us out right away. And we’re in there worse than we ever were. Just from that one element, if I’m a liberal, I’m saying, let’s run against this guy in a primary.
CAVUTO: Well, it wasn’t so crazy. I mean I heard a number of Democrats quietly telling me that when I was in Washington this week.
But, Donald, to the bigger point -- and this is where the president’s defenders try to come in -- this is bigger than the president, bigger than this country. What’s going on worldwide has the smell and feel of maybe what happened in 2008, that we could be not melting down necessarily, but certainly slowing down, maybe to another recession. What do you think?
TRUMP: Well, I think that could happen but to a large extent we lead the world. We’re still believe it or not the big power.
We probably won’t be after ‘16. They are saying in ‘16 China will eclipse us, which if you said that 10 years ago or five years ago, it would have been unthinkable, but they’re saying in 2016 China will eclipse us as the great economic power. That’s a very, very – that’ll be a very sad day if that happens and there’s no reason for it to happen.
We are still, however, right now, the big, we should be the big leader, and we are just not.
CAVUTO: In the meantime, where do people put money, though? Today, unlike yesterday, it was a little bit in stocks, but hardly convincingly. Most sectors were down and down a lot. It certainly wasn’t in treasury securities. It wasn’t in droves in metals. Are they just stuffing it under their mattress? Or what are they doing?
TRUMP: Well, I can only speak for myself. We’ve done very well over the last number years and I what I am doing is buying lots of real estate. We’ve been buying a lot of real estate.
So, in terms of a dollar devaluation, in terms of other things that happen, there’s nothing like real estate and I’m getting it for great pricing. So I like real estate. That has been my basic stalwart and that’s what I like.
CAVUTO: Where are you buying, Donald? Where are you buying?
(CROSSTALK) TRUMP: I like land. I like lots of devalued assets that are really well-located.
CAVUTO: Where? Where? Where?
TRUMP: And I’m spending a lot of money and buying a lot of things having to do with real estate.
CAVUTO: OK. I’m sorry. Where, Donald? In the New York area, everywhere, Florida?
TRUMP: All over, Washington, D.C., Virginia. I bought 1,000 acres, a great winery that cost $150 million to build. I bought it for a tiny fraction of that, an incredible winery, the Kluge winery, many other things, golf clubs.
I love golf clubs, if they’re really great clubs, in great locations, because in addition to the income, you also -- I make them successful. I fix them. I have fun with it and they become successful. But I also have, you know, thousands of acres of land, so I like that kind of asset.
So I’ve been buying them in great states where you have good governments, where you have people flocking to those states. And there are those around.
CAVUTO: You have never bought miniature golf courses, though, have you? You’re not big into putt-putt.
TRUMP: No. I’m not into the world of miniature golf, but I have great courses.
CAVUTO: Yes. OK.
TRUMP: And it’s been a very good business for me.
But I love the idea of buying essentially income-producing land.