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Donald Trump's Take on Obama's Jobs Summit

This is a rush transcript from "Your World With Neil Cavuto," December 3, 2009. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: Now to another classy guy joining us, Donald Trump on the phone. Donald, what do you make of these kind of powwows? Do they do anything?

DONALD TRUMP, CHAIRMAN & CEO, TRUMP HOTELS & CASINO RESORTS: I personally don't think so.

I mean, the economy is the economy. We have to get it going. The banks have to lend money. I mean, to sit around and discuss jobs is not, by and of itself, going to do very much, Neil.

CAVUTO: But, you know, you're also very good at PR and image and marketing and all of that stuff, Donald.

TRUMP: I am? I didn't know that.

CAVUTO: Well, I think you are. And I think that one of things the president might get out of this is saying, look, I'm not aloof. I'm not out of touch. I'm trying to do my darndest to deal with this job situation, so bear with me.

What do you make of that?

TRUMP: Well, I think he is trying. I think he is trying very hard.

But lots of things have to come into place. I mean, we have loaned banks billions and billions, in terms of the country, of dollars. And the banks are not putting money out. And if the banks don't put the money out, there's going to be very little happening in terms of economic development and jobs.

So, it's — I think he is trying very hard on a lot of different fronts, but they're not getting there.

CAVUTO: So, you still argue there is very much a credit freeze going on, don't you?

TRUMP: Oh, totally. There's no doubt about that. In fact, everybody I speak to says it.

I watch your show and other shows, and everybody will say that. Then, every once in awhile, you will get a banker talking about how much money they're lending, but it is not true.

CAVUTO: So what do you think —

TRUMP: The banks are not loaning money.

CAVUTO: I understand. But when the administration is saying, we can force the issue, we can demand these banks lend, especially those we have given money to, what do you say?

TRUMP: Well, I think they maybe should say that, because the banks are not loaning money.

And if have a great job that is going to produce many jobs, those banks are just not going to be participating. And without that, you don't have construction. You don't have — I'm not just talking about real estate. I'm talking about other businesses also.

I have friends in other very good businesses. They can't borrow money from banks. Their lines of credit have been, you know, terminated. So, it is a problem. Now, I think it's going to come back of its own volition. I think, eventually, it's going to come back. And that is when the economy is going to come back, Neil. But it won't come back before that.

CAVUTO: And when would that be? What is your best guess?

TRUMP: Well...

CAVUTO: Because a lot of people say commercial real estate is the next shoe to drop.

TRUMP: Well, I think it has been dropping.

CAVUTO: Yes.

TRUMP: And it has been dropping fairly rapidly. I don't think it's going to be the problem that people think. The banks are tending to be very smart.

They're rolling over their loans in those cases, because they don't want to take over a development, or they don't want to take over a building, or they don't want to take over whatever it is they are looking at. So the banks — actually, the banks that have already put up the money, those banks — and there are plenty of them — are working with developers and others to roll over their loans. So, that is a good thing.

CAVUTO: If there is one thing this president could do right now, Donald, what would it be?

TRUMP: Force the banks to loan money. It's very simple. The banks have to loan money.

You have people that can't buy apartments because they can't get a mortgage. The banks have to loan money. And if they could do one thing, if they can wave the wand, the banks have to go out there and loan money, more important than anything else.

CAVUTO: Donald Trump, always a pleasure, my friend. Thank you very, very much.

TRUMP: Thank you, Neil.

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