This is a partial transcript from Your World with Neil Cavuto, July 29, 2002, that was edited for clarity. Click here for complete access to all of Neil Cavuto's CEO interviews.
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NEIL CAVUTO, HOST: Our next guest thinks that the market may soon have its mojo back. More from our wide-ranging interview with real estate mogul Donald Trump. Take a look and a listen.
DONALD TRUMP, PRESIDENT, TRUMP ORGANIZATION: I happen to think this is a great time to invest in the market. And I think stocks are very low, and I think now, they may go a little bit lower, but I think this is a great time to invest.
If people don't invest, in a year from now or two years from now, they are going to say, "I can't believe I did not invest back then," which is right now. As far as real estate is concerned, I've never seen a better real estate market for the sale of condos or houses. I own a lot of property in Westchester. I own a lot of property in Manhattan. I have one building where, last week, a big development on the West Side, Trump Place, we sold 26 units in one week. I have never seen a market like this for the sale of real estate.
CAVUTO: Almost too hot though.
TRUMP: Well, I don't know. What is happening is the interest rates are so low, which is such a good thing. I mean, Alan Greenspan I think has done a good job, and I think interest rates might even go lower because the real estate market ultimately is the biggest engine in the United States. You know, if you add up all of the buildings, not just the big ones, but all of them, it is probably the biggest industry, housing. And, ultimately, the real estates markets I think are doing, you know, amazingly well because of the interest rate.
CAVUTO: But you must worry it has been going a long time.
TRUMP: Well, the office market is not great. The hotel market is terrible. Even the rental of apartments in New York City and elsewhere, as you know, is not great. It is probably lukewarm at best and maybe less than that.
But the sale of units, the sale of apartments and the sale of houses has been unbelievable. And that is because of the interest rate and because people are tired of getting wiped out. They would buy something, it's brick and mortar, it's hard, it's beautiful. They have a house. Maybe they buy a little bit bigger house or they fix their house and add some bedrooms and create some value. And they can see it and they can touch it and they can smell it, you know, which sucks. I mean, I'm saying maybe this is a good time to get into the market, but still it is just sort of like a piece of paper. You have a certificate. Gee whiz. There is something awfully nice about owning a house.
CAVUTO: Finally, the president? The Democrats have been saying he has been very slow to respond to this crisis. What do you say?
TRUMP: Well, I think he is really working hard. I have been watching him, and I think he is doing a very good job. I think he's, you know, he's right on. Look, he has to a certain extent inherited something. It's not like he has been here for the last 25 years.
CAVUTO: If you'd become president, would you have done anything differently?
TRUMP: Look, he is doing a wonderful job. He is surrounded by some very talented people and it is all going to work out.
CAVUTO: Does it hurt, though, that here he was branded the first MBA president, businessman in the White House. Perversely, does that hurt?
TRUMP: Well, it's a little surprising because it does say that we do not do quite as well under the Republicans and we should be doing better than the Republican in theory than the Democrats. But I think he is doing a very good job, and I think he will continue to do a very good job. He is going to end up being a very good president.
CAVUTO: Are you going to ever run for president?
TRUMP: No, I don't think so. I mean, people wanted me to two years ago. And I loved the idea. You know, it was so much fun. But in the end, you know, I might get nice poll ratings and nice everything. But in the end, I love building buildings. I just like what I am doing.
CAVUTO: If you were to run for president, do you think it would be necessary for you to be married?
TRUMP: I probably do not think so. If you would have said that 15 years ago, the answer would be yes. Probably, you would not have to be married today. Look, the institution of marriage is great. I am a big believer in marriage. I think when you get it right, there is nothing better. But you have to get it right.
CAVUTO: President Trump would be fun to follow, wouldn't it?
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