Trump: 'All talk, no action' from the president

The Donald reacts to Obama's economic speech


This is a rush transcript from "Your World," July 24, 2013. This copy may not be in its final form and may be updated.

STUART VARNEY, GUEST HOST: The president's economic pitch today.


PRESIDENT BARACK OBAMA: That is why America has to make the investments necessary to promote long-term growth and shared prosperity, rebuilding our manufacturing base, educating our work force, upgrading our transportation system, upgrading our information networks.



VARNEY: Well, sounding a lot like his old pitches?


OBAMA, 2009: New investments in education that will make our work force more skilled and competitive.

OBAMA, 2013: We need to invest in high-tech manufacturing centers.

OBAMA, 2009: New investments in renewable energy and technology that will create new jobs and new industries.

OBAMA, 2011: Laying down faster railroads and broadband, modernizing our schools.

OBAMA, 2005: If we committed ourselves to intensifying in these possibilities, just imagine what it could do.


VARNEY: Now to pitch man extraordinaire Donald Trump.

All right, Donald, maybe the problem is not the president's pitch, but his product. What say you?

DONALD TRUMP, CHAIRMAN & CEO, TRUMP HOTELS & CASINO RESORTS: Well, it's very sad because it's all talk, no action.

You know the expression all talk and no action. This is a case of it. This has been going on for years. I have been hearing the same speeches for years. This was a really long one.

VARNEY: And it seemed like it was very, very similar, as you just heard there, to speeches that he's made in the past. In fact, he made a very similar speech in 2005 in exactly the same place. People are saying there is nothing new here, certainly not today.

TRUMP: Well, you could have actually turned on a tape recorder in old-fashioned words and just sort of repeated it, because that's what I understand.

And the other thing is the length of the speech. We don't need speeches. We need action. We need people that are going to get the Republicans together and the Democrats together and everybody sit down and lock the door and get something done, because the country is really wandering and other people are eating our lunch. Other countries are taking just advantage of us like never before.

We really have to get action here. And that speech was so long. I just read parts of it. It goes on for pages and pages. I have no idea how long it lasted in terms of minutes, but it was a seriously long speech.

VARNEY: He said several times, twice, I believe, he used the expression fake scandals, referring no doubt to IRS, to Benghazi and other scandals, fake, phony. He used those words. What is your reaction to that kind of harsh language?

TRUMP: Well, they don't seem to be fake. And a lot of people don't think they are fake. It's a rough statement to make when you say that, because everybody knows what is going on in Washington and they're seeing what is going.

Doesn't seem to be fake, but that is not my scene. I just wouldn't know. It's a rough statement to make though I think in light everything that has come out.

VARNEY: At the end of the day, you don't particularly care for the product we have got here in America. Do you think the president is likely at all to change course?

TRUMP: Well, he is going to have to change course if we're going to get this country going again, if we are going to get it working again.

The country is not working and the people in the country, many of them, are not working. That is both by their choice and actually by his choice. There is a lot of incentives not to work, because you can do better sometimes if you don't work than if you do.

And we're going to have to change the incentives in this country to get people back to work and to get people wanting to work again, because a lot of them just don't want to work. They do better if they don't work.

VARNEY: I have to ask you about New York. It's your hometown. How would you feel in the future referring to Your Honor if we had to refer to Mayor Anthony Weiner? Any comment?

TRUMP: Well, he is a very sick guy, Stuart. He has got a lot of problems.

I sort of predicted this because I once heard a long time ago a psychiatrist, when you have this problem, I hear 100 percent of the time it doesn't go away, when you have these kinds have deviant problems. He is a deviant. He has got a real, real sickness. You have to understand -- and I see polls are going to start coming out which should reflect it, but you never know.

It's a little embarrassment to -- it's a big embarrassment to New York City. But the fact is that he made these last texts -- which were terrible if you read them, I read in The New York Post, which is owned by a great man named Rupert Murdoch.


VARNEY: Right.

TRUMP: But I read in The New York Post the actual language that he used. It's terrible. The disgusting.

And he made this after he apologized and after he resigned, not long ago. This was done relatively recently.

VARNEY: You think he should just get out of race, Donald?

TRUMP: Well, he is a very sick puppy. He has got a real problem.

Obviously -- you don't know. It was shocking to see that he was doing reasonably well in the polls last time, but this is now after the apology. He gets up in front of the world and he apologizes and says it won't happen again. It happened again. You know what? New York has enough problems without this.

VARNEY: But do you think there is a remote chance that he could still win?

TRUMP: Well, I would have to see the current polls. The last poll, certainly, you could say that. He was in first or second place in virtually all of them, which was shocking to a lot of people, and especially to people -- I have known him over the years and he is a bad guy. I have known him for a long time. He is a bad guy and he would have done a terrible job.


VARNEY: When you say a bad guy, define that, other than the sexting.

TRUMP: Well, he is a screamer and a shouter. He is not nice to people. His staff can't stand him. Lots of people that know him can't stand him.

You see that. When he got himself into trouble, he had nobody that came to his defense, actually until recently his wife, which is nice that his wife -- I wonder how long that is going to last. But he had nobody that came to his defense.

Usually, when guys get in trouble, they have somebody, there is somebody that comes to his defense. He had, from the president all the way on down, he ought to get out of office, he ought to resign, et cetera, et cetera. He had nobody helping him and nobody defending him and actually going out of their way to go get him. He is guy that is a bad person, a bad way about him, and people don't like him. That is aside from his sickness, but he has got a real sickness.

VARNEY: All right, Donald Trump, thank you. As always, thanks, Donald.

TRUMP: Thank you, Stuart.

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