Donald Trump on Housing Market

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This is a rush transcript from "Your World With Neil Cavuto," September 15, 2008. This copy may not be in its final form and may be updated.


DONALD TRUMP, CHAIRMAN & CEO, TRUMP HOTELS & CASINO RESORTS: But should the bank be helped because they made bad deals? Maybe they should suffer. Maybe that bank should go under. Maybe that bank should be taken over. I don't see how the government can help.


NEIL CAVUTO, HOST: And, maybe, had we had done that, we would not be in this mess we're in right now.

Donald Trump from his New York offices now with an update on something he told me almost a year ago.

Video: Watch Neil Cavuto's interview

Eerily prescient, Mr. Trump. Good to have you.

TRUMP: Well, hello, Neil.

CAVUTO: What do you make of this now, that, finally, the government says what you have said in that interview, the spigot stops? But the spigot had been running for a while.

TRUMP: Well, I think the government is doing the right thing. I mean, they really have worked hard. They have worked long.

It is a mess. It is a mess far greater than most people thought we would ever be in. And, if you remember, a year-and-a-half ago, you and I spoke, and I said that, you know, the world is going to be in for a very tough period of time.

SEC chairman: Investors should trust 'basic strength' of U.S. economy

The good news is that oil is coming way down. And that really is the lifeblood of all economies. And it is coming way, way down. And I think it's going to go a lot further. You know, I mentioned there are tankers all over the world right now loaded up with oil. They don't know what to do with it. They can't get rid of it.

They will end up environmentally dumping yet, OK, which I am sure the environmentalists will be very thrilled about. But, all over the world, you have tankers that are loaded up with oil. They don't know what to do with it.

So, it is a mess right now, but it's going to get better. I would say that, within a year or so, a lot of things are going to be changing for the better.

CAVUTO: All right, so, let me ask you this. You had argued that it would take a big financial house, let alone several others, in duress or going out of business to finally hit the New York City real estate bubble. Is this the bubble piercing?

TRUMP: Well, it certainly is not good when you have thousands of young, energetic, big-spending brokers looking for jobs right now, I mean, instead of looking for apartments. You know, in the old days, they would be looking for apartments. Today, they are looking for jobs.

So, that is not good news for the New York City real estate market. But the market is a very interesting market, and especially Manhattan. It's a small sliver between two rivers and an ocean. And, frankly, it is going to always be OK, at least. And it is doing quite well, but not certainly as well as it was doing a year-and-a-half or two years ago.

CAVUTO: Donald Trump, from the Trump Organization, thank you very much. Always good seeing you.

TRUMP: Thank you, Neil.

CAVUTO: All right.


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