have a great weekend. good night. >> this show has never been solely about investments. we talked about anything that affected people and their money. the new "wall street week." anthony: welcome to "wall street week." i'm anthony scaramucci. liz: i'm liz claman. the 016 presidential election has hit the home stretch with the candidate squaring off in

the most watched debate in history. anthony: joining us is former ubs banking president robert wolf. he served on three economic councils for the administration. monday the economy was the major focus. let's take a quick listen to what donald trump said. >> we have the worst revival an economy since the great depression. and believe me we are in a bubble. the only they can that looks good is the stock market. but if you raise interest rates even a little bit, that will come crashing crown. we are in a big, fat ugly anthony: robert wolf does a lot bubble. anthony: mr. trump suggesting we of work with presidentr are in a bubble. do you think we are in a bubble? >> i don't. presidenpresident -- withpresid. the housing market has come off what's it likes to work with the a little and prices are off in president. some areas 20 to 30%. >> no matter whether republican or democrat, pinch yourself. the stock market feels a little when you are sitting in the oval office talking about the economy. it's not partisan.

soft but i wouldn't say we are you are around ceos and in a bubble. economists who care about one thing. the monetary policies concern me. how do we get jobs back and wages back. i'm glad we are going to have a i stay in my sandbox. discussion on where the fiscal politics should be. i don't get involved with the healthcare or foreign policy. liz: it seems his comments were targeted toward janet yellen and i always stayed in my economic advisory. the federal reserve. anthony: you were friends with we have had people say there is the president when he was a junk bond bubble and people senator obama. has your relationship changed worried about other types of due to the fact he's president. bubbles. the inflation of a bubble is not >> it's obviously changed. what you hear about. but we have also known each it's when it pops, it's loud. other a lot longer. do you anticipate anything from these extremely low rates. i can't call him barack, though >> if we continue on a zero rate i slip once in a while. environment, then yes people i have to make sure i separate when we are playing golf or will be chasing yields and i can doing something personal and see like today people think it's when you are acting and an adviser. a little high, the stock market what i have learned. and some of the various bond markets. always give your best idea and but people don't want to park never care if they use them or not. their money under their beds. your goal is to make sure if one so they put it toward risk assets. idea makes sense, be glad you that's not surprising. helped him.

i never worry about whether they but we are not where we were in use my things or not. '07-'08 when the leverage in the anthony: have you had a tough conversation with him where you system at the banks, at the say you are going left and you home, credit cards were skyrocketing. should be going right? we are not in a regions system as much. >> when they were the "wall we are still a consumer-based country but we are not as street journal" articles, i'm leveraged as we once were. running a firm in 49 states and a lot of them aren't loving them. >> we are no longer in a crisis. and 33 countries, and a lot of yet it's 9 or 8 years at the fed them aren't loving him, it was hard. with a near zero interest rate policy in place. and we talked about it. but i did what i thought was what will it take for them to get off of that. best for ubs and the business. and what's in the minds of these but during the campaign situation -- guys in terms of making the decision stay with they are? anthony: do you beat him at golf? >> i was supportive of qe1 and >> i'm not that great a golfer. qe2. he improved his game big time. i think europe is completely behind the 8-ball. liz: when the history books are written and you are talking i think they should have been about businesses and how easing early on which is why our president obama view offed the banks are firm and strong and theirs are struggling. business world. with respect to next steps, i people-hear the comment he once made, you did not create those

was not for them doing a fed jobs. that will not ring well with hike rate even though i don't think we should be sat zero rates. it doesn't make a lot of sense. people who put sweat equity into wages were still slow, gdp was starbucks or home depot or some up and coming coffee chain that struggling along. we haven't heard yet. but the last, you know, the last >> i think when you are on the annual report we got, wages went campaign trail there is a lot of populace rhetoric that gets said. up, poverty went down, it looks when you are being quoted 247 like gdp will struggle 1.5 to you may look to -- when you are 2%. we are at the point where we quoted 24/7 you may look to take could look to possibly rise. things back. i would not be surprised if but you don't see all the there is a december ride. positive stuff he's saying about i wouldn't do december because i business like poverty coming wouldn't do a christmas season down, wages going up. where there could be extra volatility. there is a lot of good things happening. i would wait until next year and i try to ignore the rhetoric. do it two or three times next i try to say what are the year. actions being taken. that's why i like the it could be that bad for the infrastructure. economy, but the economy has so public-private partnerships. we need to get people working many different elements to it, taxes, regulations, things that together so we can build this country back again. would help spur both if we eliminated certain pantsr parts when you hear somebody answer

of those two things. the phone, it's him. hillary clinton attacked donald anthony: omega vice chairman, trump on a couple of those issues. let's listen to that then we'll have you react. steve goodhorn, you won't want >> your plans would add $5 to miss that interview. trillion to the debt. what i proposed would cut regulations and streamline them for small businesses. what i would propose would be paid for by raising taxes on the wealthy because they have made all the gains in the economy, the pursuit of healthier. and i think it's time that the it begins from the second we're born. wealthy and corporations paid because, healthier doesn't happen all by itself. their fair shares. it needs to be earned every day. liz: the wealthy and the wealthy corporations. using wellness to keep away illness. let's take the wealthy and believing a single life can be made better by individuals who have great wealth in this nation. millions of others. are they not paying their fair as a health services and innovation company share? optum powers modern healthcare by connecting >> wealthy, the sca anthony every part of it. so while the world keeps searching for healthier we're here to make healthier happen. scaramucci.

i finds it surprising republicans who are normally fiscal hawks have any support to his plan. his plan today, when you think about deportation, his plan adds $4 trillion to $5 trillion in deficit and we'll lose jobs that way. i think his plan -- i would agree with the secretary on that. it's not a disciplined plan. it's a lot of spending. on the flip side. there is no question since the recession of 2011-2008, that upper 1% has done better than the rest of the economy mainly because the stock market has done well and the housing has come back. i'm not surprised we have no more monetary policy to use. on fiscal policy we'll have to do some spending on infrastructure and education. where is the money going to come from. i'm not surprised they are tagging the upper ends to i

wouldn't say pay their fair share. but to pay out and help during this time. i think that's okay. if i have to help out to get the middle class vibrant i know we'll get it back. i'm optimistic that way. anthony: you were there in the room where it happened the september weekend of the lehman bankruptcy. we have seen the news reports on the boiche bank and the situation there. do you think we have another lehman-like crisis with deutsche bank? >> i don't. it's incredible what deutsche is going through. this obviously all these questions from investors whether they have been pricing their balance sheet right. leverage where they make their money. then along with a lot of banks in europe. the second part is with the department of justice overhang in the billions of dollars and

there is a question whether they have capital, if they get a bad verdict. so the largest bank in europe struggling is obviously a concern. the reason i don't think it con stay june will go around the globe is because u.s. banks are in firm setting. they have deleverred from 50-55 times. most of them are 15 times. their tier-1 ratio is up higher >> no wonder he doesn't like talking about his plan. in double digits. their risk capital is high. i love talking about mine. john: she sure does. the banks have a revenue problem, but i don't think there she wants to put us bet deeper is a contagion problem if something happens to europe. we talked about what we needed in debt. to do. but trump loves to talk about his. i believe in dad-frank and a resolution authority and living >> build a great border call. wills. john: then they pretend to have all those goods were good. with you when an angela merkel a plan to pay for their schemes. says that, you know, if deutsche >> we are going to make these is going to go down, she is not investments and pay for everyone of them. going to bail out.

we have never seen that happen. this whole too big to fail question is a major question. i was in the room during the obama time when they were looking at places like citi and do they nationalize or not nationalize it's easy to say don't bail out. but you don't know what happens day two. i'm concerned about deutsche. i know a lot of the people there. i hope they can resolve the department of justice stuff and start making money there. elizabeth: we have much more ahead. we have some to discuss wells fargo and your company 32 advisers. >> announcer: you have broken a long-standing law and defraud your customers. how can you you rebuild trust? >> announcer: does robert think the wells fargo ceo can keep his job? at old dominion, we see freight...

...as a combination of products and customers. every on-time arrival is backed by thousands of od employees, ...who make sure the millions of products we ship arrive without damages. because od employees treat customer service... ...like our most important delivery. od. helping the world keep promises. with toothpaste or plain water.an their dentures and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture, and that bacteria multiplies very rapidly. that's why dentists recommend cleaning with polident everyday. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing bacteria.

for a cleaner, fresher, brighter denture every day. i'm jamie foxx for verizon. in the nation's largest independent study by rootmetrics, again, verizon is the number one network. hi, i'm jamie foxx for sprint. and i'm jamie foxx for t-mobile. (both) and we're just as good. really? only verizon was ranked number one nationally in data, reliability, text and call and speed. yeah. and you're gonna fist pump to that? get out of my sight. (announcer vo) unlimited isn't a good deal if it's on a cutrate network. switch now and get our best deal. 20 gigs and four lines for only 160. all on america's best network. very gently release the clutch. -okay that was too fast. so is managing your credit. get experian creditworks basic for free today and you can start getting better. you'll get access to your experian credit report and customer service experts to help answer your questions. so you can learn to be better. good job. start building your credit skills today for free.

visit experian.com/free right now. experian®. be better at credit.

>> you clearly failed in your own ethical standards ethically. your company has broken long standing ethical standards standards you have within your country. this has nothing to do with dodd-frank or anything else. you have broken longstanding law and defrauded your customers. how can you rebuild trust? liz: wells fargo ceo john stumpf facing blistering questioning on capitol hill after his bank was busted for opening 2 million unauthorized accounts.

the class action has piled up and the scandal wiped out $20 million from the firm's market value. the big question is can john stumpf keep his job at this point? >> it will be very difficult. i like john stumpf. i think he's an honorable man. but when you are the ceo. when you are at the helm, you have to take the hit. i do think, though, this tells us that we should be separating the seat of the ceo and chairman. ford will be the decision maker. i think right now it would not have changed anything of the wrongdoing. but there is a whole debate on should he step down. should he not, should there be a clawback. when you are the chairman of the board and you recuse yourself there is a bit of a scramble.

a lot of the firms have the separation of powers. especially a lot of the foreign firms have it. and i think it makes sense. anthony: the situation at deutsche and wells fargo is this a case for the banks being separated and broken up? >> i'm not for going back. you can't put that genie back in the box. i think the american banks are capable of giving advice and taking deposits. when you look at the loan business, it's an integral business to the small and large business. i'm not for going back there. but i think we have to be careful that our ethics are beyond reproach. liz: look how much has been knocked off the market cap for the in right now. how can you foresee something like that?

>> when i was at u.b.s., we got involved with the student loan situation. i feel for what the consumers go through. at the end of the day you have to figure out how to rapidly come to a decision and make people feel like the bang is thinking for their clients, not thinking for themselves. it's tough to square that circle. anthony: you have got a fabulous new company you started a few years ago. 32 advisors. tell us about the firm and the strategic push you have on with relation to drones and your interest in america's infrastructure. >> thank you for asking. i'll go quick. 32 advisers is a small little boutique and i appreciate you talking about it. it's run by austin golds bi.

he's been spot on on the oil markets, china and the fed. i wrote a piece for fox news and fox business and infrastructure it, the fastest multiplier of gdp growth. the track is is to try to get money off the sidelines and get public-private partnerships going. the second business line we created, this is something i'm excited about is our company measure, a separate business line. we are in the midst of our series b. we are the fastest growing drone service company in the nation. we say we don't make drones. we make drones work. we are looking at vertical infrastructure. rail power and agriculture. using drones for commercial and industrial use. and the most important they can we love that we are doing and anthony has been great for the

veteran community. most our pilots are veterans. we have former coast guard and army and a dozen pilots that are all former military. this is an opportunity for veterans. elizabeth: are you worried government regulation might choke off the oxygen for it? >> we don't mind government regulation on this. because we are looking to be the gold standard for service providers. we want to be safe, secure, insured, permitted and well capitalized so when the large fortune five companies think of us. we are okay with that. anthony: this is your third year in business on your own? >> i left the end of august, so, yeah. anthony: the difference in being an entrepreneur versus president of a bank.

>> when you are the ubs you have incredible resources right by your side. you can leverage great research and it's great. elizabeth: now you are answering your own phone. >> and i'm also funding it. i can't tell you how expensive some this stuff is. i never thought of myself as an entrepreneur. i have been on wall street for 30 years. i turn around and say let me see if i can do something different. the infrastructure business is exciting. and it's fun to try to build something. i don't know how successful we'll be. but going for it is an incredible excitement. anthony: we wish you great success. we'll have more with robert wolf and way it's like to work and golf with the president of the united states. right after this. this woman owns this house,

with new cabinets from this shop, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. they all have insurance crafted personally for them. not just coverage, craftsmanship. not just insured. chubb insured.