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plowed into pedestrian on the street. in cambrils a terrorist was killed by police. then there was domestic terror at home. president trump facing backlash after his comments that both side were to blame after a violent rally in charlottesville. a 32-year-old woman was killed and several badly injured when james alex fields drove his car into the group. gary cohn is a leader of the president's economic agenda and expressed concern that his

departure would hurt the president's agenda. but it did drive several members of his manufacturing council to resign. the president disbanded both the manufacturing council and the strategy and policy forum. steve bannon is out. president trump removing the chief strategist after months of clashing with other white house officials like the president's son-in-law jared kushner. the president defended bannon as not a racist. all this news putting pressure on the dow this week. the nasdaq, dow and s & p closing down for the week. maria: event are also uncertain, and both here and abroad.

joining me now to assess the risk, someone who navigated the volatile world as well as anybody out there, sam zell. the chairman of equity group investments and founder. thank you for joining us. you have seen so many markets in your career and navigated them so well. i want to ask you to assess risk. look at where we are with real estate. how do you see things? >> i think instead of trying to identify what's going to make it better. part of the problem we have today, real estate is at an all-time high, especially commercial real estate. the stock market is at an all-time high. in order for it to be better it has to be a bigger all-time high

and different price structure than the past versus an adjustment or correction which is more logical. in the commercial real estate space for the first time since 2010 we are starting to see supply. and significant supply. both in multi family hotels and office. and frankly in every other form of real estate as well. you have availability of cheap capital, you have a confluence of real estate being at an all-time high. so you are adding supply in a significant format at a point where it's hard to determine what the demand is going to be. here in new york city they are building hudson yards. it will add 10, 15 million, 20 million square feet of office

space to new york city mid-town. from where are we going to get 10 to 15 million new demand to fill that space or are we going to empty out third avenue or sixth avenue. i don't think we are in a position where the economy is on the brink of going over. and yet i don't think it's anywhere near as prominent or as well or healthy as people are giving -- attributing to it. risk is all about being able to predict what might happen. as i said both in the book and in general, the definition of an appropriate analyzed situation is one where you made the

correct expectation as to what risk you are taking. even if you end up losing money, it can be an appropriate scenario if you have taken the risks for the right reasons. maria: the stock market. you assess the stock market by earnings. you are sitting on a lot of cash right now. what would it take for to you put some of that money to work in the stock market? >> opportunity. i mean, the answer is every time you make a decision, you deliberately choose to expose yourself to morris can in a particular department. whether it be commercial real estate, energy, whatever businesses you are in. if you expand, you are increasing your risk. you should increase your risk at

a point at which you think there is unreflected continuing demand. it's very hard to make that case right now that we have unfulfilled demand. maria: when you look at the technology sector, you have got five or six companies dominating everything. they are the ones seeing the huge gains and all the sue for yeah and new investment dollars. is that warranted? >> it seems to me like i have been through this movie before. not too long ago it was dot com for me. in 1998 cisco was trading at 100 times earnings. if you extrapolate that into the future, i've years later cisco should be 25% of the u.s. economy. obviously it couldn't possibly be.

but it's multiple reflective acts. amazon is going to be trading in excess of 1 o -- of 100 times earnings. bar * we have a lot more when "wall street week" comes back. stay with us. >> announcer: sam zell is known for being blunt. how does he feel about donald trump and my experience with usaa has been excellent. they always refer to me as master sergeant. they really appreciate the military family, and it really shows. we've got auto insurance, homeowners insurance. had an accident with a vehicle, i actually called usaa before we called the police. usaa was there hands-on very quick very prompt. i feel like we're being handled as people that actually have a genuine need. we're the webber family and we are usaa members for life. usaa, get your insurance quote today.

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maria: washington, d.c. has gone dark with congress on recess. but that has not stopped the white house or republicans from formulating way to get tax reform. considering the infighting that took place over healthcare preform, is it realistic.

i'm back with sam zell. what do you think in terms of tax reform. do you think they will get this done? and do you think if we were do see tax reform it noflts needle on economic growth? somewhat are the odds of getting it done? it starts with the definition of getting what done? lowering the corporate rate from 35 to 15 or 20? likelihood high. why? because 35 is the highest rate in the world. it makes no sense for the u.s. to have corporate interest rates higher than everywhere else in the world. so the chants of that kind -- set to chances of that kind of a change are significant. maria: both sides agree on it. >> since both sides agree on it there is a chance of it passing.

i'm less optimistic about fundamental changes in the tax law to change the game. $2 trillion offshore belonging to apple and various other people? offshore baits would otherwise be taxed at 35%. doesn't make any sense. that money should be back in the united states. should be promoting and helping our society. and we shouldn't have the equivalent of punishment for making money offshore and bringing it home. do i think that's likely to change? yes. so i think you have to look at tax reform with varying elements of it and it doesn't feel to me like congress is ready to take on a major, you know, reshuffling of the deck chairs. maria: what do you think about the establishment?

it feels like some in the senate don't want this president to succeed. i'm sorry. i'm just going to call it out. what happened with the healthcare vote where you had three senators say we are not moving along party lines. what happened in terms of the debate and the fight over healthcare and taxes? what's your take in terms of the house and senate. is the establishment getting in the way here, sam? >> first of all, i think you made assumptions. your assumption is we are done with the healthcare bill. i don't think that's a valid assumption. i think you made some kind of conclusion on the three senators. i don't think their votes are necessarily the same in the future. i think there may be some democratic senators who would

vote for those things and subsequent time. tax reform, healthcare, et cetera. so i think it's very early to reach conclusions. i think we attitude about president obama is that he has an extraordinary opportunity to make an enormous difference. if i had to give him a grade right now it would be incomplete. i don't think that his motivations are anything but positive. i think he's a different kind of person and different kind of president. and it requires a certain amount of adjustment on orpart to a different kind of president. not an adjustment on the president's part. maria: i think you are right. but i wonder if certain people within congress and have made those adjustments? >> i will much doubt that. i have much doubt senators in the senate want to give up the

power of being in the majority because they don't like trump. not likely. maria: if they don't get legislative victories this year there is a real threat nancy pelosi becomes the head of the house. they have got and i election next year. do you see that happening? >> no. i think they will get some things done. and i think that unfortunately the democratic party has taken on an aging factor that is disconnecting more and more with the american public. so nancy pelosi may be a terrific lady, but i don't think she represents the country anymore. i'm not sure she ever did. but certainly not at this point. those changes -- you have to look at who are the up and coming senators?

who are the up and coming house members? where are they from and how do they get their power? maria: the red tape and amount of time it takes to get anything done today is ridiculous. but the president has been trying to change that. , rolling back regulations. >> it takes more than the president. that's what we have been talking about. congress has to focus on how more than anything else at this point. maria: how about the ceos who left the president's business council because they didn't like the way he handled the tragedy earlier in the week in charlottesville? >> did they like his opinion of mexicans better? did they like his attitude about other things better? i just think that standing up and want to be counted, i don't think it makes any sense. i don't think anybody in the world gave much thought to the

fact the head of merck was or wasn't on the manufacturing council or that it would make any difference. maria: so you are saying it doesn't matter. >> no. they were probably sitting there waiting to make the state bar * waiting for a catalyst. >> yes. maria: "wall street week" comes right back. stay with us. >> announcer: sam zell is a self-made billionaire. how did he do it? he shares some of the ♪ cameras. introducing the newly redesigned gla suv. at a price that'll make you feel like

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maria: welcome back. i'm talk with real estate billionaire sam zell. a lot of worry signs in terms of the world and the president

having to deal with issues like north korea. your take on these issues that you really can't control. are you worried about a north korea threat? >> yes. i'm worried about north korea and crimea and venezuela. i don't think they are necessarily predictable. and they represent risks. in some cases such as north korea, you have a situation where the guy is somewhat nuts. and he doesn't have, you know, much skin in the game. if you look at the risks he's taking versus the potential power he can get, if he succeed, that's pretty intoxicating. >> he has nothing to lose. >> it felt like he was backing down. the president was very tough saying if anything happens at all to the united states, north korea is going to have a major

problem. >> he said what he should have said probably two week ago. maria: one thing you always have been is a straight talker. you wrote a book, am i being too subtle. and i was happy you put these thoughts down on paper. what triggered this. why did you want to write this book? >> people have been encouraging me to write a forever. and i decided i wanted to share my thoughts and see if i could put something together that would correspond my thoughts. yet not turn into a puff piece. maria: you don't want to be too subtle. you take pride in being a straight talker. >> i take pride in the fact that no one has ever left a meeting with me and said what do you

think he meant? at the same time what i try to do in the book is take an immigrant son -- i was born 90 days after my parent came to this country. and i made a fortune out of my life both financially and otherwise. i'm the story of an immigrant. i wrote the book to all the the immigrants in the world to tell them there are lots of opportunity to do the same thing. maria: it's a wonderful, empowering story because you were able to come from nothing and build success. how did you do it? >> i started by assuming that conventional wisdom was irrelevant. i just never bought into conventional wisdom. i never -- i look at the forbes 400 and i see all these guys and all the people that inherited

their money off the list and everybody else went left when conventional wisdom went right. there have been times when it's lonely being an entrepreneur with a viewpoint nobody else shared. a lot of times when i looked over my shoulder and said why aren't there a whole bunch people waiting in line to do the same thing i'm doing. recognizing the fact if everybody was doing it, there wouldn't be an opportunity. maria: but that confidence comes from somewhere. you had the confidence to make your own way. were there a couple of breaks that were instrumental in you get together next level as you created this empire? >> i met a lot of fabulous people. they set examples for me that i applied going forward. and i think that that's where luck enters the picture.

can you take advantage of luck when it comes your way? maria: sam zell is the chairman of equity group investments and the founder. don't let dust and allergens get between you and life's beautiful moments. switch to flonase allergy relief. flonase outperforms the #1 non-drowsy allergy pill. when we breathe in allergens, our bodies react by overproducing 6 key inflammatory substances that cause our symptoms. flonase helps block 6. most allergy pills only block one and 6 is greater than 1. with more complete relief you can enjoy every beautiful moment to the fullest. flonase. 6 is greater than 1 changes everything.

maria: now a look at some of the big market event that could impact your money. housing data out next week. manufacturing pmi is typically a market mover. earnings season is wrapping up, but there are still a few to report. toll brothers and tiffany. coming up next week on "wall street week," some of the brightest mind in the startup world will sit down for the state of the technology industry, the state of entrepreneurialism and the startup area.

is it better to stay private? we'll see you sunday morning for "sunday morning futures" *. that will do it for us on "wall >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now, it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show, i'll