1
00:00:00,0 --> 00:00:11,43
THE ECONOMY WILL AVERAGE 3.5% GROWTH 
AND CREATE A 

2
00:00:11,45 --> 00:00:14,37
TOTAL OF 25 MILLION NEW JOBS. YOU 
CAN VISIT OUR WEBSITE. 

3
00:00:14,39 --> 00:00:14,716
JUST LOOK AT THE MATH. IT WORKS. 

4
00:00:14,718 --> 00:00:25,914
THIS GROWTH MEANS THAT OUR JOBS 
AND PLANS, INCLUDING OUR CHILD 

5
00:00:25,916 --> 00:00:31,680
CARE REFORMS THAT IVANKA TRUMP, 
MY DAUGHTER, ARE SO INVOLVED IN 

6
00:00:31,682 --> 00:00:35,751
WILL BE COMPLETELY PAID FOR IN 
COMBINATION WITH PROPOSED BUDGET 

7
00:00:35,753 --> 00:00:40,974
SAVINGS. IT WILL BE DEFICIT NEUTRAL. 

8
00:00:40,976 --> 00:00:46,769
IF WE REACH 4% GROWTH, IT WILL 
REDUCE THE DEFICIT. 

9
00:00:46,771 --> 00:00:55,224
IT WILL BE ACCOMPLISHED THROUGH 
TAX,PLETE OVERHAUL OF OUR 

10
00:00:55,226 --> 00:00:54,664
REGULATORY, ENERGY AND TRADE POLICIES. 

11
00:00:54,666 --> 00:01:06,284
RIGHT NOW, UNDER THE OBAMA/CLINTON 
POLICIES, THE 

12
00:01:06,286 --> 00:01:09,664
ECONOMY GREW ONLY 111% LESS ORDER 
YOUR AND NUMBER THAT WAS 

13
00:01:09,666 --> 00:01:14,328
SHOCKING TO PEOPLE THAT DO THIS 
PROFESSIONALLY AND FOR LIFE. 

14
00:01:14,330 --> 00:01:21,911
IT TRANSLATES INTO MILLIONS OF 
LOST JOBS AND CERTAINLY MILLIONS 

15
00:01:21,913 --> 00:01:26,89
OF LOST GOOD JOBS. BECAUSE WE DON'T 
HAVE GOOD JOBS 

16
00:01:26,91 --> 00:01:30,329
ANYMORE. THOSE JOBS ARE GONE AND 
GOING. 

17
00:01:30,331 --> 00:01:35,590
THIS IS THE WEAKEST SO-CALLED RECOVERY 
SINCE THE GREAT 

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00:01:35,592 --> 00:01:36,970
DEPRESSION. OVER THE LAST SEVEN 
YEARS, THE 

19
00:01:36,972 --> 00:01:48,362
ECONOMY ONLY GREW 2.1%, THE 7-0 
-- PERIOD IN 70 -- 

20
00:01:48,364 --> 00:01:50,382
70 YEARS. UNDER REAGAN, IT WOULD 
HAVE 

21
00:01:50,384 --> 00:01:55,726
MEANT 10 MILLION MORE JOBS. PERHAPS 
MOST SHOCKINGLY, ONE IN 

22
00:01:55,728 --> 00:02:01,863
SIX MEN AGED 18 TO 34 ARE EITHER 
IN JAIL OR OUT OF WORK. 

23
00:02:01,865 --> 00:02:08,891
MEANWHILE, ANOTHER 2 MILLION HISPANIC 
AMERICANS HAVE BEEN 

24
00:02:08,893 --> 00:02:11,352
ADDED TO THE RANKS OF THOSE IN 
POVERTY. 

25
00:02:11,354 --> 00:02:17,163
ON TOP OF IT ALL, THE OBAMA/CLINTON 
POLICIES HAVE 

26
00:02:17,165 --> 00:02:24,394
DOUBLED THE NATIONAL DEBT. IT TOOK 
MORE THAN 230 YEARS FOR 

27
00:02:24,396 --> 00:02:31,501
THE UNITED STATES TO ACCUMULATE 
ITS FIRST $10 TRILLION IN DEBT. 

28
00:02:31,503 --> 00:02:40,775
IT TOOK PRESIDENT LESS THAN EIGHT 
YEARS TO ADD ANOTHER $10 

29
00:02:40,777 --> 00:02:48,622
TRILLION. NOW, IT WOULD BE ONE 
THING IF 

30
00:02:48,624 --> 00:02:43,643
THAT MONEY HAD BEEN USED TO COMPLETELY 
REBUILD OUR NATION, 

31
00:02:43,645 --> 00:02:52,628
OUR MILITARY, OUR INFRASTRUCTURE. 

32
00:02:52,630 --> 00:02:55,12
BUT THAT DIDN'T HAPPEN. INSTEAD, 
THE OPPOSITE HAPPENED. 

33
00:02:55,14 --> 00:03:01,114
AND, INED OUR DEBT RETURN, WE HAVE 
DILAPIDATED 

34
00:03:01,116 --> 00:03:08,863
INFRASTRUCTURE, FAILING SCHOOLS, 
A BADLY DEPLETED MILITARY, 

35
00:03:08,865 --> 00:03:12,598
GREATEST PEOPLE ON EARTH AND THEY 
HAVE A BADLY DEPLETED 

36
00:03:12,600 --> 00:03:18,387
MILITARY, ITS EQUIPMENT OLD AND 
TIRED. 

37
00:03:18,389 --> 00:03:19,294
AND ANOTHER 14 MILLION PEOPLE WHO 
HAVE LEFT THE WORKFORCE. 

38
00:03:19,296 --> 00:03:25,282
SOER HAS SO MUCH MONEY BUT POORLY 
AND SO UNWISELY. 

39
00:03:25,284 --> 00:03:28,289
BUT WE ARE GOING TO TURN THAT ALL 
AROUND AND HERE IS HOW. 

40
00:03:28,291 --> 00:03:31,187
IT BEGINS WITH BOLD, NEW TAX REFORM. 

41
00:03:31,189 --> 00:03:37,241
DON'T WORRY. THEY ARE GOING DOWN, 
NOT UP. 

42
00:03:37,243 --> 00:03:34,417
THEY ARE GOING DOWN. PEOPLE WERE 
CONCERNED THEY WERE 

43
00:03:34,419 --> 00:03:43,3
GOING UP THERE IT -- GOING UP. 
DEEPLY CODE WOULD BE 

44
00:03:43,5 --> 00:03:47,106
REDUCED AND REDUCE THE TAX BRACKETS 
FROM SEVEN TO THREE. 

45
00:03:47,108 --> 00:03:51,78
THE NEW BRACKETS WILL BE 12, 25 
AND 33%. 

46
00:03:51,80 --> 00:03:58,285
PLAYNCOME AMERICANS WILL -- WILL 
PAY KNOWING COME TAX AT 

47
00:03:58,287 --> 00:04:01,321
ALL PARENT OUR PLAN WILL REMOVE 
MILLIONS AND MILLIONS OF WORKERS 

48
00:04:01,323 --> 00:04:05,424
FROM THE INCOME TAX ROLE ENTIRELY 
SO THAT ALL OF THAT 

49
00:04:05,426 --> 00:04:08,160
WORK THAT WE DO IN WASHINGTON CAN 
BE DISCONTINUED. 

50
00:04:08,162 --> 00:04:14,800
TAX, BUT THEY WILL PAY TAX WHEN 
THEY START MAKING A 

51
00:04:14,802 --> 00:04:21,775
CERTAIN AMOUNT OF INCOME. , STREAMLININGTES 

52
00:04:21,777 --> 00:04:23,609
DEDUCTIONS, AND SIMPLE FIND THE 
PROCESS, WE WILL ADD MILLIONS 

53
00:04:23,611 --> 00:04:28,748
AND MILLIONS OF NEW JOBS. IN ADDITION, 
BECAUSE WE HAVE 

54
00:04:28,751 --> 00:04:43,681
STRONGLY CAPPED DEDUCTIONS FOR 
THE WEALTHY AND CLOSED 

55
00:04:43,683 --> 00:04:42,839
SPECIAL-INTEREST LOOPHOLES, THE 
TAX RELIEF WILL BE CONCENTRATED 

56
00:04:42,841 --> 00:04:44,231
ON THE WORKING AND MIDDLE CLASS 
TAXPAYER. 

57
00:04:44,233 --> 00:04:49,722
THEY WILL RECEIVE THE BIGGEST BENEFIT 
AND THEY WON'T EVEN BE 

58
00:04:49,724 --> 00:04:55,807
CLOSE. THEY HAVE BEEN FORGOTTEN. 

59
00:04:55,809 --> 00:04:53,271
WE ARE NOT GOING TO FORGET THEM. 
THEY HAVE BUILT OUR COUNTRY. 

60
00:04:53,273 --> 00:04:58,150
WE WILL NOT FORGET. THANK YOU. 

61
00:04:58,152 --> 00:05:05,403
THIS IS A WORKING AND MIDDLE-CLASS 
TAX RELIEF 

62
00:05:05,405 --> 00:05:09,149
PROPOSAL. RELIEF FOR THESE 

63
00:05:09,151 --> 00:05:09,221
WORKERS WILL BE EXPANDED BY MY 
CHILD CARE PROPOSALS THAT I HAVE 

64
00:05:09,223 --> 00:05:12,158
WORKED ON WITH MY DAUGHTER IVANKA. 

65
00:05:12,161 --> 00:05:17,264
THESE PROPOSALS ARE CENTRAL AND 
ARE VERY, VERY POWERFUL CENTRAL 

66
00:05:17,266 --> 00:05:22,234
ELEMENT OF OUR COMPANY TAX REFORM 
AND ECONOMIC GROWTH PLAN. 

67
00:05:22,236 --> 00:05:29,442
BE ABLE TO FULLY DEDUCT THE AVERAGE 
COST OF 

68
00:05:29,445 --> 00:05:34,46
CHILDCARE FROM THEIR TAXES, INCLUDING 
STAY-AT-HOME PARENTS. 

69
00:05:34,49 --> 00:05:39,85
BECAUSE THIS DEDUCTION IS CAPPED 
, IT WILL BE DISPROPORTIONATELY 

70
00:05:39,88 --> 00:05:41,153
AND IT WILL BENEFIT WORKING AND 
MIDDLE-CLASS FAMILIES. 

71
00:05:41,156 --> 00:05:45,191
GOT TO TAKE CARE OF OUR MIDDLE-CLASS 
FAMILIES. 

72
00:05:45,194 --> 00:05:52,265
LARGERS YOU MAKE, THE SHARE OF 
YOUR INCOME YOU CAN 

73
00:05:52,267 --> 00:05:54,734
EXCLUDE FROM TAXATION. PARENTS 
WILL ALSO BE ABLE TO 

74
00:05:54,736 --> 00:05:59,773
ENROLL A TAX-FREE, DEPENDENT CARE 
SAVINGS ACCOUNT FOR THEIR 

75
00:05:59,775 --> 00:06:05,712
CHILDREN OR ELDERLY RELATIVES. 
LOW INCOME HOUSEHOLDS WILL 

76
00:06:05,714 --> 00:06:11,651
BENEFIT FROM BOTH AN EXPANDED EARNED 
INCOME TAX CREDIT IN THE 

77
00:06:11,653 --> 00:06:15,622
FORM OF CHILDCARE REBATES AND A 
MATCHING $500 CONTRIBUTION 

78
00:06:15,624 --> 00:06:25,839
FURTHER SAVINGS ACCOUNT. A MARRIED 
COUPLE EARNING $50,000 

79
00:06:25,842 --> 00:06:27,191
PER YEAR WITH TWO CHILDREN AND 
8000 DOLLARS IN CHILD CARE 

80
00:06:27,193 --> 00:06:30,718
EXPENSES WILL SAVE 35% FROM THEIR 
CURRENT TAX BILL. 

81
00:06:30,720 --> 00:06:37,10
THAT IS A TREMENDOUS SAVINGS. AND 
THEY'LL HAVE A BETTER LIFE. 

82
00:06:37,12 --> 00:06:40,914
A MARRIED COUPLE EARNING $75,000 
PER YEAR WITH TWO CHILDREN AND 

83
00:06:40,916 --> 00:06:46,252
$10,000 IN CHILD CARE, EXPENSES 
WILL RECEIVE A 30% REDUCTION IN 

84
00:06:46,255 --> 00:06:53,592
THEIR TAX BILL. BY CONTRAST, SOMEONE 
EARNING $5 

85
00:06:53,595 --> 00:07:00,79
MILLION, LIKE THE PEOPLE IN THIS 
ROOM, WILL RECEIVE VIRTUALLY NO 

86
00:07:00,81 --> 00:07:10,224
CHANGE IN THEIR TAX BILL AT ALL. 
ONE OF OUR GREATEST JOB CREATION 

87
00:07:10,226 --> 00:07:16,819
OUR 15% IS GOING TO BE BUSINESS 
TACT RATE, DOWN FROM 

88
00:07:16,821 --> 00:07:20,72
THE CURRENT 35% RATE, A REDUCTION 
OF MORE THAN 40%. 

89
00:07:20,74 --> 00:07:34,806
I KNOW THAT IS WHAT YOU PEOPLE 
HAVE BEEN WINNING FOUR. 

90
00:07:34,808 --> 00:07:39,414
IN EXPLOSION OF NEW JOBS. AMAZING.E 

91
00:07:39,416 --> 00:07:38,204
YOU WATCH. IT WILL HAPPEN. 

92
00:07:38,207 --> 00:07:40,907
WE WILL ALLOW UNITED STATES-BASED 
MANUFACTURERS TO 

93
00:07:40,909 --> 00:07:45,479
FULLY EXPENSE NEW PLANTS AND EQUIPMENT. 

94
00:07:45,481 --> 00:07:51,151
BIG, BIG DEAL. ON TOP OF THAT, 
WE WILL BRING 

95
00:07:51,153 --> 00:07:54,221
BACK TRILLIONS IN BUSINESS WEALTH 
AND THIS IS WEALTH THAT 

96
00:07:54,223 --> 00:08:01,494
PARKED OVERSEAS -- OVERSEAS. 

97
00:08:01,497 --> 00:08:16,848
NO ONE KNOWS HOW MUCH IT IS. SOME 
PEOPLE THINK IT IS $2.5 

98
00:08:16,850 --> 00:08:21,706
TRILLION. I THINK IT IS MORE LIKE 
$5 

99
00:08:21,708 --> 00:08:26,45
TRILLION. THEY WILL BE ABLE TO 
BRING IT 

100
00:08:26,48 --> 00:08:27,246
BACK AT A RATE OF ONLY 10% INSTEAD 
OF 35%. 

101
00:08:27,248 --> 00:08:29,583
AND WHO WOULD BRING IT BACK AT 
35%? 

102
00:08:29,585 --> 00:08:34,54
OBVIOUSLY NOBODY, BECAUSE NOBODY 
IS DOING IT. 

103
00:08:34,56 --> 00:08:36,51
I THINK IT IS GOING TO BE SOMETHING 
THAT WILL BE SO 

104
00:08:36,53 --> 00:08:39,320
PHENOMENAL, FAR BEYOND WHAT PEOPLE 
EVEN THINK HE ERRED BY 

105
00:08:39,322 --> 00:08:39,215
TAXING IT AT 10% INSTEAD OF 35%, 
ALL OF THIS MONEY WILL COME 

106
00:08:39,217 --> 00:08:42,762
ROARING BACK INTO OUR COUNTRY AND 
LOTS OF GOOD THINGS WILL 

107
00:08:42,764 --> 00:08:45,712
START TO HAPPEN. WE WILL TURN AMERICA 
INTO A NEW 

108
00:08:45,714 --> 00:08:50,698
MAGNET FOR NEW JOBS AND THAT MEANS 
JOBS IN OUR POOREST 

109
00:08:50,700 --> 00:08:52,73
COMMUNITIES. SO IMPORTANT. 

110
00:08:52,75 --> 00:08:57,537
COMPANIESNOW, WE HAVE LEAVING THE 
COUNTRY BECAUSE 

111
00:08:57,539 --> 00:08:55,80
TAXES ARE TOO HIGH. BUT WE ACTUALLY 
HAVE COUNTRIES 

112
00:08:55,83 --> 00:08:59,786
LEAVING -- COMPANIES LEAVING THE 
COUNTRY TO GET THEIR MONEY. 

113
00:08:59,788 --> 00:09:04,90
AND THAT'S A FIRST. NOBODY BELIEVES 
IT, BUT THAT'S 

114
00:09:04,92 --> 00:09:05,492
HAPPENED. NEXT, REGULATIONS. 

115
00:09:05,494 --> 00:09:12,98
ONE OF THE KEYS OF UNLOCKING GROWTH 
IS SCALING BACK YEARS OF 

116
00:09:12,100 --> 00:09:13,366
DISASTROUS REGULATIONS, UNILATERALLY 
IMPOSED BY 

117
00:09:13,368 --> 00:09:18,237
OUT-OF-CONTROL THE AIRCRAFT. REGULATIONS 
-- OUT-OF-CONTROL 

118
00:09:18,239 --> 00:09:22,976
BUREAUCRATS. THE REGULATION INDUSTRY 
IS ONE 

119
00:09:22,978 --> 00:09:28,447
BUSINESS I WILL ABSOLUTELY PUT 
TO AN END DAY 1. 

120
00:09:28,450 --> 00:09:47,299
IN 2015 ALONE, FEDERAL AGENCIES 
3300 FINAL RULES AND 

121
00:09:47,302 --> 00:09:48,468
REGULATIONS, UP FROM 2400 THE PRIOR 
YEAR. 

122
00:09:48,470 --> 00:09:52,973
EVERY YEAR, OVER REGULATION COSTS 
OUR ECONOMY TWO DOLLARS 

123
00:09:52,975 --> 00:09:58,812
TRILLION A YEAR AND REDUCES -- 
$2 TRILLION A YEAR AND REDUCES 

124
00:09:58,814 --> 00:10:05,218
HOUSEHOLD WEALTH BY $15,000. I 
PROPOSE A MORATORIUM ON NEW 

125
00:10:05,220 --> 00:10:09,825
FEDERAL REGULATIONS THAT ARE NOT 
COMPELLED BY CONGRESS OR PUBLIC 

126
00:10:09,828 --> 00:10:13,952
SAFETY. AND I WILL ELIMINATE ALL 

127
00:10:13,954 --> 00:10:16,546
NEEDLESS AND JOB ONLY REGULATIONS 
NOW ON THE BOOKS. 

128
00:10:16,548 --> 00:10:23,2
AND THERE ARE PLENTY OF THEM. THIS 
INCLUDES ELIMINATING SOME 

129
00:10:23,5 --> 00:10:28,408
OF OUR MOST INTRUSIVE BORDERS OF, 
LIKE THE 

130
00:10:28,410 --> 00:10:30,510
THE U.S. RULE. IT ALSO MEANS SCRAPPING 
THE EPA 

131
00:10:30,512 --> 00:10:35,447
SO-CALLED CLEAN POWER PLAN WHICH 
WOULD COST $7.2 BILLION A YEAR. 

132
00:10:35,450 --> 00:10:42,689
OBAMA/CLINTON DIRECTIVE WILL SHOW 
DONE MOST, IF NOT ALL, 

133
00:10:42,691 --> 00:10:45,825
COAL-POWERED ELECTRICITY PLANTS. 
ALL OVER THE COUNTRY, THEY ARE 

134
00:10:45,827 --> 00:10:51,130
SHUTTING DOWN. HILLARY CLINTON 

135
00:10:51,132 --> 00:10:52,132
SAID. SHE WANTS TO SHUT DOWN THE 

136
00:10:52,134 --> 00:11:00,807
MINORS, JUST LIKE SHE WANTS TO 
THE STEEL MILLS AND 

137
00:11:00,809 --> 00:11:02,242
THE STEELWORKERS AND WE ARE NOT 
GOING TO LET THAT HAPPEN. 

138
00:11:02,244 --> 00:11:20,664
WE ARE GOING TO PUT OUR GREAT MINERS 
AND OUR STEELWORKERS BACK 

139
00:11:20,666 --> 00:11:22,333
TO WORK. ENERGY REFORM IS CENTRAL 
TO OUR 

140
00:11:22,335 --> 00:11:26,745
PLAN AS WELL. ACCORDING TO HERITAGE 

141
00:11:26,747 --> 00:11:32,134
FOUNDATION, BY 2030, PRESIDENT 
OBAMA'S ENERGY RESTRICTIONS WILL 

142
00:11:32,136 --> 00:11:31,851
ELIMINATE ANOTHER HALF A MILLION 
MANUFACTURING, REDUCE ECONOMIC 

143
00:11:31,853 --> 00:11:37,434
OUTPUT BY $2.5 TRILLION AND REDUCE 
INCOMES BY $7,000 PER 

144
00:11:37,436 --> 00:11:42,912
PERSON. YOU HAVE WORKERS AND 

145
00:11:42,914 --> 00:11:39,512
I SEE THEM ALL THE TIME AND I MEET 
THEM ALL THE TIME AND THEY 

146
00:11:39,514 --> 00:11:41,742
ARE PART OF THIS MASSIVE GROUP 
OF PEOPLE THAT HAVE JUST COME 

147
00:11:41,744 --> 00:11:49,222
ONTO THE -- TO THIS MOVEMENT TO 
THAT YOU HAVE WORKERS MAKING 

148
00:11:49,224 --> 00:11:48,178
LESS MONEY TODAY THAN THEY MADE 
18 YEARS AGO IN REAL WAGES. 

149
00:11:48,180 --> 00:12:05,219
WORKING MUCH HARDER, OFTENTIMES 
BECAUSE OF THE 

150
00:12:05,221 --> 00:12:03,794
DISASTROUS OBAMACARE THAT WE ARE 
GOING TO REPEAL AND REPLACE. 

151
00:12:03,796 --> 00:12:10,37
OFTENTIMES, THEY ARE WORKING TWO 
JOBS. 

152
00:12:10,39 --> 00:12:14,341
SO THEY ARE WORKING HARDER, THEY 
ARE OLDER, AND THEY ARE MAKING 

153
00:12:14,343 --> 00:12:16,889
LESS. LIKE ME. 

154
00:12:16,891 --> 00:12:21,276
I'M WORKING HARDER THAN I'VE EVER 
WORKED ALSO. 

155
00:12:21,278 --> 00:12:24,429
BUT NOBODY CARES ABOUT THAT. WHO 
CARES ABOUT THAT? 

156
00:12:24,431 --> 00:12:31,275
HILLARY CLINTON WANTS TO GO EVEN 
FURTHER AND HER PLAN COULD COST 

157
00:12:31,277 --> 00:12:33,366
THE ECONOMY $5 TRILLION. A TRUMP 
ADMINISTRATION WOULD 

158
00:12:33,368 --> 00:12:35,300
LIFT RESTRICTIONS ON ALL SOURCES 
.F AMERICAN ENERGY PRODUCTION 

159
00:12:35,302 --> 00:12:33,900
ACCORDING TO THE INSTITUTE FOR 
AMERICAN ENERGY RESOURCES, THIS 

160
00:12:33,902 --> 00:12:38,872
BY MOREREASE THE GDP THAN $100 
BILLION ANNUALLY. 

161
00:12:38,874 --> 00:12:45,844
ADD OVER 500,000 NEW JOBS ANNUALLY 
TO INCREASE ANNUAL 

162
00:12:45,846 --> 00:12:51,49
WAGES BY MORE THAN $30 BILLION 
OVER THE NEXT SEVEN YEARS. 

163
00:12:51,52 --> 00:12:58,892
INCREASED FEDERAL, STATE, LOCAL 
TAX REVENUES BY ALMOST $6 

164
00:12:58,894 --> 00:13:03,929
TRILLION OVER FOUR DECADES. INCREASE 
TOTAL ECONOMIC ACTIVITY 

165
00:13:03,932 --> 00:13:12,471
TRILLION OVER A 40-YEAR PERIOD. 

166
00:13:12,473 --> 00:13:17,377
IN ADDITION, WE WILL STREAMLINE 
THE PERMITTING PROCESS FOR ALL 

167
00:13:17,379 --> 00:13:18,877
ENERGY INFRASTRUCTURE PROJECTS, 
WHICH ARE DESPERATELY NEEDED, 

168
00:13:18,880 --> 00:13:25,450
OFLUDING THE BILLIONS DOLLARS IN 
PROJECTS HELD UP BY 

169
00:13:25,453 --> 00:13:30,360
PRESIDENT OBAMA CURRENTLY BEING 
HELD UP. 

170
00:13:30,362 --> 00:13:36,164
HE JUST WON'T APPROVE ANYTHING. 
CREATING CALLIS MORE JOBS IN THE 

171
00:13:36,166 --> 00:13:42,367
PROCESS. FINALLY COMES TRADE. 

172
00:13:42,369 --> 00:13:46,184
THE FOUNDATION FOR EVERYTHING. 
AMERICA'S ANNUAL TRADE DEFICIT 

173
00:13:46,186 --> 00:13:45,55
WITH THE WORLD IS NOW ALMOST $800 
BILLION A YEAR. 

174
00:13:45,57 --> 00:13:48,908
WHO'S NEGOTIATING THESE DEALS? 
ANYBODY IN THIS ROOM NEGOTIATING 

175
00:13:48,910 --> 00:13:50,343
THESE WONDERFUL DEALS? THINK OF 
IT. 

176
00:13:50,345 --> 00:13:56,716
DEFICIT OFE TRADE ALMOST $800 BILLION 
A YEAR. 

177
00:13:56,718 --> 00:14:03,189
THAT'S GOING TO CHANGE SO FAST. 
BETWEEN WORLD WAR I AND THE YEAR 

178
00:14:03,191 --> 00:14:05,357
2000, THE UNITED STATES AVERAGED 
A 3.5% GROWTH RATE. 

179
00:14:05,359 --> 00:14:11,965
BUT AFTER CHINA JOINED THE WORLD 
TRADE ORGANIZATION, OUR AVERAGE 

180
00:14:11,967 --> 00:14:23,562
GROWTH RATE HAS BEEN REDUCED TO 
ONLY 2%. 

181
00:14:23,565 --> 00:14:32,433
PRACTICES,RADE PRODUCT DUMPING, 
CURRENCY 

182
00:14:32,435 --> 00:14:30,630
MANIPULATION, WHICH IS A BIG ONE, 
AND INTELLECTUAL PROPERTY 

183
00:14:30,632 --> 00:14:31,754
THEFT HAVE TAKEN MILLIONS OF JOBS 
AND TRILLIONS OF DOLLARS IN 

184
00:14:31,756 --> 00:14:38,443
,EALTH RIGHT OUT OF OUR COUNTRY 
RIGHT OUT OF OUR COUNTRY. 

185
00:14:38,445 --> 00:14:38,849
SO SAD THAT WE ALLOWED THIS TO 
HAPPEN. 

186
00:14:38,851 --> 00:14:46,763
POLITICIANS WERE NOT WATCHING AND 
THE ONES THAT 

187
00:14:46,765 --> 00:14:54,697
WERE WATCHING WERE TAKEN CARE OF 
IN SOME FORM BECAUSE THIS SHOULD 

188
00:14:54,699 --> 00:14:59,99
HAVE NEVER BEEN ALLOWED TO HAVE 
HAPPENED. 

189
00:14:59,101 --> 00:15:07,643
IT IS NO GREAT SECRET THAT MANY 
OF THE SPECIAL INTERESTS FUNDING 

190
00:15:07,645 --> 00:15:03,328
MY OPPONENT'S CAMPAIGN ARE THE 
SAME PEOPLE PROFITING FROM THESE 

191
00:15:03,330 --> 00:15:05,74
TERRIBLE TRADE DEALS. THEY ARE 
TERRIBLE. 

192
00:15:05,76 --> 00:15:07,252
THEY ARE TERRIBLE FOR EVERYONE. 
THE SAME SO-CALLED EXPERTS 

193
00:15:07,255 --> 00:15:16,937
ADVISING HILLARY CLINTON ARE THE 
SAME PEOPLE WHO GAVE US NAFTA, 

194
00:15:16,940 --> 00:15:17,754
CHINA'S ENTRY INTO THE TRADE WORLD 
ORGANIZATION, THE JOB 

195
00:15:17,756 --> 00:15:21,544
KILLING TRADE DEAL WITH SOUTH KOREA, 
ANOTHER DISASTER, AND NOW 

196
00:15:21,546 --> 00:15:24,103
THE TRANSPACIFIC PARTNERSHIP THAT 
THEY ARE PUSHING SO 

197
00:15:24,105 --> 00:15:28,106
STRONGLY. THE VERDICT IS IN GOOD 
ALL OF 

198
00:15:28,109 --> 00:15:35,247
THE SPECIAL INTEREST THAT THE MEDIA 
RACE TO COMMENT AND JUST 

199
00:15:35,250 --> 00:15:42,421
RACED TO COMMENTATE GET COMMENT 
GET COMMENT ON, 

200
00:15:42,424 --> 00:15:44,122
EVERY SINGLE DEAL THEIR PRIMITIVE, 
EVERY LIE AND EVERY 

201
00:15:44,125 --> 00:15:48,60
PREDICTION HAS CRASHED. IT JUST 
CRASH. 

202
00:15:48,62 --> 00:15:54,299
WRONGE BEEN SO ABSOLUTELY AND THEY'VE 
BEEN SO BAD FOR OUR 

203
00:15:54,302 --> 00:15:57,637
COUNTRY. OUR MANUFACTURING BASE 
HAS 

204
00:15:57,639 --> 00:16:07,613
CRUMBLED. COMMUNITIES HAVE BEEN 
HOLLOWED 

205
00:16:07,615 --> 00:16:10,993
OUT. WAGES HAVE DECLINED AND 

206
00:16:10,995 --> 00:16:17,843
HOUSEHOLDS ARE MAKING LESS TODAY 
THAN THEY WERE IN THE YEAR 2000. 

207
00:16:17,845 --> 00:16:23,853
A DETAILED PLAN TO REFORM OUR TRADE 
POLICIES AND 

208
00:16:23,855 --> 00:16:19,602
BRING VAST NEW JOBS AND WEALTH 
TO AMERICA. 

209
00:16:19,604 --> 00:16:27,17
-- WE DO NOT HAVE WEALTH. WE ARE 
A DEBTOR NATION. 

210
00:16:27,19 --> 00:16:26,743
THIS INCLUDES THE FOLLOWING STEPS. 

211
00:16:26,745 --> 00:16:28,352
I AM GOING TO DIRECT THE SECRETARY 
OF COMMERCE TO 

212
00:16:28,354 --> 00:16:37,213
IDENTIFY EVERY VIOLATION OF TRADE 
AGREEMENT THAT A FOREIGN 

213
00:16:37,215 --> 00:16:48,646
COUNTRY IS USING TO HARM OUR WORKERS.ND 
OUR 

214
00:16:48,648 --> 00:16:44,751
THAT IS WHAT'S HAPPENING. THEY 
ARE BEING HARMED AND OUR 

215
00:16:44,753 --> 00:16:49,588
COUNTRY IS BEING HARMED. EVERY 
TOOL UNDER 

216
00:16:49,591 --> 00:16:51,791
AMERICAN AND INTERNATIONAL LAW 
TO END THESE ABUSES AND I WILL 

217
00:16:51,793 --> 00:16:55,628
USE OUR GREATEST BUSINESS LEADERS 
AND FINEST NEGOTIATORS 

218
00:16:55,630 --> 00:16:57,929
-- AND I WILL TELL YOU, SOME OF 
THEM ARE IN THIS ROOM RIGHT NOW 

219
00:16:57,932 --> 00:17:07,739
-- NOT ALL OF THEM, BUT SOME -- 
AND, KNOW WHO YOU ARE 

220
00:17:07,741 --> 00:17:10,19
HONESTLY, WE ARE GOING TO BE CALLING 
ON YOU BECAUSE WE HAVE 

221
00:17:10,20 --> 00:17:13,212
PEOPLE NEGOTIATING THE BIGGEST 
DEALS IN THE WORLD, FAR BIGGER 

222
00:17:13,213 --> 00:17:21,386
THAN YOUR COMPANY DEALS. LITTLE 
BYNY DEALS 

223
00:17:21,388 --> 00:17:22,989
COMPARISON TO ITS TRUE. YOU LOOK 
AT SOME OF THESE TRADE 

224
00:17:22,990 --> 00:17:24,524
DEALS, HATE TO SAY IT, BUT YOUR 
OPENINGS ARE PEANUTS. 

225
00:17:24,526 --> 00:17:27,660
BUT WE ARE GOING TO USE OUR BEST. 

226
00:17:27,661 --> 00:17:31,296
RIGHT NOW, WE HAVE POLITICAL HACKS 
NEGOTIATING THE BIGGEST, 

227
00:17:31,298 --> 00:17:37,852
MOST IMPORTANT DEALS IN THE WORLD. 

228
00:17:37,854 --> 00:17:43,914
WE ARE GOING TO START WITH NAFTA, 
WHICH IS CAUSING SO MUCH 

229
00:17:43,916 --> 00:17:48,348
DAMAGE TO OUR COUNTRY. ENTIRELY 
RENEGOTIATE 

230
00:17:48,350 --> 00:17:48,243
NAFTA INTO A DEAL THAT WILL EITHER 
BE A GOOD ONE FOR US AS A 

231
00:17:48,245 --> 00:17:52,45
COUNTRY AND FOR OUR WORKER OR WE 
WILL TERMINATE IT UNTIL A 

232
00:17:52,46 --> 00:17:54,579
BRAND-NEW AND PRODUCTIVE DEAL CAN 
BE SIGNED. 

233
00:17:54,581 --> 00:18:06,100
[APPLAUSE] TO, WE ALSO AND WE HAVE 

234
00:18:06,102 --> 00:18:12,953
ARE GOING TO KEEP AMERICA OUT OF 
TRANSPACIFIC PARTNERSHIP UNLESS 

235
00:18:12,954 --> 00:18:18,694
WE CAN DO SOMETHING THAT IS PHENOMENAL 
AND I AM NOT SEEING 

236
00:18:18,696 --> 00:18:21,547
IT RIGHT NOW AND I CAN TELL YOU 
THAT. 

237
00:18:21,549 --> 00:18:29,910
. AM NOT SEEING IT VER I'M GOING 
TO INSTRUCT MY LABOR 

238
00:18:29,911 --> 00:18:31,111
SECRETARY TO LABEL CHINA -- I LIKE 
CHINA. 

239
00:18:31,113 --> 00:18:35,682
THEY ARE MY TENANT. THEY BUY CONDOS 
ALL THE TIME. 

240
00:18:35,684 --> 00:18:35,360
THEY ARE JUST FINE. BUT YOU KNOW 
WHAT? 

241
00:18:35,362 --> 00:18:40,465
THEY ARE A CURRENCY MANIPULATOR 
AND WE ARE GOING TO APPLY 

242
00:18:40,467 --> 00:18:45,738
TARIFFS TO ANY COUNTRY THAT DEVALUES 
ITS CURRENCY TO GAIN AN 

243
00:18:45,739 --> 00:18:47,506
UNFAIR ADVANTAGE OVER THE UNITED 
STATES. 

244
00:18:47,508 --> 00:18:52,545
THEY ARE A MANIPULATOR, GRANDMASTER 
LEVEL. 

245
00:18:52,546 --> 00:18:59,17
HAVE BEENLLOW IT TO AND ARE PEOPLE 
AND OUR 

246
00:18:59,19 --> 00:19:02,373
REPRESENTATIVES AND OUR POLITICIANS 
DON'T HAVE EVEN A 

247
00:19:02,375 --> 00:19:05,261
LITTLE CLUE AS TO HOW TO PLAY THE 
GAME. 

248
00:19:05,263 --> 00:19:14,653
WE HAVE A TRADE DEFICIT THIS YEAR 
WITH CHINA OF APPROXIMATELY 

249
00:19:14,655 --> 00:19:14,994
$500 BILLION. WHAT KIND OF A DEAL 
IS THAT? 

250
00:19:14,996 --> 00:19:21,89
AND THIS HAS BEEN GOING ON FOR 
YEARS. 

251
00:19:21,91 --> 00:19:21,785
200 BILLION DOLLARS, $300 BILLION, 
$400 BILLION -- FOR 

252
00:19:21,787 --> 00:19:28,281
YEARS. I'M GOING TO INSTRUCT THE 
UNITED 

253
00:19:28,282 --> 00:19:29,781
STATES TRADE REPRESENTATIVE TO 
BRING TRADE CASES AGAINST CHINA. 

254
00:19:29,783 --> 00:19:35,720
CHINA'S UNFAIR SUBSIDY BEHAVIOR 
IS PROHIBITIVE BY THE TERMS OF 

255
00:19:35,722 --> 00:19:38,958
ITS ENTRANCE INTO THE WTO. AND 
I INTEND TO ENFORCE THE 

256
00:19:38,959 --> 00:19:43,796
RULES. AND I'M SURE WE'LL MAKE 
A DEAL 

257
00:19:43,797 --> 00:19:49,622
SOMEWHERE ALONG THE WAY. BUT THEY 
ARE NOT LAYING FAIRLY 

258
00:19:49,624 --> 00:20:00,695
AND OUR POLITICIANS DON'T UNDERSTAND 
HOW TO PLAY THE GAME. 

259
00:20:00,697 --> 00:20:11,139
[APPLAUSE] IT IS CHINA DOES NOT 
STOP ITS 

260
00:20:11,141 --> 00:20:05,477
ILLEGAL ACTIVITIES, INCLUDING ITS 
THEFT OF AMERICAN TRADE 

261
00:20:05,479 --> 00:20:11,694
SECRETS AND INTELLECTUAL PROPERTIES, 
I WILL APPLY COUNTER 

262
00:20:11,696 --> 00:20:16,469
MAILING DUTIES UNTIL CHINA CEASES 
AND ASSISTS. 

263
00:20:16,471 --> 00:20:22,990
YOU KNOW -- ANDY CYSTS -- CEASES 
AND THDESISTS. 

264
00:20:22,992 --> 00:20:28,471
YOU KNOW WHAT THAT MEANS. TO THE 
UNITED STATES 

265
00:20:28,473 --> 00:20:28,374
INTERNATIONAL TRADE COMMISSION, 
IMPROVED PROTECTION OF AMERICA'S 

266
00:20:28,375 --> 00:20:32,449
INTERNET -- JUST THINK OF THIS 
-- IMPROVE PROTECTION OF 

267
00:20:32,451 --> 00:20:36,343
AMERICA'S INTELLECTUAL PROPERTY 
IN CHINA WOULD ADD 2 MILLION 

268
00:20:36,344 --> 00:20:40,786
JOBS HE YEAR WITHIN THE UNITED 
STATES EVERY SINGLE YEAR. 

269
00:20:40,787 --> 00:20:49,152
AND WE DO NOTHING. WE ALLOW THEM 
TO GET AWAY WITH 

270
00:20:49,154 --> 00:20:50,879
IT. WHO CAN BLAME THEM AND I DON'T 

271
00:20:50,880 --> 00:20:52,543
BLAME THEM AT ALL. IF YOU CAN GET 
AWAY WITH IT, 

272
00:20:52,545 --> 00:20:54,640
THEY ARE GOING TO GET AWAY WITH 
IT. 

273
00:20:54,642 --> 00:20:59,256
WE ARE GOING TO STOP A OUTFLOW 
OF JOBS FROM OUR COUNTRY AND 

274
00:20:59,258 --> 00:21:03,371
OPEN A NEW HIGHWAY OF JOBS BACK 
INTO OUR COUNTRY. 

275
00:21:03,373 --> 00:21:12,288
HERE'S HOW THE PLAN ADDS UP. WE 
ARE PROPOSING A $4.4 TRILLION 

276
00:21:12,290 --> 00:21:22,657
TAX CUT THAT WILL SCORE AS A $2.6 
TRILLION UNDER DYNAMIC 

277
00:21:22,659 --> 00:21:24,899
GROWTH MODELS, WHICH IS HOW TAXES 
SHOULD BE SCORED. 

278
00:21:24,901 --> 00:21:34,461
[APPLAUSE] THIS INCLUDES THE CHILD 
CARE 

279
00:21:34,463 --> 00:21:27,315
PLAN THAT WE ANNOUNCED THE OTHER 
DAY. 

280
00:21:27,317 --> 00:21:38,43
OUR ECONOMIC TEAM HAS FURTHER GROWTH-INDUCEDE 

281
00:21:38,45 --> 00:21:39,612
SAVINGS FROM TRADE, ENERGY AND 
REGULATION REFORM WEALTH'S -- 

282
00:21:39,614 --> 00:21:45,551
WILL SHAVE ANOTHER $8.3 TRILLION 
OFF THE REMAINING DEBT. 

283
00:21:45,552 --> 00:21:51,624
THIS MONEY CAN ALL BE SAVED THROUGH 
SIMPLE COMMON SENSE 

284
00:21:51,625 --> 00:21:58,264
REFORMS. SAVE ONE PENNY OF 

285
00:21:58,265 --> 00:22:01,801
EACH FEDERAL DOLLARS SPENT ON NONDEFENSE 
AND NON-ENTITLEMENT 

286
00:22:01,802 --> 00:22:05,338
PROGRAMS, WE CAN SAVE ALMOST $1 
TRILLION OVER THE NEXT DECADE. 

287
00:22:05,339 --> 00:22:08,340
ONE PENNY. WE COULD ALL DO THAT. 

288
00:22:08,342 --> 00:22:14,913
A TRILLION. AGAIN, THIS IS SPENDING 
THAT 

289
00:22:14,915 --> 00:22:21,253
DOES NOT TOUCH DEFENSE. BUILD UP 
OURVE TO 

290
00:22:21,255 --> 00:22:22,421
MILITARY, WHICH IS SO TERRIBLY 
DEPLETED. 

291
00:22:22,422 --> 00:22:25,156
AND THAT DOES NOT TOUCH ENTITLEMENTS. 

292
00:22:25,158 --> 00:22:31,563
3.5%R PLAN EXCEEDS THE 10-YEAR 
GROWTH AVERAGE, THEN OUR 

293
00:22:31,565 --> 00:22:36,750
JOBS PROPOSED WILL ACTUALLY REDUCE 
AND START REALLY, 

294
00:22:36,752 --> 00:22:45,889
.TRONGLY REDUCING THE DEFICIT SAVINGS 
WILL BECOME POUNDED BY 

295
00:22:45,891 --> 00:22:47,905
THE FACT THAT PEOPLE WHO ARE CURRENTLY 
RECEIVING UNEMPLOYMENT 

296
00:22:47,907 --> 00:22:49,647
OR WELFARE WILL FINALLY BE ABLE 
TO FIND JOBS. 

297
00:22:49,649 --> 00:22:59,97
PROGROWTH, MOST PRO-JOBS, PROFAMILY 
PLAN PUT 

298
00:22:59,99 --> 00:22:59,791
FORTH PERHAPS IN THE HISTORY OF 
OUR COUNTRY. 

299
00:22:59,793 --> 00:23:03,963
THIS IS WHAT OUR NEW FUTURE WILL 
LOOK LIKE. 

300
00:23:03,964 --> 00:23:08,0
I'M GOING TO LOWER YOUR TAXES VERY, 
VERY SUBSTANTIALLY. 

301
00:23:08,1 --> 00:23:11,970
I'M GOING TO GET RID OF MASSIVE 
AMOUNTS OF UNNECESSARY 

302
00:23:11,972 --> 00:23:16,307
REGULATION. ARE INTHESE REGULATIONS 

303
00:23:16,309 --> 00:23:18,477
YOUR BUSINESS AND IN YOUR LIFE. 
I'M GOING TO UNLEASH AMERICAN 

304
00:23:18,479 --> 00:23:21,514
ENERGY. I'M GOING TO REPEAL AND 
REPLACE 

305
00:23:21,515 --> 00:23:27,619
OBAMACARE. I'M GOING TO APPOINT 
JUSTICES OF 

306
00:23:27,621 --> 00:23:28,921
THE SUPREME COURT WHO WILL FOLLOW 
THE CONSTITUTION. 

307
00:23:28,922 --> 00:23:40,932
[APPLAUSE] I'M GOING TO REBUILD 
OUR 

308
00:23:40,934 --> 00:23:47,124
DEPLETED MILITARY AND TAKE CARE 
OF OUR VETS WHO ARE TREATED SO 

309
00:23:47,126 --> 00:23:47,796
BADLY. [APPLAUSE] 

310
00:23:47,798 --> 00:23:56,610
CASES, OUR VETS ARE TREATED NOT 
NEARLY AS WELL AS 

311
00:23:56,612 --> 00:23:56,861
PEOPLE WHO COME INTO OUR COUNTRY 
ILLEGALLY. 

312
00:23:56,863 --> 00:24:02,391
WE CAN'T HAVE THAT. I'M GOING TO 
SAVE YOUR SECOND 

313
00:24:02,393 --> 00:24:05,858
AMENDMENT, WHICH IS UNDER SEES. 
I'M GOING TO -- UNDER SEAS. 

314
00:24:05,860 --> 00:24:13,58
-- UNDER SIEGE. I'M GOING TO END 
ILLEGAL 

315
00:24:13,60 --> 00:24:13,232
IMMIGRATION WHICH IS POISONING 
OUR YOUTH. 

316
00:24:13,234 --> 00:24:17,302
A TREMENDOUS PROBLEM. AND YES, 
WE WILL BUILD THE WALL. 

317
00:24:17,304 --> 00:24:20,572
THE WALL WILL BE BILLED. IN CASE 
YOU WERE WORRIED ABOUT 

318
00:24:20,574 --> 00:24:24,755
WHO WAS GOING TO PAY FOR IT, MEXICO 
IS GOING TO PAY FOR IT. 

319
00:24:24,757 --> 00:24:29,81
TOTALLY SERIOUS ABOUT THAT. MEXICO 
AM A WE LOOK AT THE TRADE 

320
00:24:29,83 --> 00:24:39,58
DEFICIT WITH -- WE HAVE WITH MEXICO, 
IT IS MASSIVE. 

321
00:24:39,60 --> 00:24:44,238
THE WALL IS PEANUTS COMPARED TO 
WHAT WE ARE TALKING ABOUT. 

322
00:24:44,240 --> 00:24:48,197
MEXICO WILL PAY FOR THE WALL. AND 
I'M GOING TO RENEGOTIATE OUR 

323
00:24:48,199 --> 00:24:52,384
DISASTROUS TRADE DEALS, ESPECIALLY 
NAFTA, AND WE WILL 

324
00:24:52,386 --> 00:24:56,159
ONLY MAKE GREAT TRADE DEALS THAT 
BUT THE AMERICAN WORKER FIRST 

325
00:24:56,161 --> 00:24:57,726
AND PUT THE AMERICAN WORKER BACK 
TO WORK. 

326
00:24:57,728 --> 00:25:04,735
[APPLAUSE] OUR INERS -- OUR 

327
00:25:04,737 --> 00:25:16,754
MINERS AND ARE STILL WORKERS. THEY'RE 
GOING BACK TO WORK. 

328
00:25:16,755 --> 00:25:21,606
OURILL REBUILD OUR ROADS, BRIDGES, 
HIGHWAYS, AIRPORTS, 

329
00:25:21,608 --> 00:25:22,706
SCHOOLS, HOSPITALS. WE WILL REBUILD 
EVERYTHING. 

330
00:25:22,708 --> 00:25:26,597
AMERICAN CARS WILL TRAVEL THE ROADS. 

331
00:25:26,599 --> 00:25:27,524
AMERICAN PLANES WILL SOAR THE SKIES. 

332
00:25:27,526 --> 00:25:30,457
AN AMERICAN SHIPS WILL PATROL THE 
SEAS. 

333
00:25:30,459 --> 00:25:35,440
AMERICAN STEEL WILL SEND NEW SITES 
-- NEW SKYSCRAPERS INTO 

334
00:25:35,442 --> 00:25:33,517
THE CLOUDS. AMERICAN HANDS WILL 
REBUILD THIS 

335
00:25:33,519 --> 00:25:42,184
NATION. , HARVESTEDN ENERGY 

336
00:25:42,186 --> 00:25:38,229
FROM AMERICAN SOURCES, WILL POWER 
THIS NATION. 

337
00:25:38,231 --> 00:25:42,53
HIREDAN WORKERS WILL BE TO DO THE 
JOB. 

338
00:25:42,55 --> 00:25:49,694
METALL PUT NEW AMERICAN AND NEW 
AMERICAN STEEL INTO THE 

339
00:25:49,696 --> 00:25:53,499
SPINE OF THIS COUNTRY. JOBS WILL 
RETURN, INCOMES WILL 

340
00:25:53,500 --> 00:25:58,303
RISE, NEW FACTORIES WILL COME RUSHING 
BACK TO OUR SHORES. 

341
00:25:58,305 --> 00:26:01,339
WE WILL MAKE AMERICA WEALTHY AGAIN. 

342
00:26:01,341 --> 00:26:04,243
WE WILL MAKE AMERICA STRONG AGAIN. 

343
00:26:04,244 --> 00:26:08,347
AND WE WILL MAKE AMERICA GREAT 
AGAIN. 

344
00:26:08,348 --> 00:26:11,650
THANK YOU VERY MUCH. BLESS YOU. 

345
00:26:11,651 --> 00:26:13,352
THANK YOU. THANK YOU VERY MUCH. 

346
00:26:13,354 --> 00:26:21,459
THANK YOU. THAT WAS DONALD TRUMP 

347
00:26:21,461 --> 00:26:22,895
WRAPPING UP HIS COMMENTS AT THE 
ECONOMIC CLUB OF NEW YORK. 

348
00:26:22,896 --> 00:26:41,145
AMONG THE HEADLINES -- MATT: I 
SHOULD POINT OUT THAT 

349
00:26:41,147 --> 00:26:47,652
TOM KEENE IS ON THE OTHER SIDE. 
WE'VE GOT IT COVERED. 

350
00:26:47,654 --> 00:27:05,468
, THE BILLIONAIRE HEDGE FUND MANAGER 
MADE SO MUCH 

351
00:27:05,470 --> 00:27:16,2
MONEY ON THE DOWNFALL OF THIS , 
IS GOING TONOMY 

352
00:27:16,4 --> 00:27:13,47
BE DOING THE QUESTIONING ARE STARTING 
OUT THE QUESTIONS HERE. 

353
00:27:13,49 --> 00:27:19,810
THERE WILL BE A Q AND A SESSION. 
WE WILL TAKE ALL OF IT AND GIVE 

354
00:27:19,812 --> 00:27:24,891
IT TO YOU AS WELL. WE HAVE STEVE 

355
00:27:24,893 --> 00:27:31,271
AND MICHAEL MCKEE. SOME OF THE 
THINGS WE HEARD FROM 

356
00:27:31,273 --> 00:27:31,161
DONALD TRUMP -- WERE THERE ANY 
SURPRISES? 

357
00:27:31,163 --> 00:27:30,379
WE HEARD A LOT OF THE SAME THINGS 
THAT WE HAVE HEARD. 

358
00:27:30,381 --> 00:27:42,835
THE WALL THAT WILL BE BILLED COME 
ATTACK SCOUTS, 

359
00:27:42,837 --> 00:27:37,468
CHILDCARE WILL NOW BE TAX-DEDUCTIBLE. 

360
00:27:37,470 --> 00:27:41,239
STEVE: NOT A LOT OF SURPRISES. 
THIS SUMMER, TRUCK PUT OUT A 

361
00:27:41,241 --> 00:27:48,681
LOAD OF HIS TAX PLAN -- TRUMP PUT 
OUT A LOT OF HIS TAX PLAN ON 

362
00:27:48,682 --> 00:27:49,748
HIS WEBSITE. HIS TEAM TO GET DOWN. 

363
00:27:49,750 --> 00:27:53,218
THIS IS THE SECOND TAKE. HE KIDS 
TO COME DOUBT THAT'S 

364
00:27:53,219 --> 00:27:58,524
COME OUT -- HE GETS TO COME OUT 
AND SAYS THIS IS HOW WE GET TO 

365
00:27:58,526 --> 00:28:00,426
PAY FOR AND IS IN MY ROOM PLAN. 
THIS IS TRUMP'S REDO. 

366
00:28:00,427 --> 00:28:06,397
ON THE NIGHTLY NEWS, WHAT WILL 
VOTERS HERE? 

367
00:28:06,399 --> 00:28:12,870
TRUMP PROPOSED A TAX CUT FOR YOU 
AND HE IS GOING TO PAY FOR. 

368
00:28:12,872 --> 00:28:17,676
NOW ONTO TRAFFIC AND WEATHER. MATT: 
HE SAYS COME AS LONG AS WE 

369
00:28:17,677 --> 00:28:21,680
HAVE 4% GDP GROWTH -- MICHAEL: 
THEN HE GOES BACK TO 

370
00:28:21,682 --> 00:28:30,188
THE OLD REPUBLICAN SHIFT. WILL 
INCREASETHAT 

371
00:28:30,190 --> 00:28:31,322
GROWTH AND THAT WILL PAY FOR THE 
TAX CUT. 

372
00:28:31,324 --> 00:28:33,192
NO EVIDENCE THAT WOULD ACTUALLY 
WORK. 

373
00:28:33,193 --> 00:28:42,266
OFT: WE HAD TWO DECADES PROSPERITY 
AFTER THAT STARTED, 

374
00:28:42,268 --> 00:28:46,310
RIGHT? MICHAEL: NO WAY WE CAN GET 
TO 4% 

375
00:28:46,312 --> 00:28:50,909
GROWTH UNDER CURRENT SITUATIONS. 
SCARLET: LET'S LISTEN TO THE Q 

376
00:28:50,911 --> 00:28:55,413
AND A. DONALD TRUMP SPEAKING WITH 

377
00:28:55,415 --> 00:29:03,322
DONALD PAULSON. MR. TRUMP: IT IS 
LIKE THEY WILL 

378
00:29:03,323 --> 00:29:07,375
HAVE A REVOLUTION. AND THEY START 
EVALUATING, AND 

379
00:29:07,377 --> 00:29:12,431
EVALUATING. THEY DO ALSO TO THINGS 
AND THEY 

380
00:29:12,432 --> 00:29:12,208
GET BACK ON TRACK. I'VE HAD FRIENDS 
COME TO ME THAT 

381
00:29:12,209 --> 00:29:23,453
HAVE BEEN DEVASTATED, MANUFACTURES, 
GREAT 

382
00:29:23,455 --> 00:29:20,123
MANUFACTURERS, SUCCESSFUL PEOPLE, 
BUT THEY HAVE BECOME 

383
00:29:20,125 --> 00:29:28,147
LESS AND LESS SUCCESSFUL BECAUSE 
THEY CAN'T BEAT THE SYSTEM. 

384
00:29:28,149 --> 00:29:34,749
IN THIS WAY, TOO, IT IS A RIGGED 
SYSTEM. 

385
00:29:34,751 --> 00:29:37,260
THEY ARE ALMOST DOING WELL AND 
THEN THERE IS A MASSIVE 

386
00:29:37,262 --> 00:29:38,416
DEVALUATION IN CHINA OR OTHER COUNTRIES 
AND THERE ARE PLENTY 

387
00:29:38,418 --> 00:29:38,279
OF OTHER COUNTRIES OUT THERE -- 
SOME ARE ACTUALLY HURTING CHINA 

388
00:29:38,281 --> 00:29:41,342
NOW. , WHEN THEY HAVE 7%, 

389
00:29:41,343 --> 00:29:45,586
DROPPED TO 7% OR 8%, THEY CONSIDER 
IT A DISASTER 

390
00:29:45,588 --> 00:29:49,500
AND WE ARE STUCK AT 1%. PERHAPS 
THE REAL NUMBERS 1%, BUT 

391
00:29:49,502 --> 00:29:55,72
, AND WE TRY 2% TO LIVE WITH IT. 

392
00:29:55,74 --> 00:29:59,177
SO WE ARE GOING TO UNLEASH TREMENDOUS 
OPPORTUNITY AND WE 

393
00:29:59,179 --> 00:30:01,680
ARE BRINGING BACK THE TRILLIONS 
OF DOLLARS THAT DOESN'T COME 

394
00:30:01,682 --> 00:30:06,785
INTO THIS COUNTRY. THAT DOES REALLY 
BRING A LOT OF 

395
00:30:06,786 --> 00:30:09,488
COMPANIES OUT. THEY WANT TO GET 
THEIR MONEY. 

396
00:30:09,489 --> 00:30:14,490
THEY LEAVE TO GET THEIR MONEY. 
SO WE WILL UNLEASH A LOT. 

397
00:30:14,492 --> 00:30:19,400
WE WILL UNLEASH A LOT WITH THE 
REGULATIONS. 

398
00:30:19,402 --> 00:30:26,196
SURPRISED MET MOST IN GOING AROUND 
-- BECAUSE I'VE 

399
00:30:26,198 --> 00:30:27,437
BEEN EVERYWHERE. I HAVE BEEN WORKING. 

400
00:30:27,439 --> 00:30:29,974
THIS STARTED ON JUNE 16. WHO KNEW 
THIS WAS GOING TO 

401
00:30:29,976 --> 00:30:33,779
HAPPEN, RIGHT? BUT IT STARTED ON 
JUNE 16 AND IT 

402
00:30:33,781 --> 00:30:38,83
HAS BEEN AN AMAZING THING. BUT 
FROM A BUSINESS STANDPOINT, 

403
00:30:38,84 --> 00:30:48,695
I SPEAK TO THE BIGGEST AS THIS 
IS IN THE WORLD BUT I ALSO SPEAK 

404
00:30:48,697 --> 00:30:51,808
TO THE SMALL BUSINESS PEOPLE AND 
THE FARMERS. 

405
00:30:51,810 --> 00:30:56,622
IF THEY HAD THEIR CHOICE BETWEEN 
THIS MASSIVE TAX CUT FROM 35% 

406
00:30:56,624 --> 00:31:00,359
DOWN TO 15% OR REGULATION RELIEF, 
THEY WOULD TAKE A MOST 

407
00:31:00,361 --> 00:31:01,521
100% REGULATION -- THE REGULATIONS 
ARE A DISASTER. 

408
00:31:01,523 --> 00:31:03,241
THEY ARE KILLING THE FARMERS. THEY 
ARE KILLING THE ENERGY 

409
00:31:03,243 --> 00:31:04,876
FOLKS. THEY ARE KILLING THE MINES. 

410
00:31:04,878 --> 00:31:13,385
HAS GOTTEN SO CRAZY AND IT HAS 
GONE SO EXCESSIVE THAT THEY 

411
00:31:13,386 --> 00:31:19,590
WOULD TAKE THAT OVER TAXES. SO 
WE ARE GOING TO ANOTHER -- 

412
00:31:19,592 --> 00:31:20,791
GOING TO UNLEASH TREMENDOUS NUMBER 
OF JOBS. 

413
00:31:20,793 --> 00:31:29,67
FRAUD, ABUSE. WITH OF THE PENNY 
PLAN -- JUST A 

414
00:31:29,68 --> 00:31:31,969
PENNY OUT OF EVERY DOLLAR. I KNOW 
YOU CAN DO THAT VERY 

415
00:31:31,971 --> 00:31:34,5
EASILY. BUT WE HAVE TO APPOINT 
PEOPLE TO 

416
00:31:34,7 --> 00:31:36,375
HEAD THESE MASSIVE, MASSIVE AGENCIES. 

417
00:31:36,376 --> 00:31:41,613
IF THEY WERE COMPANIES, THEY WOULD 
BE VERY LARGE COMPANIES, 

418
00:31:41,614 --> 00:31:43,515
SOME BIGGER THAN ANY OTHER COMPANIES. 

419
00:31:43,516 --> 00:31:50,222
PENNY, A PENNY OFF THE DOLLAR AND 
YOU DO THAT FOR A 

420
00:31:50,223 --> 00:31:52,291
NUMBER OF YEARS AND ALL OF A SUDDEN 
REALLY GREAT THINGS START 

421
00:31:52,292 --> 00:31:57,296
TO HAPPEN. WE SPEND A TO THAT, 

422
00:31:57,297 --> 00:32:00,999
TREMENDOUS AMOUNT ON MILITARY, 
WHICH WE ARE GOING TO INCREASE. 

423
00:32:01,0 --> 00:32:02,901
WE HAVE NO CHOICE. BUT WE ALSO 
DEFEND OTHER 

424
00:32:02,902 --> 00:32:07,171
COUNTRIES. AND THOSE COUNTRIES 
ARE NOT 

425
00:32:07,173 --> 00:32:08,473
PAYING US NEARLY WHAT THEY SHOULD 
BE PAYING US. 

426
00:32:08,474 --> 00:32:12,843
,E ARE LOSING TREMENDOUS BILLIONS 
AND BILLIONS OF DOLLARS 

427
00:32:12,845 --> 00:32:16,415
ON DEFENDING OTHER PEOPLE, SOME 
OF THEM DON'T EVEN APPRECIATE 

428
00:32:16,416 --> 00:32:17,482
THE FACT THAT WE ARE DEFENDING 
THEM. 

429
00:32:17,484 --> 00:32:19,151
AND MANY OF THEM DON'T PAY US. 
THEY DON'T PAY US. 

430
00:32:19,152 --> 00:32:24,88
WHY? WE DON'T ASK. 

431
00:32:24,90 --> 00:32:30,696
I'M SURE, WILL, START TO PAY FOR 
DEFENSE, BUT IT 

432
00:32:30,697 --> 00:32:35,99
A A FANTASTIC -- IT IS FANTASTIC 
NUMBER. 

433
00:32:35,101 --> 00:32:37,135
IT IS A VERY, VERY LARGE -- IT 
IS A SHOCKING NUMBER. 

434
00:32:37,136 --> 00:32:40,204
I WILL JUST FINISH WITH SAYING 
THIS. 

435
00:32:40,206 --> 00:32:46,144
RESPECT FOR JAPAN. BUT AS YOU KNOW, 
WE DEFEND 

436
00:32:46,145 --> 00:32:47,11
JAPAN. WE DEFEND GERMANY. 

437
00:32:47,13 --> 00:32:49,714
WE DEFEND SAUDI ARABIA. WE DEFEND 
SOUTH KOREA. 

438
00:32:49,716 --> 00:32:58,322
THESE ARE ECONOMIC AND HE MYTHS, 
BUT HE MYTHS -- ECONOMIC 

439
00:32:58,324 --> 00:33:10,769
BEHEMOTHS, BEHEMOTHS. DOESN'T MR. 
TRUMP KNOW THAT 

440
00:33:10,770 --> 00:33:12,4
JAPAN PAYS 50% OF THE COST OF ITS 
DEFENSE? 

441
00:33:12,5 --> 00:33:15,406
I SAY, OH, WHY DON'T THEY PAY 100%? 

442
00:33:15,408 --> 00:33:18,677
THE NUMBERS YOU ARE TALKING ABOUT 
OUR MASSIVE. 

443
00:33:18,678 --> 00:33:25,784
,HEN YOU ADD IT ALL TOGETHER LIGHTER 
THINGS ARE GOING TO 

444
00:33:25,786 --> 00:33:32,24
HAPPEN. CORPORATE TAX RATE, A 

445
00:33:32,26 --> 00:33:40,332
CORNERSTONE OF YOUR POLICY IS THE 
RATE. 

446
00:33:40,333 --> 00:33:41,400
SECRETARY LEW PROPOSED A 28% RATE. 

447
00:33:41,401 --> 00:33:45,803
THE U.K. IS AT 20%. IRELAND IS 
AT 12.5%. 

448
00:33:45,805 --> 00:33:51,9
HOW DID YOU SETTLE ON 15% OF THE 
TARGET FOR THE U.S.? 

449
00:33:51,10 --> 00:33:57,549
OF THAT HAS TOT DO WITH THE CUTTING 
BECAUSE WE 

450
00:33:57,551 --> 00:34:00,251
ARE GOING TO BE CUTTING COSTS. 
I THINK WE ARE GOING TO UNLEASH 

451
00:34:00,253 --> 00:34:03,20
SOMETHING THAT IS GOING TO BE SO 
AMAZING AND A LOT OF IT IS 

452
00:34:03,22 --> 00:34:05,90
COMPETITION. YOU LOOK AT IRELAND 
BEING THE 

453
00:34:05,92 --> 00:34:08,325
LOWEST. WE ARE NOT THE LOWEST, 
BUT WE 

454
00:34:08,327 --> 00:34:13,697
ARE GETTING DOWN THERE. OFHT NOW, 
WE ARE THE HIGHEST 

455
00:34:13,699 --> 00:34:15,66
THE WORLD, CERTAINLY OF THE INDUSTRIALIZED 
COUNTRIES. 

456
00:34:15,68 --> 00:34:18,370
AND WE SAID IT FROM A COMPETITIVE 
STANDPOINT AND WE 

457
00:34:18,372 --> 00:34:22,174
ADDED TO THAT AND VERY IMPORTANTLY 
ADDED TO THAT THE 

458
00:34:22,176 --> 00:34:24,742
COST CUTTING. AND THERE IS TREMENDOUS 
FAT. 

459
00:34:24,744 --> 00:34:29,247
IT'S INTERESTING, WHEN ALL OF US 
AND SO MANY IN THE ROOM DO THIS, 

460
00:34:29,249 --> 00:34:32,551
WHEN WE BUY COMPANIES, WE LIKE 
TO BUY COMPANIES THAT ARE POORLY 

461
00:34:32,552 --> 00:34:34,452
RUN, RIGHT, BECAUSE WE HAVE SO 
MUCH ROOM TO CUT. 

462
00:34:34,454 --> 00:34:38,656
WE DON'T WANT TO BUY A PERFECTLY 
RUNNING MACHINE WHERE WE CAN DO 

463
00:34:38,658 --> 00:34:39,724
TOO MUCH. BUT WE ARE NOT A PERFECTLY 

464
00:34:39,726 --> 00:34:42,960
RUNNING MACHINE. WE HAVE TWO MINUTES 
WASTE, 

465
00:34:42,962 --> 00:34:46,331
TREMENDOUS ABUSE. OUR MILITARY 
ORDERS EQUIPMENT 

466
00:34:46,333 --> 00:34:52,837
THAT IS POLITICALLY MOTIVATED BECAUSE 
THEY WILL BUY A COMMENT 

467
00:34:52,839 --> 00:34:53,872
THAT IS NOT AS GOOD AS THEY WANT. 

468
00:34:53,874 --> 00:34:57,908
THETHE CLAIMANT THAT GENERALS WANT 
IS BETTER AND LESS 

469
00:34:57,910 --> 00:35:00,177
EXTENSIVE. -- AND THE EQUIPMENT 
THAT THE 

470
00:35:00,179 --> 00:35:05,884
GENERALS WANT IS SO BETTER AND 
LESS SIX AND SAID -- LESS 

471
00:35:05,885 --> 00:35:08,419
EXPENSIVE. WE ARE GOING TO MAKE 
AMERICA 

472
00:35:08,421 --> 00:35:15,927
GREAT AGAIN. > NOW IT'S TIME FOR> 
MARTIN 

473
00:35:15,928 --> 00:35:17,395
FELDSTEIN WHO IS ON OUR BOARD AND 
CHAIRMAN OF THE DEPARTMENT 

474
00:35:17,396 --> 00:35:18,762
OF ECONOMICS AT HARVARD. PART OF 
THE ISSUE IN REDUCING 

475
00:35:18,764 --> 00:35:21,31
TAX RATES IS BEING TACKED ON THE 
DEFICIT. 

476
00:35:21,33 --> 00:35:27,205
PROPOSESETS WOULD YOU TO COMPENSATE 
FOR THE REDUCED 

477
00:35:27,207 --> 00:35:35,881
REVENUE. YOU MENTIONED IN YOUR 
SPEECH 

478
00:35:35,883 --> 00:35:37,815
THAT COME OVER TIME, IT CAN BE 
REVENUE NEUTRAL. 

479
00:35:37,817 --> 00:35:43,121
MR. TRUMP: EVENTUALLY WITH TIME, 
THIS IS GOING TO WORK OUT. 

480
00:35:43,123 --> 00:35:48,426
BUT THE BIG THING WITH NEUTRALITY 
IS THE AMOUNT OF 

481
00:35:48,427 --> 00:35:52,730
BUSINESS WE GENERATE, THE FACT 
THAT COMPANIES WILL NO LONGER BE 

482
00:35:52,732 --> 00:35:58,103
LIVING -- BELIEVING. YOU HAVE TO 
LOOK AT THE 

483
00:35:58,104 --> 00:36:01,939
COMPANIES -- I TOLD YOU BEFORE 
THAT FORD MOTOR COMPANY, THIS IS 

484
00:36:01,941 --> 00:36:04,775
A MASSIVE AMOUNT OF BUSINESS. THEY 
ARE TAKING ALL SMART -- ALL 

485
00:36:04,777 --> 00:36:05,843
SMALL CARS AND MAKE THEM IN MEXICO. 

486
00:36:05,845 --> 00:36:11,815
IT IS DEVASTATING FOR MICHIGAN 
AND AREAS OF ME THAT HAVE TO GO 

487
00:36:11,817 --> 00:36:15,52
THROUGH THIS. WE ARE GOING TO KEEP 
OUR 

488
00:36:15,54 --> 00:36:22,360
ARE LEAVING US BECAUSE OUR TAXES 
ARE SO HIGH 

489
00:36:22,362 --> 00:36:23,627
BECAUSE THEY CANNOT BRING THEIR 
MONEY BACK IN. 

490
00:36:23,629 --> 00:36:25,563
OUR COMPANIES ARE LEAVING US BECAUSE 
OF REGULATION. 

491
00:36:25,565 --> 00:36:29,935
THE REGULATION IS SO MASSIVE THAT 
OUR COMPANIES ARE LEAVING 

492
00:36:29,937 --> 00:36:37,175
US. THEY ARE NOT GOING TO BE LEAVING 

493
00:36:37,177 --> 00:36:38,944
ANYMORE BECAUSE THEY WILL HAVE 
A BETTER DEAL THAN WHERE THEY ARE 

494
00:36:38,946 --> 00:36:44,481
LOOKING TO GO. COUPLING THAT WITH 

495
00:36:44,483 --> 00:36:45,916
CUTTING COSTS, CUTTING BUDGETARY 
COSTS AND LOTS OF COST. 

496
00:36:45,918 --> 00:36:47,552
THERE WILL BE MANY COSTS THAT WE 
WILL BE CUTTING. 

497
00:36:47,553 --> 00:36:55,459
AND WE WILL BE ENHANCED BY MANY 
THINGS WITH THE MILITARY AND THE 

498
00:36:55,461 --> 00:36:56,961
DEFENSE OF OTHER COUNTRIES, WHICH 
A LOT OF PEOPLE DIDN'T 

499
00:36:56,963 --> 00:36:58,95
EVEN KNOW. TOO MANY PEOPLE EVEN 
IN THIS 

500
00:36:58,97 --> 00:37:06,404
ROOM UNTIL A STUDY SPEAKING I DON'T 
A YEAR AGO, 

501
00:37:06,406 --> 00:37:07,938
THINK MANY PEOPLE KNEW THAT WE 
DEFEND GERMANY AND JAPAN. 

502
00:37:07,940 --> 00:37:13,278
WERE DEFENDING SOUTH KOREA. SAUDI 
ARABIA AS AN EXAMPLE, 

503
00:37:13,280 --> 00:37:16,680
SAUDI ARABIA WE KNOW, LOTS OF WEALTH, 
LOTS OF MONEY. 

504
00:37:16,682 --> 00:37:20,986
THEY DON'T PAY US VERY MUCH FOR 
WHAT WE DO. 

505
00:37:20,988 --> 00:37:25,90
AND YOU COULD ASK YOURSELF HOW 
LONG WOULD SAUDI ARABIA EVEN BE 

506
00:37:25,92 --> 00:37:26,758
THERE IF WE WEREN'T DEFENDING THEM? 

507
00:37:26,760 --> 00:37:29,760
AND I THINK WE SHOULD DEFEND THEM. 

508
00:37:29,762 --> 00:37:33,197
WE HAVE TO BE COMPENSATED PROPERLY 
FOR THAT DEFENSE. 

509
00:37:33,199 --> 00:37:36,0
I'M SURE THEY WILL BE THRILLED 
TO HEAR THAT. 

510
00:37:36,2 --> 00:37:42,406
[LAUGHTER] ONE ISSUE THAT CAME 
UP 

511
00:37:42,408 --> 00:37:48,312
WAS THE POTENTIAL FOR DEFAULT ON 
THE U.S. DEBT. 

512
00:37:48,314 --> 00:37:51,815
THE U.S. HAS A PERFECT CREDIT HISTORY. 

513
00:37:51,817 --> 00:37:56,121
IS THERE ANY SCENARIO YOU WOULD 
CONSIDER DEFAULTING ON THE U.S.? 

514
00:37:56,123 --> 00:38:00,157
MR. TRUMP: DEBT NO -- ON THE U.S. 
DEBT? 

515
00:38:00,159 --> 00:38:04,829
MR. TRUMP: NO. THIS ISN'T LIKE 
BUILDING A REAL 

516
00:38:04,831 --> 00:38:08,833
ESTATE PROJECT IN THE MARKET CRASHES 
AND YOU HAVE YOUR SHOT 

517
00:38:08,834 --> 00:38:10,135
AT A BANK. I LOVE THOSE DAYS, YOU 
KNOW? 

518
00:38:10,136 --> 00:38:12,270
I LOVE THAT. [LAUGHTER] 

519
00:38:12,271 --> 00:38:16,573
SOMEBODY SAID I AM ONE OF THE GREAT 
IN THE WORLD. 

520
00:38:16,575 --> 00:38:27,584
I LOVE BUYING BANK DEBT. BANK DEBT.TIATING 

521
00:38:27,586 --> 00:38:31,322
YOU CAN DISCOUNT. WE CAN DO THINGS. 

522
00:38:31,324 --> 00:38:37,696
BUT THE DEBT OF THIS COUNTRY IS 
ABSOLUTELY SACRED, ABSOLUTELY 

523
00:38:37,697 --> 00:38:38,663
100% SACRED. YOU HAVE TO BE. 

524
00:38:38,665 --> 00:38:48,406
REGARDING REGULATION, YOU SAID 
THAT WE HAVE TOO MUCH 

525
00:38:48,407 --> 00:38:52,444
REGULATION AND THAT EXCESS REGULATION 
IMPEDES GROWTH. 

526
00:38:52,446 --> 00:38:57,648
WHAT WOULD BE YOUR STRATEGY FOR 
REDUCING EXCESSIVE REGULATION? 

527
00:38:57,650 --> 00:39:02,854
MR. TRUMP: I GO BACK TO THE HEADS 
OF THE VARIOUS GROUPS, 

528
00:39:02,855 --> 00:39:09,427
AGENCIES, ALL OF THE DIFFERENT 
PARCELS OF GOVERNMENT. 

529
00:39:09,428 --> 00:39:13,832
I WOULD PUT IN VERY TOP PEOPLE 
TO NEGOTIATE. 

530
00:39:13,833 --> 00:39:17,668
HONESTLY, WE PUT POLITICAL PEOPLE 
AND TO NEGOTIATE. 

531
00:39:17,670 --> 00:39:23,475
WE PUT PEOPLE THEY GAVE CONTRIBUTIONS, 
PEOPLE THAT WORK 

532
00:39:23,477 --> 00:39:24,742
THE SYSTEM, PEOPLE THAT SHOULDN'T 
BE THERE. 

533
00:39:24,744 --> 00:39:29,513
YOU CUT 1%U SAY CAN OFF YOUR BUDGET, 
THEY LOOK LIKE 

534
00:39:29,515 --> 00:39:32,983
THIS IS IMPOSSIBLE. WHEREAS PEOPLE 
IN THIS ROOM, 

535
00:39:32,985 --> 00:39:35,219
BECAUSE I KNOW A COUPLE OF THEM 
ARE TOTAL KILLERS -- I WILL CALL 

536
00:39:35,221 --> 00:39:41,492
THEM OUT -- THEY HEAR ONE CAN GETTHEY 
SAY, DON, I 

537
00:39:41,494 --> 00:39:42,861
IT DONE IN ONE YEAR. I SAY TAKE 
IT EASY, JUST RELAX. 

538
00:39:42,863 --> 00:39:46,297
[LAUGHTER] BUT THERE ARE PEOPLE 
IN THIS 

539
00:39:46,299 --> 00:39:49,100
ROOM WHO WOULD SAY THAT SO WHEN 
YOU SAY 1% A YEAR FOR 10 YEARS, 

540
00:39:49,102 --> 00:39:54,672
THAT'S A MASSIVE DIFFERENCE EMMA 
1% FOR 10 YEARS. 

541
00:39:54,674 --> 00:39:58,242
I WOULD REALLY HAVE IT DONE AT 
THE LEVEL OF THE GROUP RUNNING 

542
00:39:58,244 --> 00:40:03,748
WHAT EVER INDIVIDUAL THING IN GOVERNMENT 
THEY ARE RUNNING AND 

543
00:40:03,750 --> 00:40:05,216
THEY WILL BE ABLE TO DO IT IF THEY 
HAVE THE RIGHT PEOPLE. 

544
00:40:05,218 --> 00:40:06,917
WE DON'T HAVE THE RIGHT PEOPLE. 
WE HAVE PEOPLE WHO SHOULDN'T BE 

545
00:40:06,919 --> 00:40:12,356
DOING WHAT THEY ARE DOING. WE HAVE 
PEOPLE UNDER THEM WHO 

546
00:40:12,358 --> 00:40:17,761
ARE FAR, FAR MORE CONFIDENT THAN 
THEY ARE AND THEY LOSE THOSE -- 

547
00:40:17,763 --> 00:40:19,864
THOSE PEOPLE LOSE RESPECT FOR THE 
SYSTEM WHEN THEY SEE WHAT IS 

548
00:40:19,865 --> 00:40:26,604
COMING IN. TELL YOU HOW 

549
00:40:26,605 --> 00:40:28,772
STRONGLY I BELIEVE THIS. THE TRADE 
DEALS ARE SO BAD. 

550
00:40:28,774 --> 00:40:32,310
NAFTA HAS DESTROYED THIS COUNTRY. 

551
00:40:32,312 --> 00:40:34,412
NAFTA HAS DESTROYED THE MANUFACTURING 
LEG OF THIS 

552
00:40:34,414 --> 00:41:17,155
COUNTRY. 

553
00:41:17,156 --> 00:41:22,560
AND COMPANIES HAVE DESTROYED COMPANIES. 

554
00:41:22,562 --> 00:41:25,864
THOUSANDS AND THOUSANDS OF COMPANIES, 
MILLIONS OF JOBS. 

555
00:41:25,865 --> 00:41:33,238
WE ARE GOING TO GET THAT BACK. 
WHENEVER I TALK ABOUT TAX 

556
00:41:33,239 --> 00:41:39,576
CUTTING AND I TALK ABOUT WEANCING, 
A BIG PART IS THAT 

557
00:41:39,578 --> 00:41:45,449
WILL TALK ABOUT NEGOTIATING GOOD 
PUT HIM IN THE ROOM FOR A FEW 

558
00:41:45,451 --> 00:41:46,384
DAYS. HE WILL DO VERY WELL. 

559
00:41:46,385 --> 00:41:49,787
WE HAVE THE GREATEST NEGOTIATORS 
IN THE WORLD. 

560
00:41:49,789 --> 00:41:54,691
WE HAVE TO USE -- WHEN CHINA ENTERS 
THE NEGOTIATION, THEY 

561
00:41:54,693 --> 00:42:00,764
COME IN WITH 20 PEOPLE THAT ARE 
THE TOUGHEST, SMARTEST, MEANEST 

562
00:42:00,766 --> 00:42:03,568
-- THEY DON'T SAY GOOD MORNING, 
IS IT A LOVELY DAY? 

563
00:42:03,570 --> 00:42:06,905
ISN'T IT WONDERFUL HOW THE YANKEES 
DO LAST NIGHT? 

564
00:42:06,906 --> 00:42:10,908
THERE'S NO TALK. WE GET DOWN TO 
BUSINESS, BOOM. 

565
00:42:10,910 --> 00:42:14,545
NO GAMES. WE GET PEOPLE IN THERE 
WHO DO 

566
00:42:14,547 --> 00:42:19,149
NOT KNOW WHAT THEY ARE DOING. OFS 
IS WHY WE HAVE DEFICITS 

567
00:42:19,151 --> 00:42:24,87
$500 BILLION WITH ONE COUNTRY. 
WE REBUILT CHINA. 

568
00:42:24,89 --> 00:42:27,24
AND I SAY THAT WITH RESPECT WITH 
CHINA. 

569
00:42:27,26 --> 00:42:28,125
I HAVE A GREAT RELATIONSHIP WITH 
CHINA. 

570
00:42:28,127 --> 00:42:35,198
-- I HAVETO TELL ME MANY FRIENDS 
FROM CHINA -- THE 

571
00:42:35,200 --> 00:42:37,268
BIGGEST PEOPLE, THE RICHEST PEOPLE, 
THEY CANNOT BELIEVE WHAT 

572
00:42:37,270 --> 00:42:39,404
CHINA GETS AWAY WITH. THEY SAY, 
WE CAN BELIEVE IT. 

573
00:42:39,406 --> 00:42:46,843
I WASHEN I ANNOUNCED THAT RUNNING 
FOR PRESIDENT, THEY SAY, 

574
00:42:46,845 --> 00:42:48,279
WILL WE DID NOT MEAN THAT. THEY 
DID NOT KNOW THIS WAS TO 

575
00:42:48,281 --> 00:42:50,548
HAPPEN. AND THE GOOD OLD DAYS, 
THEY USED 

576
00:42:50,550 --> 00:42:54,251
TO SAY WE DON'T BELIEVE. YOUR GOVERNMENT 
IS STUPID. 

577
00:42:54,253 --> 00:42:56,988
BUT NOW THEY DENY THEY EVER SAID 
THAT. 

578
00:42:56,989 --> 00:43:10,268
[APPLAUSE] ON STAFFING, HOW WOULD 
YOU 

579
00:43:10,270 --> 00:43:11,468
RUN A GOVERNMENT TO MAKE IT MORE 
EFFECTIVE? 

580
00:43:11,470 --> 00:43:15,406
WHAT WOULD BE YOUR CRITERIA IN 
CHOOSING THE SENIOR 

581
00:43:15,407 --> 00:43:19,477
ADMINISTRATORS. MR. TRUMP: TRACK 
RECORD, GREAT 

582
00:43:19,479 --> 00:43:24,514
CONFIDENCE, LOVE OF WHAT THEY ARE 
DOING, HOW THEY ARE GETTING 

583
00:43:24,516 --> 00:43:29,454
ALONG WITH PEOPLE, REFERENCES. 
NO DIFFERENCE THAN WHEN YOU'RE 

584
00:43:29,456 --> 00:43:30,788
ARE RUNNING A COMPANY THEN WHEN 
YOU HIRE TOP PEOPLE. 

585
00:43:30,790 --> 00:43:46,604
IT WOULD BE NO DIFFERENT. 

586
00:43:46,605 --> 00:43:48,406
YOU NEED PEOPLE THAT ARE TRULY, 
TRULY CAPABLE. 

587
00:43:48,407 --> 00:43:52,709
AND SO MUCH HAS TO DO WITH PAST 
HISTORY. 

588
00:43:52,711 --> 00:43:54,912
HOW THEY'VE DONE. HOW'S IT ALL 
WORKED OUT. 

589
00:43:54,914 --> 00:43:59,983
YOU UNDERSTAND WHAT I MEAN BY THAT 
PERHAPS BETTER THAN 

590
00:43:59,985 --> 00:44:01,118
ANYBODY. AND WE HAVE TO GET THE 
BEST 

591
00:44:01,120 --> 00:44:03,154
PEOPLE. WE CAN NO LONGER BE SO 

592
00:44:03,156 --> 00:44:05,89
POLITICALLY CORRECT. WE DO THINGS 
TODAY -- WE ARE SO 

593
00:44:05,91 --> 00:44:09,560
POLITICALLY CORRECT. PEOPLE ARE 
SO AFRAID TO WALK. 

594
00:44:09,562 --> 00:44:11,329
THEY ARE AFRAID TO TALK. THEY CAN'T 
SPEAK. 

595
00:44:11,331 --> 00:44:16,233
THEY ARE AFRAID THAT THEY WILL 
SAY THE WRONG WORD AND THEY WILL 

596
00:44:16,235 --> 00:44:18,236
BE SHUNNED FROM SOCIETY. THAT'S 
OK, IT WILL ONLY LAST 

597
00:44:18,238 --> 00:44:21,605
ABOUT A WEEK IF THAT HAPPENS. NOT 
THAT BAD. 

598
00:44:21,607 --> 00:44:24,941
BUT WE HAVE TO BE -- BUT WE DON'T 
HAVE TO BE SO POLITICALLY 

599
00:44:24,943 --> 00:44:26,978
CORRECT. WE NEED THE FINEST. 

600
00:44:26,979 --> 00:44:34,451
I'M NOT SAYING THIS BECAUSE IT'S 
MYSELF. 

601
00:44:34,453 --> 00:44:36,788
THIS IS THE LAST TIME, THIS IS 
GOING TO BE THE LAST ELECTION WE 

602
00:44:36,790 --> 00:44:41,59
HAVE A CHANCE TO MAKE THIS COUNTRY 
GREAT AGAIN, TO REALLY 

603
00:44:41,61 --> 00:44:45,363
MAKE IT WEALTHY AGAIN, MAKE IT 
STRONG AGAIN, MAKE IT ALL OF THE 

604
00:44:45,364 --> 00:44:48,433
THINGS THAT WE WANT TO SEE. BUT 
I REALLY BELIEVE THIS IS THE 

605
00:44:48,435 --> 00:44:51,968
MOST IMPORTANT ELECTION THAT WE 
HAVE BEEN INVOLVED IN FOR MANY, 

606
00:44:51,970 --> 00:44:54,805
MANY, MANY, MANY, MANY YEARS, MANY 
DECADES. 

607
00:44:54,807 --> 00:44:59,644
BECAUSE IT'S GOING DOWN. THE SUPREME 
COURT JUSTICES I 

608
00:44:59,645 --> 00:45:04,181
TOLD YOU ABOUT BEFORE, I MEAN, 
IF THEY PUT CERTAIN PEOPLE ONTO 

609
00:45:04,183 --> 00:45:08,486
THE SUPREME COURT, OUR COUNTRY 
IS GOING TO BE A WHOLE DIFFERENT 

610
00:45:08,488 --> 00:45:10,822
COUNTRY. WE WILL BE A LARGE-SCALE 
VERSION 

611
00:45:10,823 --> 00:45:18,29
OF VENEZUELA. WE WILL BE A TOTALLY 
DIFFERENT 

612
00:45:18,31 --> 00:45:20,798
DEAL. AND THIS IS THE LAST CHANCE 
COME 

613
00:45:20,800 --> 00:45:24,668
IN MY OPINION, OUR COUNTRY HAS 
TO GET BETTER, TO GET WELL. 

614
00:45:24,670 --> 00:45:27,572
AND I JUST THINK THIS ELECTION 
IS SO IMPORTANT. 

615
00:45:27,573 --> 00:45:32,977
BECAUSE OF THEUT IDEAS, THE IDEAS 
THAT WE HAVE, 

616
00:45:32,979 --> 00:45:34,544
THE IDEAS AND WE NEED TO DO WHAT 
WE HAVE TO DO. 

617
00:45:34,546 --> 00:45:43,420
SUCHHAT'S WHY WE'RE SAYING ENTHUSIASM. 

618
00:45:43,422 --> 00:45:47,458
WE MAKE A SPEECH, JOHN, AND WE 
HAVE PEOPLE SHOWING UP, 25 -- 

619
00:45:47,459 --> 00:45:50,61
25,000 PEOPLE SHOW UP AND 30,000 
PEOPLE SHOW UP AND WE ANNOUNCE 

620
00:45:50,62 --> 00:45:52,62
ONE DAY. WE HAD ONE IN PENSACOLA 
THE 

621
00:45:52,64 --> 00:45:59,636
OTHER. WE HAD MASSIVE, TENS OF 

622
00:45:59,638 --> 00:46:01,138
THOUSANDS OF PEOPLE. WE ANNOUNCED 
A COUPLE DAYS 

623
00:46:01,140 --> 00:46:04,842
BEFORE ON TWITTER. WE DON'T EVEN 
TAKE ADS. 

624
00:46:04,843 --> 00:46:11,349
PEOPLE WANT TO SEE GREAT THINGS 
HAPPEN TO THIS COUNTRY. 

625
00:46:11,351 --> 00:46:14,584
PEOPLE REALLY LOVE THIS COUNTRY. 
THE PEOPLE OF THIS COUNTRY 

626
00:46:14,586 --> 00:46:17,521
REALLY LOVE THIS COUNTRY. EVEN 
OTHER COUNTRIES WANT TO SEE 

627
00:46:17,523 --> 00:46:19,823
GOOD THINGS HAPPEN BECAUSE IT IS 
SO IMPORTANT. 

628
00:46:19,825 --> 00:46:24,195
I JUST THINK THIS IS GOING TO BE 
THE MOST IMPORTANT ELECTION 

629
00:46:24,197 --> 00:46:28,431
WE'VE HAD FOR MANY, MANY DECADES. 

630
00:46:28,433 --> 00:46:30,167
AND I'M NOT SURE WE WILL GET A 
SECOND CHANCE AT IT. 

631
00:46:30,169 --> 00:46:38,542
[APPLAUSE] JOBS, WHATD, ON 

632
00:46:38,544 --> 00:46:41,344
INDUSTRIES DO YOU EXPECT TO BENEFIT 
FROM YOUR ECONOMIC PLAN 

633
00:46:41,346 --> 00:46:42,512
TO CREATE HIGH-PAYING JOBS GOING 
FORWARD? 

634
00:46:42,514 --> 00:46:47,51
MR. TRUMP: I THINK H&R BLOCK WILL 
BE A DISASTER. 

635
00:46:47,52 --> 00:46:50,922
[LAUGHTER] BECAUSE WE ARE SIMPLIFYING 
-- 

636
00:46:50,924 --> 00:46:56,93
HOW ABOUT PEOPLE -- IT'S SO COMPLICATED. 

637
00:46:56,94 --> 00:46:59,30
YOU NEED 180 IQ TO UNDERSTAND IT. 

638
00:46:59,31 --> 00:47:03,301
AND PEOPLE ARE MAKING FRANKLY A 
SMALL AMOUNT OF MONEY. 

639
00:47:03,302 --> 00:47:06,571
THEY HAVE TO GO ON HOW THEIR TAX 
RETURNS DONE BY PEOPLE. 

640
00:47:06,572 --> 00:47:10,740
BY THE WAY, WHEN THEY ARE DONE, 
YOU WILL HAVE 10 DIFFERENT TAX 

641
00:47:10,742 --> 00:47:12,310
PEOPLE AND 10 DIFFERENT ANSWERS 
TO THE SAME PERSON. 

642
00:47:12,312 --> 00:47:18,481
THE WHOLE THING IS CRAZY. SO THAT 
WILL BE ONE INDUSTRY 

643
00:47:18,483 --> 00:47:19,916
THAT WOULDN'T DO WELL. BUT I THINK 
A MOST ALL INDUSTRY 

644
00:47:19,918 --> 00:47:24,922
-- I CAN TELL YOU AN INDUSTRY THAT 
WILL DO WELL AND AN 

645
00:47:24,924 --> 00:47:28,158
INDUSTRY WE CAN USE AND I KNOW 
PRICES AREN'T -- ARE LOW NOW, 

646
00:47:28,160 --> 00:47:34,131
THE ENERGY INDUSTRY. WE HAVE AMAZING 
PEOPLE IN THAT 

647
00:47:34,133 --> 00:47:36,399
INDUSTRY AND THEY ARE JUST BEING 
DECIMATED AREA -- DECIMATED. 

648
00:47:36,401 --> 00:47:39,270
THERE BEING ABSOLUTELY DECIMATED. 

649
00:47:39,271 --> 00:47:46,743
WE FOUND OUT, BECAUSE OF THE NEW 
TECHNOLOGY, WHETHER IT'S 

650
00:47:46,745 --> 00:47:50,647
TRACKING ARE MANY OTHER THINGS, 
WE HAVE MORE THAN JUST ABOUT 

651
00:47:50,649 --> 00:47:56,287
ANYBODY IN THE WORLD. OUR LAND 
HAS TURNED OUT TO BE SO 

652
00:47:56,289 --> 00:47:57,488
VALUABLE BECAUSE OF WHAT'S UNDERNEATH. 

653
00:47:57,489 --> 00:48:00,258
WE HAVE TO BE CAREFUL. WE HAVE 
TO BE ENVIRONMENTALLY 

654
00:48:00,260 --> 00:48:01,324
SOUND. THAT'S VERY IMPORTANT. 

655
00:48:01,326 --> 00:48:06,730
BUT IT'S INCREDIBLE YOU LOOK AT 
WHAT'S HAPPENED IN THE LAST FIVE 

656
00:48:06,732 --> 00:48:10,601
YEARS. WHICH BE SELF-SUFFICIENT, 

657
00:48:10,603 --> 00:48:12,135
WE HAVE TO BECOME OTHERWISE WE 
WILL BE STUCK IN THE MIDDLE EAST 

658
00:48:12,137 --> 00:48:14,405
FOREVER. WE HAVE TO GET OUT OF 
THAT 

659
00:48:14,406 --> 00:48:15,406
WORLD. WE HAVE TO KNOCK OUT ISIS. 

660
00:48:15,407 --> 00:48:18,575
I DID NOT WANT TO BE IN THAT WAR 
. 

661
00:48:18,577 --> 00:48:19,977
BUT I WASN'T A POLITICIAN. NOBODY 
REALLY CARED. 

662
00:48:19,979 --> 00:48:29,20
I DIDN'T WANT TO BE IN THAT WAR. 
EVERYBODY WANTED TO GET OUT SO 

663
00:48:29,21 --> 00:48:30,121
QUICKLY AND NOT LEAVE ANYBODY BEHIND. 

664
00:48:30,123 --> 00:48:31,221
YOU SEE THE ATROCITIES THEY COMMITTED. 

665
00:48:31,223 --> 00:48:36,527
YESTERDAY, IT WAS 22 OR 24 PEOPLE 
HUNG FROM RACKS OF A 

666
00:48:36,529 --> 00:48:37,627
SLAUGHTERHOUSE LIKE A SLAUGHTERHOUSE. 

667
00:48:37,629 --> 00:48:45,903
AND THEN THROATS CUT. THIS?, CAN 
YOU IMAGINE 

668
00:48:45,905 --> 00:48:47,170
NOBODY HAS EVER HEARD OF THINGS 
AT THIS BEFORE. 

669
00:48:47,172 --> 00:48:48,239
AND THEN WE TALK ABOUT WATERBOARDING. 

670
00:48:48,240 --> 00:48:49,439
. IT'S AN INCREDIBLE THING. 

671
00:48:49,441 --> 00:48:53,209
WE ARE NOT PLAYING ON THE SAME 
PLAYING FIELD. 

672
00:48:53,211 --> 00:48:57,248
IF YOU LOOK AT THE ATROCITIES COMMITTED 
JUST YESTERDAY WITH 

673
00:48:57,250 --> 00:49:01,519
THE MEAT HOOKS, WE HAVE NO CHOICE 
BUT TO TOTALLY DECIMATE 

674
00:49:01,520 --> 00:49:03,988
ISIS. WE HAVE TO DO IT. 

675
00:49:03,989 --> 00:49:06,189
WE HAVE TO DO IT RAPIDLY. [APPLAUSE] 

676
00:49:06,191 --> 00:49:13,497
AND THEN WE HAVE TO GET BACK TO 
REBUILDING OUR COUNTRY. 

677
00:49:13,499 --> 00:49:16,801
WE HAVE TO REBUILD THE INFRASTRUCTURE 
OF OUR COUNTRY. 

678
00:49:16,802 --> 00:49:18,135
WE HAVE TO REBUILD OUR COUNTRY 
BECAUSE IT IS A MESS. 

679
00:49:18,136 --> 00:49:26,843
JOHN: LAST QUESTION. IF YOU WOULD 
ADVISE THE FAD, 

680
00:49:26,845 --> 00:49:28,779
WHAT WOULD YOU ADVISE THEM TO DO 
REGARDING INTEREST-RATE POLICY? 

681
00:49:28,781 --> 00:49:34,250
MR. TRUMP: AS A REAL ESTATE PERSON, 
I ALWAYS LIKE LOW 

682
00:49:34,252 --> 00:49:38,956
INTEREST-RATE, OF COURSE. YOU ARE 
GOING TO HAVE THEM UNTIL 

683
00:49:38,958 --> 00:49:41,892
JANUARY 1 BECAUSE OBAMA WANTS TO 
GO -- HE WANTS TO PLAY GOLF AND 

684
00:49:41,894 --> 00:49:45,62
HE WAS TO LEAVE AND HE DOESN'T 
WANT TO HAVE ANY STOCK MARKET 

685
00:49:45,63 --> 00:49:50,468
DISRUPTIONS. I THINK THE FED IS 

686
00:49:50,469 --> 00:49:52,502
BEING TOTALLY CONTROLLED POLITICALLY. 

687
00:49:52,504 --> 00:49:55,339
THEY ARE NOT RAISING RATES. AND 
THEY ARE BEING CONTROLLED 

688
00:49:55,341 --> 00:49:56,540
POLITICALLY. I THINK THEY ARE GOING 
TO BE LOW 

689
00:49:56,541 --> 00:50:00,978
UNTIL -- I DON'T EVEN KNOW IF THEY 
ARE GOING TO HAVE A RAISE. 

690
00:50:00,979 --> 00:50:02,747
BUT THEY WILL BE LOW UNTIL THE 
END OF THE YEAR. 

691
00:50:02,749 --> 00:50:07,117
I DON'T THINK OBAMA -- HE WANTS 
TO GO OUT -- SHOULDN'T BE 

692
00:50:07,119 --> 00:50:08,718
WORKING THIS WAY. SHOULDN'T BE 
DISCUSSING IT. 

693
00:50:08,720 --> 00:50:15,525
I THINK IT'S A TERRIBLE THING THAT 
IS HAPPENING BECAUSE WE ARE 

694
00:50:15,527 --> 00:50:19,330
DOING IT FOR POLITICAL -- I THINK 
THE FED IS VERY POLITICAL. 

695
00:50:19,332 --> 00:50:20,864
IT'S BECOME VERY POLITICAL, LIKE 
MANY OTHER GROUPS IN THIS 

696
00:50:20,866 --> 00:50:23,833
COUNTRY. BEYOND ANYTHING I EVER 
THOUGHT 

697
00:50:23,835 --> 00:50:26,270
POSSIBLE. I THINK YOU'RE GOING 
TO HAVE LOW 

698
00:50:26,271 --> 00:50:30,740
INTEREST RATES UNTIL THE END OF 
THE YEAR, MAYBE NO INCREASE AT 

699
00:50:30,742 --> 00:50:32,676
ALL. AND THE MARKET WILL STAY 

700
00:50:32,677 --> 00:50:36,247
ARTIFICIALLY HIGH AND THEN WE WILL 
HAVE TO SEE WHAT HAPPENS 

701
00:50:36,249 --> 00:50:39,449
AFTER THAT. BUT THEY ARE NOT DOING 
THE RIGHT 

702
00:50:39,451 --> 00:50:43,720
JOB. WITH ALL OF THAT BEING SAID, 
ALL 

703
00:50:43,722 --> 00:50:44,754
MY LIFE, I LIKE LOW INTEREST RATES. 

704
00:50:44,756 --> 00:50:48,525
CAN YOU IMAGINE, BECAUSE I'M DOING 
THIS, I CAN'T EVEN TAKE 

705
00:50:48,527 --> 00:50:54,230
ADVANTAGE OF IT, BUT THAT'S OK. 
IS BECOME, IN MY 

706
00:50:54,232 --> 00:50:56,967
OPINION, THE FED HAS BECOME EXTREMELY 
POLITICAL THIRD. 

707
00:50:56,968 --> 00:51:04,642
-- POLITICAL. IS A POLITICAL DECISION 

708
00:51:04,644 --> 00:51:06,677
OR A RIGHT DECISION, THEY WILL 
GO WITH THE POLITICAL DECISION 

709
00:51:06,678 --> 00:51:10,581
EVERY TIME. JOHN: THAT CONCLUDES 
OUR FAR 

710
00:51:10,583 --> 00:51:13,783
SIDE CHAT ONCE AGAIN. ON BEHALF 
OF MYSELF AND EVERYONE