STUART: WE GOT IT.
WE'LL TAKE IT AS A POSITIVE.
ALL MORNING LONG I'VE BEEN
SAYING THAT WAGES ARE GOING UP
SHORT SHARPLY AT 3% GAIN.
CONSUMER CONFIDENCE IS AT AN 18
YEAR HIGH IN SAYING WE IN FOR A
GREAT HOLIDAY SEASON.
THEY BE A BLOWOUT FOURTH QUARTER
AS WELL.
ALL MORNING LONG THEY'VE BEEN
POURING COLD WATER ON ME.
>> I AM WITH YOU ON THIS ONE.
ABSOLUTELY.
THESE CONFIDENCE MEASURES ARE
NOT TO BE TRIFLED WITH.
THEY ARE TELLING YOU A POSITIVE
STORY.
I SPOKE TO THE SMALL BUSINESS
PEOPLE TODAY IN THE NFIB NUMBERS
ARE HUGE.
THE CONSUMER SENTIMENT INDEX
CAME OUT OF THE BLUE.
NOBODY EXPECTED IT.
THAT INCLUDED THE STOCK MARKET
AND PEOPLE ARE STILL CONFIDENT.
HERE'S THE POINT.
THE BLUE-COLLAR WORKERS ARE
EXPERIENCING THE BIGGEST GAIN IN
EMPLOYMENT SINCE THE MID-1980s
AND FURTHERMORE AS YOU NOTED,
OVERALL MOVING IN THE 3% DOWN.
THE BLUE-COLLAR SEGMENT IS
HAVING THE FASTEST INCREASE,
STUART.
NOT THE HIGHEST WAGE, BUT THEY
ARE GROWING THEIR WAGES, RISING
FASTER THAN WHITE COLLAR.
BELIEVE ME I'M NOT A CLASS
WARRIOR.
I WANT EVERYBODY TO PROSPER AT
WORK AND BE SUCCESSFUL AND IT
DOESN'T CAUSE INFLATION OR ANY
OF THAT NONSENSE.
I'M SAYING THIS AS A
MIDDLE-CLASS RECOVERY AS WELL AS
EVERYBODY ELSE.
THAT IS PRECISELY WHAT PRESIDENT
TRUMP WANTED.
STUART: THE BIG JOBS REPORT,
8:30, FIRST THING TOMORROW
MORNING.
I'M GOING TO BE DISAPPOINTED IF
IT'S NOT LEAST 225,000 NEW JOBS.
WOULD YOU SAY?
>> I'M GOING TO SPARE YOU A
COUPLE OF FORECASTS.
I WILL SAY THIS JUST AS A
WARNING.
THE CAA, COUNCIL OF ECONOMIC
ADVISERS HAS TAKEN A LOOK AT THE
HURRICANES AND WE MAY SEE A
60,000 DROP FROM THE HURRICANES.
THIS IS VERY INEXACT.
THE LABOR DEPARTMENT WON'T
ADJUST FOR THIS.
THERE'S AN ARAFAT OR AROUND
THAT.
COULD BE 30, COULD BE 90, SO
FORTH AND SO ON.
WE HAVE TO BE CAREFUL HERE AND
RECOGNIZE PROBABLY YOU ARE GOING
TO GET THE NOISE FROM THE
HURRICANES.
STUART: YOU'RE SETTING ME UP FOR
DISAPPOINTMENT I CAN TELL.
>> THAT'S RIGHT.
BEING AS HONEST AS I CAN.
WOULD LOVE TO SEE 200 OR 300,000
THAT WERE BEING AS HONEST AS WE
CAN.
STUART: ARE WE GOING TO GET BACK
TO THAT?
THE WONDERFUL DAYS OF RONALD
REAGAN TAX CUTS, ECONOMIC GROWTH
AND EXTRAORDINARY JOB CREATION.
BACK THEN WAS MAYBE 30 OR
40 MILLION FEWER AMERICANS WE
WERE GETTING 300, 400,000 NEW
JOBS PER MONTH.
THAT WAS BACK THEN.
WHY CAN'T WE GET THE SAME
NUMBERS NOW?
>> WELL, THERE'S A REASON WHY
YOU COULDN'T.
REMEMBER, I WAS THERE.
I WAS A CUB SCOUT AT COLUMBIA
FOR PRESIDENT REAGAN.
AFTER A DEEP RECESSION IN A
DEITY TO, VERY DEEP RECESSION.
SO STUART, THE BALANCE IS
BIGGER.
THE BALANCE IS BIGGER COMING OFF
THIS DECLINE.
WE ARE NOT IN THIS POSITION NOW.
UNFORTUNATELY THE PRIOR
ADMINISTRATION'S POLICIES DIDN'T
GIVE US A BIG BALANCE.
THE STUFF YOU'RE TALKING ABOUT
SHOULD HAVE HAPPENED IN 2010,
11, 12 AND NEVER REALLY DID.
THAT'S THE MISTAKE.
BECAUSE THE TAX CUT TODAY AND
THE ROLLBACK OF REGULATIONS, WE
ARE SEEING A RESURGENCE IN THE
ECONOMY.
PEOPLE SAID IT COULDN'T BE DONE
BUT IN FACT WE'RE IN A PERCENT
PLUS ECONOMIC BOOM.
3.5% IN THIRD QUARTER.
FOR .2%.
I AGREE WITH YOUR ASSESSMENT OF
VERY STRONG FOURTH QUARTER.
I THINK THAT IS SPOT ON.
CAPITAL EXPENDITURES, BUSINESS
EQUIPMENT, PLANTS, TECHNOLOGY,
CAMPUSES, ALL THAT YOU SEE A
MUCH STRONGER NUMBER I BELIEVE
BECAUSE YOU CAN SEE THE DURABLE
GOODS SHIPMENTS AND ORDERS ARE
SHOWING US.
CAP GOODS, PRODUCTIVITY, BETTER
REAL WAGES, CLICKING ON ALL
CYLINDERS.
CONFIDENCE IS HIGH.
FATTER PAYCHECKS.
VERY OPTIMISTIC ABOUT THIS
STORY.
STUART: THE PRESIDENT IS ISSUING
A WARNING.
IF THE DEMOCRATS RETAKE THE
HOUSE IN THE NOVEMBER ELECTION
IS FIVE DAYS AWAY, THE STOCK
MARKET GOES DOWN.
>> WELL, I HAVE SET A NUMBER OF
TIMES THAT ONE OF THE FACTORS
WERE IN THE STOCK MARKET OR
RALLY IN THE STOCK MARKET IS THE
POSSIBILITY OF A NEW HOUSE OF
REPRESENTATIVES, A TAKEOVER IF
YOU WILL.
THAT MAY LEAD TO EFFORTS TO
RAISE TAXES AND TAKE AWAY WHAT
WE'VE DONE AND TO CONTINUE TO
RAISE REGULATIONS COULD GO UP
AGAINST ENERGY, FOR EXAMPLE.
THIS IS NOT CERTAIN.
I'M NOT GOING TO GIVE YOU A
POLITICAL FORECASTER DECIDE IT'S
GOING TO STAY IN REPUBLICAN
HANDS.
I STRONGLY BELIEVE, STUART,
PRESIDENT TRUMP WOULD VETO ANY
TAX HIKE AND HE WOULD VETO ANY
REGULATORY LEGISLATION THAT
RAISED GREG SAID HE WOULD VETO
ANY LEGISLATION THAT TOPPED THE
GREAT ENERGY BOOM, WHICH BY THE
WAY IS NOT ONLY SUPPLYING POWER,
IS ALSO SUPPLYING GOOD PAYING
JOBS.
BUT THERE IS A RISK IN THE HOUSE
AND MAKING PEOPLE SHOULD HEED
THE PRESIDENT'S VIEW.
STUART: I UNDERSTAND YOU ARE
VEHEMENTLY OPPOSED TO RAISING
THE FEDERAL MINIMUM WAGE.
>> BOOK, IDAHO IS DIFFERENT FROM
NEW YORK.
ALABAMA IS DIFFERENT FROM
MASSACHUSETTS.
HOW CAN YOU HAVE A NATIONAL
FEDERAL WAGE?
I DON'T UNDERSTAND NOT?
THE FEDERAL GOVERNMENT SHOULD
HAVE JURISDICTION OVER THE
STATES ANYWAY IN A MATTER LIKE
THIS.
CONDITIONS ARE DIFFERENT IN THE
STATES.
THE COST OF LIVING IS DIFFERENT.
THE STATE OF BUSINESS IS
DIFFERENT.
IF YOU'RE GOING TO DO AND I'M
NOT IN FAVOR OF MINIMUM WAGE, BY
THE WAY, BUT IF YOU DO IT YOU
CANNOT DO AT THE FEDERAL
NATIONAL LEVEL.
I COMPLETELY OPPOSE THAT.
AMAZON, JEFF BEZOS RAISE IT TO
$15 FOR HIS PRIVATE COMPANY,
PRIVATE-SECTOR COMPANY.
THAT'S GREAT.
THAT'S TERRIFIC.
FATTER PAYCHECKS.
I'M ALL FOR THAT.
BUT I'M TOTALLY OPPOSED TO THE
FEDERAL GOVERNMENT DICTATING
WAGES LIKE THAT.
IT JUST DOESN'T WORK.
STATES ARE DIFFERENT.
CITIES ARE DIFFERENT.
REGIONS ARE DIFFERENT.
STUART: ARE YOU STAYING AROUND,
LARRY?
ARE YOU STILL HAVING FUN?
T. WANT TO STAY IN YOUR JOB WELL
AFTER THE ELECTION INTO NEXT
YEAR OPERATE THROUGH 2020,
YOU'RE HAPPY GUY?
>> I'M A HAPPY GUY.
THIS IS THE MOST FUN I'VE EVER
HAD.
I LOVE THE ISSUES.
I LOVE THE POLICIES AND THE
PRESIDENT HAS BEEN GREAT TO ME.
BY THE WAY I GOT A CHANCE TO
INTERVIEW HIM YESTERDAY THAT HER
EMPLOYMENT CONFERENCE.
I DON'T THINK THAT'S EVER BEEN
DONE IN THE HISTORY A SENIOR
STAFF GUY INTERVIEWING THE
PRESIDENT BUT HE WAS GREAT FUN.
PRESIDENT HAS BEEN ACCESSIBLE TO
ME.
I SEE HIM FREQUENTLY INVOLVED IN
THE POLITICS OF IT.
MY SAINTLY WIFE, STUART WHO
♪♪
, TOLD ME IN THIS JOB WAS
OFFERED THAT I SHOULD TAKE IT.
SHE SAID YOU'VE BEEN STUDYING 40
YEARS FOR THIS JOB.
THE PRESIDENT SAID TO ME ON THE
PHONE WERE TALKING, THIS IS THE
JOB YOU'VE ALWAYS WANTED AND
THIS IS CORRECT.
I'M HONORED TO HAVE THIS JOB AND
I'M GRATEFUL FOR IT AND I HAVE
NO PLANS OF LEAVING.
I SERVICE THE PRESIDENT'S
PLEASURE.