OF PEOPLE NOW.
OBVIOUSLY THE PRESIDENT SAYING
THAT HIS SUCCESSOR HAS GONE A
LITTLE TOO FAR.
MARKET WATCHER AND GARY KALTBAUM
PRESIDENT OBAMA SAYING IT BEGAN
WITH HIM.
HE PROVIDED A GOOD FOUNDATION
FOR PRESIDENT TRUMP.
PRESIDENT TRUMP SAYS ALL HIM.
GARY, WHO IS RIGHT?
>> UNDER BARACK OBAMA
$9 TRILLION OF NEW DEBT WAS
CREATED.
THAT IS NOT A GOOD FOUNDATION IF
YOU ASK ME.
HE ALSO USED ZERO PERCENT
INTEREST RATES FOR EIGHT YEARS
IN PRINTING OF $5 TRILLION.
FOR ME THAT IS A LEGACY THAT IS
NOT VERY GOOD BECAUSE EVENTUALLY
THAT DEBT AND THOSE DEFICITS AND
CONTINUES TO THIS DAY WILL COME
BACK TO HAUNT MARKETS AND THE
ECONOMY UNFORTUNATELY.
THIS ADMINISTRATION RAISED
SPENDING 300 BILLION A YEAR.
I'M NOT HAPPY WITH RYAN,
McCONNELL, OR TRUMP AT THIS
POINT IN TIME AS SOMEONE WHO
CARES ABOUT THE FISCAL WELL
BEING GOING FORWARD.
NEIL: JEFF, ONLY SO MUCH YOU CAN
SAY ABOUT HOW A POLITICIAN OR
PRESIDENT CAN MOVE MARKETS.
WE KNOW THEY MOVE MIGHTILY UNDER
UNDER THE LAST ONE.
IS IT FAIR TO SAY EACH IN HIS
OFFICIALLY THE LONGEST ON
RECORD?
>> I TAKE ISSUE WITH THAT, BY
THE WAY.
NEIL: YOU'RE RIGHT.
I'M GETTING NO THE WEEDS ON
THAT.
YOU'RE A GENIUS, I APOLOGIZE,
I'M NOT.
THEY CAN BOTH TAKE CREDIT IN ONE
>> I THINK THAT IS FAIR.
COUNTRY FROM GOING INTO
DEPRESSION.
NEIL: GARY TOUCHED ON KEEPING
MIGHT HAVE BEEN IN DEEPER
DOODOO, RIGHT?
>> YEAH.
I THINK YOU WOULD HAVE A LOT OF
BANKS GO UNDER.
IS SORT OF OUT OF HIS SHELL
HERE.
SAYING ENOUGH ALREADY.
HE WILL CAMPAIGN ON BEHALF OF
DEMOCRATS, TELL THEM, YOU HAVE
TO OWN UP, THIS BOOM, THIS
RECOVERY, IT IS ON YOU, TOO.
YOU'RE, YOU SHOULD TAKE A BOW.
I'M PARAPHRASING THERE.
BUT, WHAT DO YOU MAKE OF THAT
ARGUMENT AND HOW IT WILL GO DOWN
IN NOVEMBER?
>> WELL, IT IS KIND OF WEIRD
BECAUSE ALL I KEEP HEARING FROM
THE LEFT RIGHT NOW IS THEIR
MANTRA, FOR THIS, OF THIS
MIDTERM ELECTION, IS WE'RE GOING
TO RAISE TAXES.
THAT IS WHAT I KEEP HEARING FROM
THEM.
WE'RE GETTING AVOWED SOCIALISTS,
THEY DON'T HIDE IT ANYMORE,
SAYING WE WANT MORE GOVERNMENT
THE EXACT OPPOSITE WITH RULES
AND REGULATIONS SO THEY'RE GOING
AGAINST EVERYTHING THAT IS KIND
OF SORT OF WORKING RIGHT NOW.
SO I AM NOT SO SURE THAT IS
GOING TO WORK VERY WELL.
IF I WAS THE TRUMP
WOULD BE YELLING AND SCREAMING
THAT TUNE WHERE GDP IS, THE
POTENTIAL OF WHY, WITH RULES AND
REGULATIONS, AS WELL AS WE'LL
GIVE HIM THE TAX CUTS ON
NEIL: IN THE MIDDLE OF THIS,
JEFF, WE HAVE WHAT COULD BE
EXPANDING TRADE WAR.
ONE INVOLVING JAPANESE AND THE
PRESIDENT.
SOME SAY CLOSE TO $270 BILLION
WORTH ON ADDITIONAL CHINESE
GOODS.
DOES THAT WORRY YOU.
OR IS THAT JUST NOISE?
>> AT THIS POINT I THINK IT IS
NOISE.
YOU WILL, BUT WE'LL SEE WHAT
HAPPENS OVER THE WEEKEND.
NEIL: WHAT DO YOU LOOK FOR OVER
THE WEEKEND?
>> I'VE BEEN ACTUALLY BEEN WRONG
ON SHORT-TERM TRADING BASIS.
WE RAISED CASH IN JANUARY.
PUT IT BACK IN FEBRUARY AFTER A
11% DECLINE LOOKING FOR NEW
ALL-TIME HIGHS.
WE GOT NEW ALL-TIME HIGHS A WEEK
AGO LAST TUESDAY.
I ACTUALLY WROTE I DIDN'T THINK
WE WERE GOING STRAIGHT UP SINCE
WE MADE NEW HIGHS.
I THOUGHT WE WOULD GET A STALL,
BUT I DIDN'T EXPECT THE S&P TO
PULL BACK UNDER 2890.
ON SHORT-TERM TRADING BASIS I'M
PLAIN WRONG.
NEIL: YOU SHOULDN'T DO THAT TOO
MUCH.
DO IT AGAIN.
GARY, THESE MARKETS LOOK FOR
ABERRANT EVENTS, BLACK SWAN
THAT OR THE DEBT SITUATION IN
ARGENTINA AN CONFUSION IN BRAZIL
AND VENEZUELA, ON AND ON.
NON-BULLISH SCENARIO?
>> NEIL, I NEVER HAD TO LOOK AT
CURRENCY SO MUCH AS I HAVE IN
THE LAST FEW MONTHS.
CURRENCIES AROUND THE GLOBE AND
TOO MUCH.
I WAS NOT JUST LOOKING AT OUR
MARKETS AND EVERYWHERE ELSE, WE
WOULD BE AT 20,000 ON THE DOW
RIGHT NOW.
THEY'RE 70 CENTS ON THE DOLLAR
WORRY ABOUT.
WHEN DONALD TRUMP RATCHETS UP
WE'RE LESS THAN TWO MONTHS FROM
WHY NOT WAIT TO SEE WHAT
I BELIEVE THAT IS TAUNTING
NOTHING GOOD COMES FROM IT.
I'M HOPING HE BACKS AWAY.
LOOKS LIKE HE IS GOING FULL
STEAM AHEAD.
NEIL: THE MARKETS ALSO HOPE