WEBVTT - Cantor Fitzgerald Chairman/CEO Howard Lutnick Talks Election/Trump

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Donald Trump, the former president, defending his economic proposals, including

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<v Speaker 2>more direct control of the Federal Reserve.

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<v Speaker 3>I think it's the greatest job in government.

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<v Speaker 1>You show up to the office once a month and

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<v Speaker 1>you say, let's see Flip.

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<v Speaker 3>A coo, and everybody talks about you like your god, Oh,

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<v Speaker 3>what will he do?

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<v Speaker 2>I think that if you're a very good president with

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<v Speaker 2>good sense, you should be able to at least talk

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<v Speaker 2>to him.

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<v Speaker 3>I don't say make the decision.

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<v Speaker 2>At all, Trump sidestepping whether he would replace Fetchair J.

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<v Speaker 2>Powell before his term expires in twenty twenty six.

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<v Speaker 4>We get lucky this morning.

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<v Speaker 2>Joining us now is the Canifis Chard CEO Howard Lutnik,

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<v Speaker 2>also serving as co chair of Trump's transition team. How

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<v Speaker 2>it's going to see us, so welcome to see. This

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<v Speaker 2>is a big job. And I don't think people outside

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<v Speaker 2>the United States realize how big this job actually is.

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<v Speaker 2>So let's start there, walk us through how big this

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<v Speaker 2>position is for you and how busy you might be

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<v Speaker 2>in the next few months.

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<v Speaker 1>All right, So the President of the United States gets

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<v Speaker 1>to put four thousand, nine hundred and fifty political appointees

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<v Speaker 1>into the government, So thirty seven hundred can take the

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<v Speaker 1>field on January twentieth, and twelve hundred go through the

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<v Speaker 1>Senate confirmation process, which takes a long time.

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<v Speaker 2>So you've got to start thinking about people like yesterday,

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<v Speaker 2>So let's talk about that. The last time the president

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<v Speaker 2>was in the White House, he attracted a lot of talent,

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<v Speaker 2>and we can think of several names. Ambassador Lightheiser came

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<v Speaker 2>up in a conversation with Blimberg yesterday. That's one, Gary

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<v Speaker 2>Cones another. Some of the nominations to the Federal Reserve, too,

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<v Speaker 2>including Governor Waller to go to the board, came with

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<v Speaker 2>a lot of churn though at the time, in the

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<v Speaker 2>first term, how do we get one attract the talent

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<v Speaker 2>but avoid all the churn at the same time. How's

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<v Speaker 2>the approach going to differ this time around?

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<v Speaker 1>Well, remember last time he was a freshman. You know,

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<v Speaker 1>it comes in the first time, it's not really sure

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<v Speaker 1>exactly how it goes, and so he acts a certain way.

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<v Speaker 3>Now, complete experience, complete.

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<v Speaker 1>Knowledge, knows exactly what he wants, what he wants and

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<v Speaker 1>how he wants to do it. So what will happen

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<v Speaker 1>is you're going to see the greatest set of talent ever.

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<v Speaker 3>Walk on the field on January twentieth. You've never seen

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<v Speaker 3>anything like it. I talked to. So what I've done

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<v Speaker 3>is I've talked to probably the.

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<v Speaker 1>Top one hundred and fifty business people across the United

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<v Speaker 1>States America and probably the top fifty political people. And

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<v Speaker 1>they've analyzed everybody. And what they do is they do

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<v Speaker 1>I call it genealogy. You go to these people, so

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<v Speaker 1>that's two hundred people. They then recommend and vouch for everybody.

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<v Speaker 1>You have to vouch for them and say I know them,

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<v Speaker 1>I've worked with them, and.

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<v Speaker 3>Then they vouch for it. And it goes down like that.

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<v Speaker 1>And so we have five thousand people already that we

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<v Speaker 1>know who have been vouched for by the greatest people.

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<v Speaker 1>They got Ross Perrot and Energy and Chuck Schwab doing

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<v Speaker 1>finance and everybody.

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<v Speaker 3>Everybody.

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<v Speaker 1>They are helping, they're building, and they're creating. For Donald Trump,

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<v Speaker 1>the greatest group of people who will ever walk on

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<v Speaker 1>the field for an administration. Got one term. I mean

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<v Speaker 1>I spent Sunday two hours with Elon Musk.

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<v Speaker 3>I mean that's pretty cool. I mean I put out

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<v Speaker 3>a tweet talking about what we did right. I mean,

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<v Speaker 3>you know, I'm a social media star of course, right,

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<v Speaker 3>you guys, no, forty three million views.

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<v Speaker 1>Talking about how we're going to pay for everything that.

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<v Speaker 3>Donald Trump talks about.

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<v Speaker 1>Right, He's going to take a trillion dollars out of

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<v Speaker 1>the budget deficit a year because we waste We have

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<v Speaker 1>a six and a half trillion dollar budget deficit. We

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<v Speaker 1>have six and a half trillion dollar budget, two trillion

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<v Speaker 1>dollar budget deficit.

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<v Speaker 3>Howard, Can we get back to the experts though? Do

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<v Speaker 3>they have to agree with everything the former president says?

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<v Speaker 1>I think it's like if you think of it like

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<v Speaker 1>a CEO of the company. He's the CEO of the

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<v Speaker 1>United States of America. Let's call it the United States Incorporated. Okay,

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<v Speaker 1>he's the CEO. You can argue all you want and

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<v Speaker 1>discuss it. But when the boss says this is what

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<v Speaker 1>we're going to do, do you have a problem to

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<v Speaker 1>what the boss says they're going to do. You always

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<v Speaker 1>have two choices. You can quit or you can execute

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<v Speaker 1>the plan. This concept of doing what you want to do.

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<v Speaker 1>Because I don't think he's right, throw him banana pels.

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<v Speaker 1>You get fired in America. You get fired at every company,

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<v Speaker 1>and the fact that all these people who fired in

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<v Speaker 1>the first term say, oh, I don't like him anymore.

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<v Speaker 3>This is the famous disgruntled employee. Duh.

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<v Speaker 1>Let's call all the disgruntled employees and what are you

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<v Speaker 1>going to get from them?

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<v Speaker 3>Oh, I don't like that guy.

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<v Speaker 5>Anymore because she said the Financial Times, We're going to

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<v Speaker 5>give people the role based on their capacity.

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<v Speaker 3>What you're saying here, and their fidelity and.

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<v Speaker 5>Loyalty to the policy as well to the man.

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<v Speaker 3>Is that how you run your company.

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<v Speaker 4>People have to be loyal to you.

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<v Speaker 3>Absolutely.

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<v Speaker 1>Imagine working at Cana Fitzgerald and saying, I'm.

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<v Speaker 3>Disloyal to Howard love all of you.

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<v Speaker 1>Let's get how about all of you look at the

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<v Speaker 1>screen and say to heck with Mike Blumberg.

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<v Speaker 3>Let's see how that goes. You'll be like Tata can

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<v Speaker 3>they disagree with you?

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<v Speaker 1>You must disagree. But that's called challenge and conversation. That's

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<v Speaker 1>what the Oval Office is all about. You bring in

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<v Speaker 1>five people, I mean Donald Trump loves conversation. He loves

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<v Speaker 1>to get all sides of the idea. But then you

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<v Speaker 1>make your choice and you go where the elected president

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<v Speaker 1>of the United States of America goes. You go where

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<v Speaker 1>Mike Bloomberg goes. If you're working Cannabitzgerald, you go, or

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<v Speaker 1>Howard wants you to go. And anybody who says otherwise,

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<v Speaker 1>I don't even know what they're talking about. This is

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<v Speaker 1>like make believe politics. Right, you follow the man, and

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<v Speaker 1>you follow after the conversation, but you have to have

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<v Speaker 1>fidelity to him.

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<v Speaker 2>None of this to your opportunity to talk about it.

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<v Speaker 2>So let's talk about it just a little bit more.

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<v Speaker 2>You told about how many people you've had discussions with

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<v Speaker 2>to fill some of these spaces, how much of them

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<v Speaker 2>will come from private industry.

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<v Speaker 4>It's not going to be a big emphasis for you,

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<v Speaker 4>and the same it is.

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<v Speaker 3>And so my idea is that we talked about with

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<v Speaker 3>the president.

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<v Speaker 1>Obviously, everything I do, I'm just sort of the mission

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<v Speaker 1>for the man, right is, let's go get the people

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<v Speaker 1>who understand business, understand the math of six point five

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<v Speaker 1>trillion dollars, couple them with have them partners with people

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<v Speaker 1>who deeply understand government.

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<v Speaker 3>Then get really really.

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<v Speaker 1>Good deep insiders of government, and together create.

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<v Speaker 3>A team right to go take the field together.

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<v Speaker 1>So imagine you spend six point five trillion dollars and

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<v Speaker 1>we have a trillion of waste. So elon Musk and

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<v Speaker 1>I we discussed a trillion of waste and billions, tens

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<v Speaker 1>of billions, and then hundreds of billions of money we

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<v Speaker 1>could make. You heard Donald Trump talk about tariffs. Five

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<v Speaker 1>hundred billion dollars of revenue will.

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<v Speaker 3>Come from tarif's.

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<v Speaker 5>I want to just dig into what you just said.

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<v Speaker 5>A trillion dollars of waste? What will be cut?

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<v Speaker 3>What will be cut?

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<v Speaker 1>You have monopoly providers for fifty years. We buy the

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<v Speaker 1>same product from the same company for fifty years in

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<v Speaker 1>a row.

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<v Speaker 3>Just imagine NASA for a second, shall we right? Eight

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<v Speaker 3>billion dollar human budget? Right? Just like paying people? You know?

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<v Speaker 4>Do you know that space spa second?

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<v Speaker 3>Space ten twelve billion dollars?

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<v Speaker 4>Eight business follow up? I would We can keep doing this.

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<v Speaker 4>I'll just keep going.

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<v Speaker 3>So that's fun.

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<v Speaker 2>The elviest follow up that I would have is the

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<v Speaker 2>same one that i'd have for anyone who came from

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<v Speaker 2>the Harris campaign at AUST than the following you had

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<v Speaker 2>four years. Why didn't you do it then? Why is

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<v Speaker 2>there that much more to cut?

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<v Speaker 3>Now?

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<v Speaker 4>Why didn't this happen in the first four years?

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<v Speaker 3>Oh?

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<v Speaker 1>I don't think he understood the scale and scope of

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<v Speaker 1>the rot he started calling it the swamp, Like we

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<v Speaker 1>all call it the swamp, right now, Why why do we.

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<v Speaker 3>Call it the swamp? Because he called it the swamp.

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<v Speaker 3>The problem is it's not really that.

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<v Speaker 1>It's just these employees of the government are part of

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<v Speaker 1>the business of spending.

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<v Speaker 3>Right.

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<v Speaker 1>It's like, if I spend an I assistly, I mean

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<v Speaker 1>the most you can make it. The government's one hundred

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<v Speaker 1>and eighty three thousand dollars, all right, So I'm making

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<v Speaker 1>one hundred and eighty three thousand dollars, and I participated.

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<v Speaker 3>In giving this project of.

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<v Speaker 1>Twenty billion ten billion to these three companies, right, and

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<v Speaker 1>it worked here for five years.

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<v Speaker 3>Where am I getting my job?

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<v Speaker 5>Next?

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<v Speaker 1>I go to one of those three companies and then

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<v Speaker 1>I make a lot of money. So they all become lobbyists.

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<v Speaker 1>The General's become lobbyists. All these Defense Department spends a

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<v Speaker 1>trillion dollars and they don't.

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<v Speaker 3>Make this stuff, they buy it.

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<v Speaker 5>Some other people said that it's important to have a

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<v Speaker 5>lot of people who are in business come into the administration.

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<v Speaker 5>A lot of people in business think that the plans

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<v Speaker 5>is laid out are going to increase the deficit.

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<v Speaker 3>Dramatically.

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<v Speaker 5>They don't see how this actually decreases expenses, especially with

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<v Speaker 5>tariffsic could potentially slow international trade. But also with the

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<v Speaker 5>prospect of a lot of tax cuts, what are they

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<v Speaker 5>all getting wrong?

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<v Speaker 1>So the tax cuts are already in the current world, right,

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<v Speaker 1>He's just going to make permanent to twenty seventeen tax

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<v Speaker 1>cuts and then so that's number one.

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<v Speaker 3>Number two, he's going to encourage people to build here

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<v Speaker 3>and pay taxes. Let's go over what Apple.

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<v Speaker 1>Does right now, here's a simple example. They make the

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<v Speaker 1>parts in China. Yeah, they put the parts together in Taiwan.

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<v Speaker 1>Then they wave their magic wand and it floats over Ireland.

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<v Speaker 3>Of course, it floats over.

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<v Speaker 1>Ireland because that's where Apple does it's products. And then

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<v Speaker 1>it comes to America and they make i don't know,

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<v Speaker 1>something like three percent profit in America that they corporate

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<v Speaker 1>tax on three percent profit in America, and Ireland announces

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<v Speaker 1>a massive budget surplus for their five million people.

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<v Speaker 3>Ha ha.

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<v Speaker 1>It's just not true. So the concept is have them

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<v Speaker 1>pay their taxes in America, and that is how you

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<v Speaker 1>fix America.

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<v Speaker 3>You make it fair, you make it right, and you build.

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<v Speaker 4>This is no exceptions for Apple, No comps out for Apple.

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<v Speaker 3>This shouldn't be carbacks for Apple.

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<v Speaker 1>I spoke to Elon Musk and I said, if we

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<v Speaker 1>do this correctly, Tesla's gonna have to pay more tax.

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<v Speaker 3>You know what. He said.

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<v Speaker 1>If everybody's the same, that sounds great. He goes, I

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<v Speaker 1>can't do it differently at Tesla if other companies are

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<v Speaker 1>doing it. But if we're all this and we're all

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<v Speaker 1>paying the fair tax that I am all for it,

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<v Speaker 1>and I think everybody's all for it as long as

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<v Speaker 1>it's you got to get rid of the arbitrage. Why

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<v Speaker 1>is Ireland announcing a surplus?

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<v Speaker 3>Oh give me a break, it's all our business.

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<v Speaker 5>Percent is the corporate tax rate if you build president,

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<v Speaker 5>if you build here, if you build it.

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<v Speaker 4>Here, one hundred any inputs from other countries, what is

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<v Speaker 4>the nu.

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<v Speaker 1>Once I spoke to a manufacturer, he says, he does

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<v Speaker 1>fifty percent here, twenty.

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<v Speaker 3>Five percent in China. How how do we do it?

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<v Speaker 3>If you tariff me in China?

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<v Speaker 1>The Chinese backed companies that will cover the tariff, So

0:10:38.040 --> 0:10:40.440
<v Speaker 1>we'll get the money, but he'll be at a disadvantage.

0:10:40.720 --> 0:10:42.880
<v Speaker 1>And we came up with this idea. If you build

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<v Speaker 1>it here within two years. You can have a tax

0:10:46.320 --> 0:10:48.760
<v Speaker 1>credit for any tariff you pay. As long as you

0:10:48.840 --> 0:10:52.679
<v Speaker 1>move your plant within two years to America, you can

0:10:52.760 --> 0:10:53.640
<v Speaker 1>have your money back.

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<v Speaker 3>But build it here.

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<v Speaker 1>See, American workers just haven't gotten a fair shake.

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<v Speaker 3>I know.

0:11:00.280 --> 0:11:04.240
<v Speaker 1>American workers' life expectancy is seven years less if you

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<v Speaker 1>don't have a college degree than if you have a

0:11:06.280 --> 0:11:07.080
<v Speaker 1>college degree.

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<v Speaker 3>How is that possible?

0:11:08.600 --> 0:11:11.360
<v Speaker 1>Because if you've got their factories and you take their

0:11:11.440 --> 0:11:13.719
<v Speaker 1>jobs away, right, you know what it is.

0:11:13.760 --> 0:11:17.800
<v Speaker 3>It's despair. It's despair. It's not the air, it's not

0:11:17.920 --> 0:11:20.000
<v Speaker 3>the food. It's despair.

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<v Speaker 1>Finally, Donald Trump is saying I'm going to take care

0:11:22.720 --> 0:11:24.880
<v Speaker 1>of the American worker. And anybody comes up with this

0:11:25.000 --> 0:11:27.920
<v Speaker 1>nonsense of that it doesn't work is just not actually

0:11:28.000 --> 0:11:28.559
<v Speaker 1>studying it.

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<v Speaker 5>One thing that a lot of business leaders who I

0:11:30.679 --> 0:11:33.679
<v Speaker 5>speak to are concerned about is they need stability. They

0:11:33.679 --> 0:11:35.200
<v Speaker 5>need to have a sense of what the policy is.

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<v Speaker 5>They need to have a sense of what the legal

0:11:36.600 --> 0:11:38.880
<v Speaker 5>system is going to be for them to operate their business.

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<v Speaker 5>One of their biggest fears right now with Donald Trump

0:11:41.200 --> 0:11:43.040
<v Speaker 5>is that they're not going to have that certainty with

0:11:43.160 --> 0:11:47.040
<v Speaker 5>things being used as potential carrots or sticks to try

0:11:47.080 --> 0:11:50.200
<v Speaker 5>to induce certain policies and a lack of understanding of

0:11:50.240 --> 0:11:51.360
<v Speaker 5>what the structure is.

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<v Speaker 3>How do you counter that?

0:11:53.400 --> 0:11:59.000
<v Speaker 1>I counter it with basically straightforward, let's protect the American workers.

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<v Speaker 3>Okay, build in America. Let's make it fair.

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<v Speaker 1>So the arbitrage where Apple doesn't run all their profits

0:12:06.440 --> 0:12:10.920
<v Speaker 1>through Ireland, pay America their money. I think America could

0:12:11.000 --> 0:12:15.560
<v Speaker 1>increase its revenues two hundred and fifty billion dollars a

0:12:15.640 --> 0:12:21.280
<v Speaker 1>year by paying attention to the nonsense that corporate world

0:12:21.440 --> 0:12:26.319
<v Speaker 1>does on global production. It's nonsense that Ireland makes money.

0:12:26.360 --> 0:12:31.040
<v Speaker 1>It's nonsense that you build cars in Mexico. It's nonsense.

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<v Speaker 1>How nonsense ends. You will be shocked by how great

0:12:36.240 --> 0:12:38.480
<v Speaker 1>America is. You take a trillion of waste out.

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<v Speaker 3>And then you focus on the country fairly.

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<v Speaker 1>You're going to have the possibility of balancing the budget

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<v Speaker 1>of the United States of America at the end of

0:12:48.400 --> 0:12:49.040
<v Speaker 1>his term.

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<v Speaker 3>No nonsense.

0:12:50.440 --> 0:12:54.760
<v Speaker 1>I'm not making up all Bologne elon Musk And if

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<v Speaker 1>you don't, if you don't respect the two of us,

0:12:57.440 --> 0:13:01.600
<v Speaker 1>good luck to you. Okay, it can happen because he's

0:13:01.640 --> 0:13:06.320
<v Speaker 1>focused on not wasting the vast waste.

0:13:06.080 --> 0:13:08.480
<v Speaker 3>That is our budget and the way we run.

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<v Speaker 2>That would be a big hole to fill in, quite

0:13:09.880 --> 0:13:11.920
<v Speaker 2>an accomplishment given the tax cuts they're on the table

0:13:11.960 --> 0:13:14.080
<v Speaker 2>in this campaign. So we could talk about this all morning,

0:13:14.280 --> 0:13:16.000
<v Speaker 2>we're out of time. It's good to see you. A

0:13:16.080 --> 0:13:19.760
<v Speaker 2>spirited conversation as always with Howard Lutnik of Canna Fitzgerald