tv Wall Street Week FOX Business July 30, 2016 12:30am-1:01am EDT
have a great weekend and good night from new york. see you monday. [♪] >> announcer: this show has never been solely about investments. we talked about anything that affected people and their money. anthony: welcome to a special edition of "wall street week." i'm anthony scaramucci coming to you from the democratic convention in philadelphia, pennsylvania. last week the republicans spent
a lot of time on jobs and the economy. that was one of the top nicks philadelphia, but there was also a lot of criticism of wall street and wealthy people in america. one democrat is a long-time wall street titan. robert wolf. he's a personal friend of president obama. he say most republicans are deficit hawks. but the center for responsible budget came out looking at both plans. i understand both plans are still in their beginning stages. but based on what both candidates have said to date from taxes to military spending to infrastructure spending, it's come out donald's plan over the next decade will add $11 trillion to our deficit. some have it at $20 trillion.
secretary clinton's would add $250 billion. my argument to those center right. the far right and far left are going to go their way. if you are a fiscally conservative republican you have to make sure you understand secretary clinton's plan, because i can argue it's better if that's your main thought anthony: there is a debate about his plan as it relates to economic growth and opportunity. infrastructure is a part of her economic development plan. give us your shots thoughts on the infrastructure plan. >> both sides are talking about infrastructure as a growth trajectory for our country. i have seen secretary clinton's plan and some of donald trump's plan. i would say when you look at the depth and breadth of secretary clinton's plan, it's best in class.
in my working for the president of the united states. i helped write the national infrastructure base plan. infrastructure is the fastest job growth we can do for wages. anthony: why do you think we haven't gotten more infrastructure during the *'s administration d during the *'s administration. if. we are building nextman fannie and freddie. what they failed to realize, we are the only developed country without an infrastructure bank. as you and i chat, it's not just roads and bridges. it's ports that will help export. it's fiber. broad bands, it many next generation gps. it's satellite. and ocial infrastructure which you and i care the most
about. education and hospitals. we need to make sure there is over $3 trillion ready to be spent on infrastructure. but we have to get congress to work the executive bran top of get things done. anthony: there is tension here between the bernie sanders camp and the secretary clinton camp and a big issue in the united states about jobs and high quality jobs, and the wage inequality in the united states. what's your plan to close that? >> there is no question where we came from we have moved great mountains. but we have many more mountains to come. we'll lose 800,000 jobs a no when you and i were during the lehman crisis. we have 75 months straight of job growth. but it has not really trickled down economics has not worked. anthony: whose trickle down economics? >> for the most part we have had
what i would say a consumer driven country where we think because the wealthy are getting wealthy and they spend more and trickle down the wealth. that hasn't worked because at the ends of the day we are having struggling post recovery to get more jobs. anthony: these are policies in the last 8 years. you can't blame president bush anymore. the wealthy have sort of made back their money from the 2008 crisis. but the middle and working classes feel like they are still struggling for wage growth. >> there is no question we have to figure out income inequality. there is no magical wand. and we need mobility back. we when had a post-recession
bump it was usually 4% to 5%. half of that growth came from housing, 1% from consumer and 1% from manufacturing. we don't have the housing bump. anthony: there are still some houses from the crisis in certain areas of the country that are under water so these people have mott benefited from refinances. the president will exit the white thousands, the 8 years, there won't be one quarter of 3% growth. do you attribute that to the crisis or his policies. what do you think has happened where he will be the first president in modern history where we don't have the 3% growth. >> he also had 75 straight months of private sector jab gains. anthony: this is not me picking on the president. from a policy perspective, could something different have been done and will something different be done in the future? >> it's hard to really understand why the recovery has
goon this slow. i know people say regulation. that's largely not accurate. i think we have had a technological revolution. the idea of bricks and mortars are yesterday. my family shops via the internet. anthony: don't mention shopping to my family. i have teenaged kids who are brutalizing it. >> we have to get the skills right that are ready for the next sector. there are millions' jobs available in engineering. we bring most our engineers from overseas. we educate them here, then because of a bad immigration policy we force them to go back and then we have this whole void of our needs here. i think we have -- i know we say these same things. it's critically important that
the executive branch and congress work together. >> announcer: one of the country's top venture capitalists alan patricof. >> she can turn the bipartisanship and congress into actual action. welcome to the world 2116, you can fly across town in minutes or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪ >> testing. testing testing.
>> it's wrong to take tax breaks with one hand and give out pink slips with the other. and i believe wall street can never ever be allowed to wreck main street again. anthony: welcome back to a special edition of "wall street week" from democratic convention in philadelphia. alan patricof is a true giant in the world of capitalism. but recently he has been a giant in fundraising for the democrats
and secretary clinton's presidential campaign. mr. patricof is telling us one area where he thinks she'll continue to have a big advantage over donald trump. >> there is no specific plan for the economy and know quick easy answer. the most important thing is that hillary clinton will represent consistency. when she comes out with a program she'll follow through. she is committed to help the miners of west virginia, the steel workers and coal miners. i'll bet my bottom dollar she'll be on top of that and it will be a high priority. you can count on her. i think business reacts to consistency. anthony: what are some of the best policies you have seen from government. bipartisan, democrats, republicans, that help your industry and help create jobs. >> there is a significant piece of legislation passed recently called section 1202 of the tax code which has an enormous
impact for every small business in america. if you start a small business and hold your investment for five years, and eliminates a couple industries like real estate. but if you are a qualified small business, you don't have any tax, not capital gains or ordinary income up to $10 million more someone who is a for under. as an invest jar you are able to get 10 times your investment on a tax-free basis. that's an enormous incentive for young companies. unfortunately not enough of young companies are aware of it. it applies to plumbers and high-tech companies. i know that president clinton, hillary clinton, is aware of the possibilities of getting that mess and across to the small businesses across the country. anthony: when you think about
your biggest successes as a venture capitalist, was there an x factor you saw on the way in that you said this management team, he or she is really going to make it? >> venture capitalists don't go into every industry. but we look for businesses that have a good set of economics. there is a margin to build a business with. it's not capitol intensive. and it hasek potential in growth possibility. we don't want something that will go from 1 to 2. we want things with true up side. i was an investor in a company called audible. anthony: bought by amazon. >> it was a new concept. but we knew if it worked it could be unlimited. amazon has taken it to a level with the same ceo. but you had to recognize that
kind potential. anthony: you have been around the government a long period of time and in business. it's january 20 of 2017. what kind of bipartisan thing would you like to see happen in the first 100 days of the next administration? >> tino it's going to happen. it's my gut i not. hillary clinton in the first day will start walking around the offices of congress and reaching out to the other side in addition too her own side, and try in a very hands on basis build a brian between both parties and in addition going specifically after her adversaries. be a supporter on a particular issue they could both come together on. we'll find the areas where there is a consistent point of view. that's what gives me great hope
thee can turn this miserable bipartisanship in congress into a more constructive implementation of actual action taking place. anthony: one of the things in her plan is a fairly sizable tax increase for let's call it the%. what's your reaction to that? >> i'm ready to accept it. i think it's the price of getting our economy and conveying to the general population that even if people who benefited perhaps more than others are willing on a realistic basis to try to come up with a system that is more incentive for people who haven't participated. participated. i know -- i just think that we have obviously based on this election results, not results. of the whole discussion. there is a general malaise, a sense of unfairness.
we have got to get that solved. anthony: your detractors would say there has been 8 years of a democratic administration, some of that malaise is born from their policies. what say you? >> not a hillary clinton administration. a hillary clinton administration will be focused external. this is the first time she will be dealing with economic issues except as i pointed out many times, i was very involved with her on something called new jobs for new york. we traveled to he minor city in new york to find techniques to bring jobs back to new york. i'm involved in the millennium challenge corporation to bring jobs to the poorest parts of the world. she knows the issues. and she is smart and action oriented.
experts at the congressional budget office he estimated mr. trump would add $3 trillion to $6 trillion to our national debt. conservative presidents including george bush and h.w. bush are opposing bush because he's not a good conservative. anthony: i don't want to debate mr. trump's tax plan and i have seen those numbers. i want to talk about her plan. what do you like about her plan? >> she would give lead to the middle class and have it financed by increasing taxes on what we would call the top 1%. but i think bill clinton showed he could inherit a deficit and lead with a surplus. hillary clinton is pay-as-you-go the same. and i believe we'll see what happens with mr. trump explain can the numbers. if i'm wrong i'm open to corrections so it wouldn't add
to the national debt. >>ed good. i want to have an honest discourse are ideas. but i have a serious question about the current mosaic of the democratic party. president william jefferson clinton had a different mosaic and a different form of governing. this party is different. it seems divide. how is she going to govern with this mosaic? >> after bernie sanders last night. the data shows 9 out of 10 bernie sanders supporters are for what we expect to be -- when '08 occurred, most of us including me were slow in supporting then the nominee.
i came around. i supported him, i worked for them. we don't have former presidents opposing hillary clinton. we have our leadership and grassroots supporting her. anthony: you had pay-as-you-go, that was put in by george herbert walker burke anded a heard to by william jefferson clinton. when you are going to raise social services you ha t raise taxes. if you are going to cut taxes you have to cut the budget. >> democrats supported pay-as-you-go. tone require was signed by george herbert walker bush. >> you have to raise taxes or 90s money elsewhere. >> she is going back to pay-as-you-go? >> she is not only going back. she is always in favor.
>> it's official, the democrats pick hillary clinton. is. is she going to do wonderful things for you? >> raising the minimum wage, paid family medical leave. >> that all sounds expensive. >> band for profits, let's do that. is the democratic candidate a creek, creek, liar who likes her server clean? maybe in her