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tv   Lou Dobbs Tonight  FOX Business  October 29, 2016 7:00pm-8:01pm EDT

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the show is never been solely about investments. we have talked about many things that affect people and their money. from "fox business" network in new york city the new "wall street week." anthony: welcome to "wall street week" that i'm anthony scaramucci. gary: i'm gary kaminsky. we have finally hit the home stretch of the 2016 election. a little more than a week before
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we know who the next president will be and it seems like corporate america is the one thing both candidates agree on. >> we will and the cowboy culture on wall street and a rough mentality in courtrooms. we are going to defend the tougher rules. >> we are going to take on this this -- big business and big media that if enriched himself at your expense. anthony: we have asked the true business legend great american to join us for this weeks show. one of the cofounders of the retail giant home depot bernie marcus. first of all thanks for being here but what is your take on the political rhetoric against business in the united states? >> well, look i think that hillary's attack on business has been consistent with the democrats attack on business all year. you have heard it from bernie sanders. business is bad and then they talk about taking and helping
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the middle class and helping people with jobs. who employs people in america a? i think it's business, is not? i don't know where hillary comes from. i don't know where elizabeth warren comes from because she is going to be the pseudo-president if hillary is elected. jobs are created by business and attacking businesses doesn't make a hell of a lot of sense but it tells you where clinton's head is and where her agendas going. gary: mr. trump seems to be doing that on the campaign. what do you make of that? >> i think he's a businessman. i think ultimately he understands what it means to hire people, to pay people. he understands what overhead is. he understands what it means to write a paycheck at the end of the week which none of the candidates on the other side understand. i think that's what he is
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rallying against is the influence of people like goldman sachs and some of the big tankers who are major supporters of hillary clinton and knowing her history, she can be bought. i assume that is what they are planning for it. something good will happen for them when she gets into office. she does talk one way and she talks to wall street internally she talks a different way as well. and. gary: that's something we pointed out on the show many times as we have been in the private meeting to secretary clinton in the wall street meetings as well as a public forum. i want to talk about the business environment. i have listened you i think for the last eight years talk about how the regulatory environment is so hard for business. can you let the viewers who are thinking about who they are going vote for in a couple of
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weeks no exact date with the climate is a business and why it's so difficult? >> well let me put it to you this way. when you speak about business i think that people in the united states think about general electorate and they think about rolling. that's not where the largest amount of people are hired. it has to be small businesses than that business can be anywhere from 500 people down to four or five people. most of the jobs and 75% of the jobs of america are created by small business standard we started something called job creators network. you know everybody says i am part of the 1% but i remember where i came from and i remember what it was like eating a small businessman at home depot years and years ago. last eight -- last week at a meeting with 10050 small business. they were restaurants.
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anthony: what are the challenges we specifically face? >> its taxes and regulation. it's an ability to grow and by the way it was interesting out of these 100 some odd people i asked them to raise their hands. how many people are going to hire people this coming your? wind if i were going to hire. how many of you feel confident about the future? so here you have the people that create somewhere around 82 million jobs that don't believe this country is going to move forward so i don't know what obama season i don't know what hillary sees. i don't have a clue and even "the new york times" which is a total rag, they believe what it says. they can't possibly believe it unless they once in a while step down and get off their high horses and speak to the people that really count and that's a small businesses in america. they are getting killed and this
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year it's interesting. last year there were more small businesses closing then opening. i don't think in the last 50 years in america that has happened. jobs aren't being created in the jobs are created and you think about the regulations. number one you have obamacare which is killing every small businessman. they know that the rates are going to go up dramatically. those who are covering their employees know that their employees will have less coverage for more money. they are getting killed by regulations, by epa, by the fda, you name it, every single one of them. the labor department the nlrb, everybody out there. it seems to me that washington is working on how to her people and how to keep jobs out of america. i don't get it. and the businessman. i have worked for the last 55 years creating jobs.
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i think i understand how to create jobs in the way to create jobs is not the way they are doing it. hillary is talking about taxation. gary: we both grew up in the middle class and i have a lot of friends that are in the working class that are now becoming -- so my question is how do we get those voters are those people in that economic situation to see what you are saying? i feel the communication is not going super well for us. >> no, it's not. over the last week we have seen wikileaks come out. we have seen some horrible stories come out on video of the corruption in the democratic party and "the new york times," the "washington post", "cnn" had nothing in it and so the american people are not seeing it.
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they are being fed propaganda and they are buying the propaganda. unfortunately the american people really don't have the facts. i don't know how to get it out. job creators network was created for one thing only. the nonpartisan 501(c)(3) just to give information to people accurate, absolute facts so they understand how the facts were. i will give you perfect example. anthony: stay right there because we are going to take a break and come back and discuss specifically and give you an opportunity to throw talk darkly to the voters about what the solutions are. stay right there. "wall street week" we'll be right back.
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anthony: we are back with bernie marcus. one of the biggest issues we hear from all corners is that big companies and small companies are just getting crushed by regulation so we want to know here if you would be able to start home depot in 2016 >> no, and by the way i'm telling you the factual absolutely not. when we started in 78, 7910 langone as you know the government was there for us. they really tried to help us get along. in today's environment, i will give you perfect example. dodd-frank, we were undercapitalized and i mean undercapitalized.
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the bank line was critical. i couldn't get a bank in georgia to back us in this state state because of the new venture, new idea. we couldn't sell it to anybody. my old bankers in california, atlanta georgia, california they agreed to give us $5.5 million line of credit. today in by the way we where undercapitalized. our balance sheet with terrible but the banker in california believed in us, believed with arthur and myself. he knew we were honest and we had a. idea. he thought it was going to be successful in this bank loaned us money. under dodd-frank it could never have happened. that's number one. number two, under dodd-frank small banks are closing all over america. small banks are there to take care of small businesses.
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$500,000, $100,000 in and in some cases $50,000. today with the regulators and every single bank, you can't make those kinds of loans and what is happening is they are not making loans. the big banks are arbitraging with the federal reserve and they are making their money by not making months. i'm not talking about loans to home depot and general electric and boeing. i talk -- i'm typing about the people that relate count better forming jobs. it's not happening. we opened stores all over america. but the regulations the day that you have from the epa, from the labor department that people that open home depot, think about this for a second. we grew people and if they were making 70,000 a year we paid them 50 and we said we are opening a new business. if we make it you are going to make it.
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i'm talking about every single person works for us worked between 50 to 60 hours a week. 50 to 60 hours a week. today with the labor department and this overtime law and with all of the rules the labor department has come up with we could never do it. there is no way we could have survived so here's a home depot which today has 400 or a thousand people. we have employed millions of people. we have created about 10,000 millionaires, people who went to high school and did not have college degrees. they made lots of money and i'm telling you if it was in today's environment at never would have happened and you think of those millions of people who have gone into other businesses. gary: ken bone go on has talked about that very point. the bank loans, was at a regional bank that led to the $5.5 million or was that a small
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bank? >> no, it's a security specific bank in los angeles. he could never happened. first of all the rules would not let them go across state lines. if you look at the balance sheet, we didn't have a balance sheet. we had was a couple of docs and a lot of courage and willing to make -- break their backs to make something happen and a great idea. most industries have started that way. in the carpet carpet business there was that banker in dalton georgia that basically started the carpet business. he loaned money to people that had no balance sheet and they turned out to be the biggest companies in america today and carpeting. the banker who trusted people who did it based on what he saw. anthony: what would you say to
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elizabeth warren and she was was asking a question she would say to you but this does take advantage of a lot of things and today you have low interest rates and today if you try to start a home depot you can go to private equity firm. you didn't build it yourself. what would you say to that counterpoint? >> i would say elizabeth i don't know what you are smoking but i would give that up because something is wrong with you. here's a woman that doesn't have a clue, a single clue on what it takes to run a business. she does not have a clue. she doesn't know what she's talking about in most of the party by the way is in the same mode. they don't have a clue. listen to me anthony, as a businessman a guy who was hired and trained and created a business, they don't know what the hell they are talking about. anthony: i was going to pile on there. for those who watch our show what would you recommend to them
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in this investing environment? new entrepreneurs and fresh people who have great ideas how do they navigate this environment? >> well look you have two people. they're not the most popular people in the world i would tell you. if donald trump was not my first choice, my second, my third or my forte but he's the nominee and i think the republican party has a history of supporting business and understanding if they support business they will create jobs. if they create jobs they will help the middle-class middle class and the underclass. this is not happening in eight years. we have eight years of missouri, eight years where you have seen the minorities killed in the obscene middle-class people go down. i would say to anybody use your heads. look at the facts. look at the underemployed. we have the lowest amount of people in the workforce today. go back past carter. that doesn't prove the point is
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rhetoric they are giving you, if you come by that nonsense i have three bridges that lead to sell to you. anthony: thank you bernie. "wall street week" is going to be right back.
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when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call, a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them. great, that's what i said. so your business can get back to business. sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business. gary: welcome back to wall street. they say failure is not an option but when and entrepreneurs some level of
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failure is inevitable. nothing ever goes that we have planted many things are beyond your control. this is true in business center in life. as how you face those challenges that determine how successful you will be. this john and right here of my friend anthony his new book. better than anything i have ever. anthony: you haven't even read the book yet. gary: joining us now is one is anthony his mentors the president partner a dear friend of both of the cars. if anyone can take one thing from this book other than the fact that bob and i don't get enough respect --. >> i wrote about a prominently in the first book but this gentleman bought my first business and then when we still still -- sold it to lehman brothers you let me have a
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contract start skyper to my skypers is going into the ground when i write about remember that call i made to you? i said i got a chance to buy citibank's investment management business. you remember what you said? >> citibank had what for them was a small business with a great product and a great investment team and a great track record. they were smart and they weren't going to be the highest bidder and it was perfect fit. your networking capability relationships grew upon it. anthony: i went to you a nasty for help and you were my first sponsor. aye you a huge debt of gratitude for that but that's the point about this book. we were right there. we were going right into that rabbit hole.
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i had to reach out to all my friends to get help. >> part of being a successful entrepreneurs being told no one having to deal with that. both of us were in a position in our business lives were you told us know and you had to tell us know. i want to know what was it like when he had to tell anthony know, you can do that and how did he react and how was it on your it? >> both of you know was challenging. i should also mention that bob has a not agreed to gree in psychology. talk about saying no and house and onto the nerd you have to deal with that? >> if you know it's the right answer for the business you have to explain it in a way that hardcharging individuals like anthony and you would understand it and why. not just know for the sake of know. if you think you are right and that's right answer what he had
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to do. anthony: would you do when you get the answer? >> i read in the book that no spelled backwards is on. it's time to figure out a way to get the answer to yes but bob has been in business for 30 years his third x factor for entrepreneurs and if so what is said? >> i think it's an energy level and people skills and if you have the right energy and the people skills and the ability to network. i'm sitting next to the tom cruise of wall street. not everybody can be an entrepreneur and anthony is certainly somebody who has dunedin done well and i suspect he will do it again. gary: we have to stay friends along the way. our special thanks to bob. that does it for us on "wall street week" terry thanks for watching. my book is available on amazon.com.
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the show is never been solely about investments. we have talked about many things that affect people and their money. from "fox business" network in new york city the new "wall street week." anthony: welcome to "wall street week" that i'm anthony scaramucci. gary: i'm gary kaminsky. we have finally hit the home stretch of the 2016 election. a little more than a week before
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we know who the next president will be and it seems like corporate america is the one thing both candidates agree on. >> we will and the cowboy culture on wall street and a rough mentality in courtrooms. we are going to defend the tougher rules. >> we are going to take on this this -- big business and big media that if enriched himself at your expense. anthony: we have asked the true business legend great american to join us for this weeks show. one of the cofounders of the retail giant home depot bernie marcus. first of all thanks for being here but what is your take on the political rhetoric against business in the united states? >> well, look i think that hillary's attack on business has been consistent with the democrats attack on business all year. you have heard it from bernie sanders. business is bad and then they talk about taking and helping
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the middle class and helping people with jobs. who employs people in america a? i think it's business, is not? i don't know where hillary comes from. i don't know where elizabeth warren comes from because she is going to be the pseudo-president if hillary is elected. jobs are created by business and attacking businesses doesn't make a hell of a lot of sense but it tells you where clinton's head is and where her agendas going. gary: mr. trump seems to be doing that on the campaign. what do you make of that? >> i think he's a businessman. i think ultimately he understands what it means to hire people, to pay people. he understands what overhead is. he understands what it means to write a paycheck at the end of the week which none of the candidates on the other side understand. i think that's what he is
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rallying against is the influence of people like goldman sachs and some of the big tankers who are major supporters of hillary clinton and knowing her history, she can be bought. i assume that is what they are planning for it. something good will happen for them when she gets into office. she does talk one way and she talks to wall street internally she talks a different way as well. and. gary: that's something we pointed out on the show many times as we have been in the private meeting to secretary clinton in the wall street meetings as well as a public forum. i want to talk about the business environment. i have listened you i think for the last eight years talk about how the regulatory environment is so hard for business. can you let the viewers who are thinking about who they are going vote for in a couple of
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weeks no exact date with the climate is a business and why it's so difficult? >> well let me put it to you this way. when you speak about business i think that people in the united states think about general electorate and they think about rolling. that's not where the largest amount of people are hired. it has to be small businesses than that business can be anywhere from 500 people down to four or five people. most of the jobs and 75% of the jobs of america are created by small business standard we started something called job creators network. you know everybody says i am part of the 1% but i remember where i came from and i remember what it was like eating a small businessman at home depot years and years ago. last eight -- last week at a meeting with 10050 small business. they were restaurants.
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anthony: what are the challenges we specifically face? >> its taxes and regulation. it's an ability to grow and by the way it was interesting out of these 100 some odd people i asked them to raise their hands. how many people are going to hire people this coming your? wind if i were going to hire. how many of you feel confident about the future? so here you have the people that create somewhere around 82 million jobs that don't believe this country is going to move forward so i don't know what obama season i don't know what hillary sees. i don't have a clue and even "the new york times" which is a total rag, they believe what it says. they can't possibly believe it unless they once in a while step down and get off their high horses and speak to the people that really count and that's a small businesses in america. they are getting killed and this
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year it's interesting. last year there were more small businesses closing then opening. i don't think in the last 50 years in america that has happened. jobs aren't being created in the jobs are created and you think about the regulations. number one you have obamacare which is killing every small businessman. they know that the rates are going to go up dramatically. those who are covering their employees know that their employees will have less coverage for more money. they are getting killed by regulations, by epa, by the fda, you name it, every single one of them. the labor department the nlrb, everybody out there. it seems to me that washington is working on how to her people and how to keep jobs out of america. i don't get it. and the businessman. i have worked for the last 55 years creating jobs.
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i think i understand how to create jobs in the way to create jobs is not the way they are doing it. hillary is talking about taxation. gary: we both grew up in the middle class and i have a lot of friends that are in the working class that are now becoming -- so my question is how do we get those voters are those people in that economic situation to see what you are saying? i feel the communication is not going super well for us. >> no, it's not. over the last week we have seen wikileaks come out. we have seen some horrible stories come out on video of the corruption in the democratic party and "the new york times," the "washington post", "cnn" had nothing in it and so the american people are not seeing it.
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they are being fed propaganda and they are buying the propaganda. unfortunately the american people really don't have the facts. i don't know how to get it out. job creators network was created for one thing only. the nonpartisan 501(c)(3) just to give information to people accurate, absolute facts so they understand how the facts were. i will give you perfect example. anthony: stay right there because we are going to take a break and come back and discuss specifically and give you an opportunity to throw talk darkly to the voters about what the solutions are. stay right there. "wall street week" we'll be right back. ♪
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anthony: we are back with bernie marcus. one of the biggest issues we hear from all corners is that big companies and small companies are just getting crushed by regulation so we want to know here if you would be able to start home depot in 2016 >> no, and by the way i'm telling you the factual absolutely not. when we started in 78, 7910 langone as you know the government was there for us. they really tried to help us get along. in today's environment, i will give you perfect example. dodd-frank, we were undercapitalized and i mean undercapitalized.
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the bank line was critical. i couldn't get a bank in georgia to back us in this state state because of the new venture, new idea. we couldn't sell it to anybody. my old bankers in california, atlanta georgia, california they agreed to give us $5.5 million line of credit. today in by the way we where undercapitalized. our balance sheet with terrible but the banker in california believed in us, believed with arthur and myself. he knew we were honest and we had a. idea. he thought it was going to be successful in this bank loaned us money. under dodd-frank it could never have happened. that's number one. number two, under dodd-frank small banks are closing all over america. small banks are there to take care of small businesses.
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$500,000, $100,000 in and in some cases $50,000. today with the regulators and every single bank, you can't make those kinds of loans and what is happening is they are not making loans. the big banks are arbitraging with the federal reserve and they are making their money by not making months. i'm not talking about loans to home depot and general electric and boeing. i talk -- i'm typing about the people that relate count better forming jobs. it's not happening. we opened stores all over america. but the regulations the day that you have from the epa, from the labor department that people that open home depot, think about this for a second. we grew people and if they were making 70,000 a year we paid them 50 and we said we are opening a new business. if we make it you are going make it.
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i'm talking about every single person works for us worked between 50 to 60 hours a week. 50 to 60 hours a week. today with the labor department and this overtime law and with all of the rules the labor department has come up with we could never do it. there is no way we could have survived so here's a home depot which today has 400 or a thousand people. we have employed millions of people. we have created about 10,000 millionaires, people who went to high school and did not have college degrees. they made lots of money and i'm telling you if it was in today's environment at never would have happened and you think of those millions of people who have gone into other businesses. gary: ken bone go on has talked about that very point. the bank loans, was at a regional bank that led to the $5.5 million or was that a small
7:46 pm
bank? >> no, it's a security specific bank in los angeles. he could never happened. first of all the rules would not let them go across state lines. if you look at the balance sheet, we didn't have a balance sheet. we had was a couple of docs and a lot of courage and willing to make -- break their backs to make something happen and a great idea. most industries have started that way. in the carpet carpet business there was that banker in dalton georgia that basically started the carpet business. he loaned money to people that had no balance sheet and they turned out to be the biggest companies in america today and carpeting. the banker who trusted people who did it based on what he saw. anthony: what would you say to
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elizabeth warren and she was was asking a question she would say to you but this does take advantage of a lot of things and today you have low interest rates and today if you try to start a home depot you can go to private equity firm. you didn't build it yourself. what would you say to that counterpoint? >> i would say elizabeth i don't know what you are smoking but i would give that up because something is wrong with you. here's a woman that doesn't have a clue, a single clue on what it takes to run a business. she does not have a clue. she doesn't know what she's talking about in most of the party by the way is in the same mode. they don't have a clue. listen to me anthony, as a businessman a guy who was hired and trained and created a business, they don't know what the hell they are talking about. anthony: i was going to pile on there. for those who watch our show
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what would you recommend to them in this investing environment? new entrepreneurs and fresh people who have great ideas how do they navigate this environment? >> well look you have two people. they're not the most popular people in the world i would tell you. if donald trump was not my first choice, my second, my third or my forte but he's the nominee and i think the republican party has a history of supporting business and understanding if they support business they will create jobs. if they create jobs they will help the middle-class middle class and the underclass. this is not happening in eight years. we have eight years of missouri, eight years where you have seen the minorities killed in the obscene middle-class people go down. i would say to anybody use your heads. look at the facts. look at the underemployed. we have the lowest amount of people in the workforce today. go back past carter. that doesn't prove the point is
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rhetoric they are giving you, if you come by that nonsense i have three bridges that lead to sell to you. anthony: thank you bernie. "wall street week" is going to be right back.
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gary: welcome back to wall street. they say failure is not an option but when and entrepreneurs some level of
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failure is inevitable. nothing ever goes that we have planted many things are beyond your control. this is true in business center in life. as how you face those challenges that determine how successful you will be. this john and right here of my friend anthony his new book. better than anything i have ever. anthony: you haven't even read the book yet. gary: joining us now is one is anthony his mentors the president partner a dear friend of both of the cars. if anyone can take one thing from this book other than the fact that bob and i don't get enough respect --. >> i wrote about a prominently in the first book but this gentleman bought my first business and then when we still still -- sold it to lehman brothers you let me have a
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contract start skyper to my skypers is going into the ground when i write about remember that call i made to you? i said i got a chance to buy citibank's investment management business. you remember what you said? >> citibank had what for them was a small business with a great product and a great investment team and a great track record. they were smart and they weren't going to be the highest bidder and it was perfect fit. your networking capability relationships grew upon it. anthony: i went to you a nasty for help and you were my first sponsor. aye you a huge debt of gratitude for that but that's the point about this book. we were right there. we were going right into that rabbit hole.
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i had to reach out to all my friends to get help. >> part of being a successful entrepreneurs being told no one having to deal with that. both of us were in a position in our business lives were you told us know and you had to tell us know. i want to know what was it like when he had to tell anthony know, you can do that and how did he react and how was it on your it? >> both of you know was challenging. i should also mention that bob has a not agreed to gree in psychology. talk about saying no and house and onto the nerd you have to deal with that? >> if you know it's the right answer for the business you have to explain it in a way that hardcharging individuals like anthony and you would understand it and why. not just know for the sake of know. if you think you are right and that's right answer what he had
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to do. anthony: would you do when you get the answer? >> i read in the book that no spelled backwards is on. it's time to figure out a way to get the answer to yes but bob has been in business for 30 years his third x factor for entrepreneurs and if so what is said? >> i think it's an energy level and people skills and if you have the right energy and the people skills and the ability to network. i'm sitting next to the tom cruise of wall street. not everybody can be an entrepreneur and anthony is certainly somebody who has dunedin done well and i suspect he will do it again. gary: we have to stay friends along the way. our special thanks to bob. that does it for us on "wall street week" terry thanks for watching. my book is available on amazon.com.
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i've got to plug her little but there predicts weaker guesses billionaire investor wilbur ross and don't forget hopping over the rabbit hole. make sure you get a copy. see you guys, thank you. >> see you next week. my business was built with passion...
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job on the planet will be in their place. ♪ announcer: live from hofstra university in new york, this is fox business network's special coverage of the first presidential debate. here is neil cavuto. neil: game on from hofstra university in hempstead, new york. all 1100 seats just about filled there. everyone who is supposed to be here is here. except those that will be going to the podium. the pressure is on to perform tonight and for these candidates the first time a man and a woman shared a stage vying for the presidency of the united states. well it doesn't get more historic than that the numbers you heard well telegraphed this could break a lot of records, at

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