At a Cabinet meeting on Wednesday, President Trump was asked about the economy.
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00:00Mr. President, Mr. President, you can't be able to transition, sir.
00:03You frequently took credit for the stock market highs.
00:07You said it was a reflection of how well you were doing in the polls,
00:10and then after you were elected, you said the stock market highs
00:13were a reflection of how well the transition is going
00:16and the American people's confidence in your incoming administration.
00:20Now, the stock market is not doing so well,
00:23and you're saying that's the Biden stock market,
00:25yet you are the president. Can you explain that?
00:27The President, I'm not taking credit or discredit for the stock market.
00:32I'm just saying that we inherited a mess, both at the borders.
00:36You could look at every single one of the people here,
00:39and no matter who it is, they're doing better,
00:41and they are far superior to what took place for four years before us.
00:46When you look at prisoners being allowed to come into our country at will,
00:51just at will, people from mental institutions,
00:55gang members, drug dealers, when you look at that,
00:58what they've done to our country,
01:00and also having to do with finance,
01:02look at what happened with inflation.
01:04We had the worst inflation probably in the history of our country.
01:08They say 48 years, but I would say in the history of our country,
01:11it ate away at people.
01:13And even though you saw a stock market going up somewhat,
01:16because in my case, I had the biggest stock market increase,
01:1988% in the last term, in my last term.
01:22But I don't view the stock market as the end rule.
01:24It's an indicator.
01:26But what the stock market really tells you,
01:28and what you, when you look at the stock market in this case,
01:32is it says how bad a situation we inherited.
01:35I took place, this is a quarter that we looked at today,
01:39and I took, we took all of us together.
01:42We came in on January 20th.
01:44So, this is Biden.
01:47And you can even say the next quarter is sort of Biden,
01:49because it doesn't just happen on a daily or an hourly basis.
01:53But we're turning it around.
01:54It's a big ship to turn around,
01:55and we're going to have the greatest country financially
01:57in the history of the world, I believe.
01:59I think we're going to do things that, and we had to do it.
02:01We reset the table.
02:03We were being ripped off by every single country
02:07with just about, without exception.
02:10I can, I'd have to really think hard
02:13for who hasn't taken advantage.
02:14And I don't even blame those countries.
02:16I blame the person that was sitting right here where I am
02:18for allowing it to happen,
02:21where our country was ripped off on trade
02:23hundreds of billions of dollars.
02:26And now we're doing better than we've done in a long time.
02:29You know, we were losing four to five
02:31to even six billion dollars a day on trade with Biden.
02:37And now we have it down to a very manageable number,
02:40and the tariffs, for the most part, haven't even kicked in yet.
02:43So that's the way, stock markets to me are an indication.
02:49But the big indication is what's happening,
02:51and the people around the table know what's happening.
02:53Yes.
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