FROM ANY SENSE OF CREDIBILITY THAT THE U.S. GOVERNMENT MAY

THAT THE U.S. GOVERNMENT MAY NEED IN THE FUTURE WHEN IT IS

NEED IN THE FUTURE WHEN IT IS APPROPRIATE.

APPROPRIATE. >> YOU’VE BEEN IN OFFICE AT THE

>> YOU’VE BEEN IN OFFICE AT THE WHITE HOUSE WHEN THERE HAVE BEEN

WHITE HOUSE WHEN THERE HAVE BEEN CRISES THAT PEOPLE WORRY ABOUT.

CRISES THAT PEOPLE WORRY ABOUT. AND YOU’VE GOT TO THINK ABOUT

AND YOU’VE GOT TO THINK ABOUT THE MESSAGING AND LISTEN, WHEN

THE MESSAGING AND LISTEN, WHEN PRESIDENT TRUMP WAS IN OFFICE

PRESIDENT TRUMP WAS IN OFFICE AFTER THE RECESSION, I REMEMBER

AFTER THE RECESSION, I REMEMBER BEING CRITICAL AT TIMES OF THE

BEING CRITICAL AT TIMES OF THE ADMINISTRATION THAT WAS OVERLY

ADMINISTRATION THAT WAS OVERLY OPTIMISTIC ABOUT THINGS THAT

OPTIMISTIC ABOUT THINGS THAT THEY SHOULD LESS OPTIMISTIC

THEY SHOULD LESS OPTIMISTIC ABOUT BUT WHAT DO YOU THINK IT

ABOUT BUT WHAT DO YOU THINK IT NEEDS TO BE?

NEEDS TO BE? THE STOCK MARKET THAT DONALD

THE STOCK MARKET THAT DONALD TRUMP CARRIES ON ALL THE TIME?

TRUMP CARRIES ON ALL THE TIME? THE BOTTOM LINE, JUST PUT UP A

THE BOTTOM LINE, JUST PUT UP A CHART OF THE DOW, 1929 OR

CHART OF THE DOW, 1929 OR SOMETHING, IN THE DEPRESSION,

SOMETHING, IN THE DEPRESSION, STOCK MARKET TENDS TO GO UP OVER

STOCK MARKET TENDS TO GO UP OVER TIME AND TENDS TO RECOVER FROM

TIME AND TENDS TO RECOVER FROM THE RECESSION AND FROM 9/11

THE RECESSION AND FROM 9/11 WITHIN A MONTH.

WITHIN A MONTH. WHAT’S THE REAL WORRY HERE?

WHAT’S THE REAL WORRY HERE? IS IT THE LIFESTYLE CHANGE WE’RE

IS IT THE LIFESTYLE CHANGE WE’RE GOING TO HAVE AND SAYING, I’M

GOING TO HAVE AND SAYING, I’M NOT GOING TO THE BALLPARK OR

NOT GOING TO THE BALLPARK OR CASINO OR A TRIP, THEY DON’T

CASINO OR A TRIP, THEY DON’T SPEND MONEY OR STAY HOME, WHAT’S

SPEND MONEY OR STAY HOME, WHAT’S THE THING THAT YOU’RE MOST

THE THING THAT YOU’RE MOST WORRIED ABOUT WHEN IT COMES TO

WORRIED ABOUT WHEN IT COMES TO THE ECONOMY?

THE ECONOMY? >> SO WHAT I WOULD SAY IS

>> SO WHAT I WOULD SAY IS EXACTLY WHAT YOU SAID, WHICH IS

EXACTLY WHAT YOU SAID, WHICH IS THE STOCK MARKET IS NOT BEING

THE STOCK MARKET IS NOT BEING IRRATIONAL.

IRRATIONAL. THEY HAVE VERY LITTLE

THEY HAVE VERY LITTLE INFORMATION BECAUSE WE HAVE SO

INFORMATION BECAUSE WE HAVE SO LITTLE TESTING HERE, AND SO

LITTLE TESTING HERE, AND SO THEY, JUST LIKE ALL OF US, DON’T

THEY, JUST LIKE ALL OF US, DON’T REALLY KNOW WHAT THE IMPACT IS

REALLY KNOW WHAT THE IMPACT IS GOING TO BE ON THE AVERAGE

GOING TO BE ON THE AVERAGE AMERICAN AND THE AVERAGE

AMERICAN AND THE AVERAGE AMERICAN’S LIFE, AND THE THING I

AMERICAN’S LIFE, AND THE THING I WOULD EXPLAIN TO PEOPLE IS THAT

WOULD EXPLAIN TO PEOPLE IS THAT NORMALLY IN A CRISIS LIKE AN

NORMALLY IN A CRISIS LIKE AN EARTHQUAKE, ECONOMISTS THINK,

EARTHQUAKE, ECONOMISTS THINK, YES, GROWTH GOES DOWN ONE

YES, GROWTH GOES DOWN ONE QUARTER, BUT IT REBOUNDS WHEN

QUARTER, BUT IT REBOUNDS WHEN YOU REBUILD.

YOU REBUILD. THAT EVEN HAPPENED IN SARS, WENT

THAT EVEN HAPPENED IN SARS, WENT DOWN IN THE SECOND QUARTER OF

DOWN IN THE SECOND QUARTER OF 2003 AND REBUILDS.

2003 AND REBUILDS. IF YOU CANCEL YOUR SPRING

IF YOU CANCEL YOUR SPRING VACATION, YOU’RE PROBABLY NOT SO

VACATION, YOU’RE PROBABLY NOT SO ANYBODY WITH THE OLD MODE WILL

ANYBODY WITH THE OLD MODE WILL HAVE RECESSION IN THE FIRST

HAVE RECESSION IN THE FIRST QUARTER OR DOWNTURN BUT IT WILL

QUARTER OR DOWNTURN BUT IT WILL COME BACK EASY IN THE SECOND OR

COME BACK EASY IN THE SECOND OR THIRD QUARTER AND SECOND, A LOT

THIRD QUARTER AND SECOND, A LOT OF THAT CONSUMER ACTIVITY, 70%

OF THAT CONSUMER ACTIVITY, 70% OF THAT, GDP IN THE U.S., THE

OF THAT, GDP IN THE U.S., THE THING WE’VE BEEN COUNTING ON AND

THING WE’VE BEEN COUNTING ON AND REBOUND LATER.

REBOUND LATER. >> LET ME ASK YOU THIS.

>> LET ME ASK YOU THIS. NOT TOO MUCH TIME LEFT BUT ABOUT

NOT TOO MUCH TIME LEFT BUT ABOUT THE THINGS THE GOVERNMENT CAN DO

THE THINGS THE GOVERNMENT CAN DO AND WOULD HAVE DONE AND

AND WOULD HAVE DONE AND PRESIDENTS THAT YOU WORKED FOR,

PRESIDENTS THAT YOU WORKED FOR, TAX CUTS?

TAX CUTS? ARE WE TALKING ABOUT THE FED

ARE WE TALKING ABOUT THE FED CUTTING INTEREST RATES?

CUTTING INTEREST RATES? I KNOW THAT’S NOT SOMETHING THE

I KNOW THAT’S NOT SOMETHING THE PRESIDENT WILL TELL THE FED TO

PRESIDENT WILL TELL THE FED TO DO.

DO. THIS PRESIDENT COUNTRYDOESN’T SE

THIS PRESIDENT COUNTRYDOESN’T SE HAVE PROBLEMS WITH THAT.

HAVE PROBLEMS WITH THAT. >> WHETHER YOU GO ON TRAVEL,

>> WHETHER YOU GO ON TRAVEL, IT’S NOT CLEAR, IF FED CUTTING

IT’S NOT CLEAR, IF FED CUTTING RATES, WILL NOT HAVE BIG OF AN

RATES, WILL NOT HAVE BIG OF AN EFFECT.

EFFECT. I THINK WHAT I WOULD BE DOING IS

I THINK WHAT I WOULD BE DOING IS SPENDING DRAMATICALLY ON THE

SPENDING DRAMATICALLY ON THE THINGS WE NEED TO PREPARE.

THINGS WE NEED TO PREPARE. THAT’S THE TWO-FOR.

THAT’S THE TWO-FOR. YOU’RE DOING IT TO GET TEST

YOU’RE DOING IT TO GET TEST KITS, WHATEVER IS NECESSARY TO

KITS, WHATEVER IS NECESSARY TO HELP PEOPLE STAY HOME IF THEY

HELP PEOPLE STAY HOME IF THEY NEED AND HELP PEOPLE GO TO WORK.

NEED AND HELP PEOPLE GO TO WORK. THAT KIND OF ALL-OUT

THAT KIND OF ALL-OUT MOBILIZATION, MANY WAR-LIKE

MOBILIZATION, MANY WAR-LIKE MOBILIZATION WE GIVE PEOPLE AND

MOBILIZATION WE GIVE PEOPLE AND CONTAIN IT AND YEAH, IT MIGHT

CONTAIN IT AND YEAH, IT MIGHT GIVE US AN ECONOMIC BOUNCE, A