History. Anthony joining us is former ubs banking president robert wolf. He served on three Economic Councils for the administration. Monday the economy was the major focus. Lets take a quick listen to what donald trump said. We have the worst revival an economy since the great depression. And believe me we are in a bubble. The only they can that looks good is the stock market. But if you raise Interest Rates even a little bit, that will come crashing crown. We are in a big, fat ugly bubble. Anthony mr. Trump suggesting we are in a bubble. Do you think we are in a bubble . I dont. The Housing Market has come off a little and prices are off in some areas 20 to 30 . The stock market feels a little soft but i wouldnt say we are in a bubble. The monetary policies concern me. Im glad we are going to have a discussion on where the fiscal politics should be. Liz it seems his comments were targeted toward janet yellen and the federal reserve. We have had people say there is a junk bond bubble and people worried about other types of bubbles. The inflation of a bubble is not what you hear about. Its when it pops, its loud. Do you anticipate anything from these extremely low rates. If we continue on a zero rate environment, then yes people will be chasing yields and i can see like today people think its a little high, the stock market and some of the various bond markets. But people dont want to park their money under their beds. So they put it toward risk assets. Thats not surprising. But we are not where we were in 0708 when the leverage in the system at the banks, at the home, credit cards were skyrocketing. We are not in a regions system as much. We are still a consumerbased country but we are not as leveraged as we once were. We are no longer in a crisis. Yet its 9 or 8 years at the fed with a near zero Interest Rate policy in place. What will it take for them to get off of that. And whats in the minds of these guys in terms of making the decision stay with they are . I was supportive of qe1 and qe2. I think europe is completely behind the 8ball. I think they should have been easing early on which is why our banks are firm and strong and theirs are struggling. With respect to next steps, i was not for them doing a fed hike rate even though i dont think we should be sat zero rates. It doesnt make a lot of sense. Wages were still slow, gdp was struggling along. But the last, you know, the last annual report we got, wages went up, poverty went down, it looks like gdp will struggle 1. 5 to 2 . We are at the point where we could look to possibly rise. I would not be surprised if there is a december ride. I wouldnt do december because i wouldnt do a Christmas Season where there could be extra volatility. I would wait until next year and do it two or three times next year. It could be that bad for the economy, but the economy has so many different elements to it, taxes, regulations, things that would help spur both if we eliminated certain pantsr parts of those two things. Hillary clinton attacked donald trump on a couple of those issues. Lets listen to that then well have you react. Your plans would add 5 trillion to the debt. What i proposed would cut regulations and streamline them for small businesses. What i would propose would be paid for by raising taxes on the wealthy because they have made all the gains in the economy, and i think its time that the wealthy and corporations paid their fair shares. Liz the wealthy and the wealthy corporations. Lets take the wealthy individuals who have great wealth in this nation. Are they not paying their fair share . Wealthy, the sca anthony scaramucci. I finds it surprising republicans who are normally fiscal hawks have any support to his plan. His plan today, when you think about deportation, his plan adds 4 trillion to 5 trillion in deficit and well lose jobs that way. I think his plan i would agree with the secretary on that. Its not a disciplined plan. Its a lot of spending. On the flip side. There is no question since the recession of 20112008, that upper 1 has done better than the rest of the economy mainly because the stock market has done well and the housing has come back. Im not surprised we have no more Monetary Policy to use. On fiscal policy well have to do some spending on infrastructure and education. Where is the money going to come from. Im not surprised they are tagging the upper ends to i wouldnt say pay their fair share. But to pay out and help during this time. I think thats okay. If i have to help out to get the middle class vibrant i know well get it back. Im optimistic that way. Anthony you were there in the room where it happened the september weekend of the lehman bankruptcy. We have seen the news reports on the boiche bank and the situation there. Do you think we have another lehmanlike crisis with Deutsche Bank . I dont. Its incredible what deutsche is going through. This obviously all these questions from investors whether they have been pricing their Balance Sheet right. Leverage where they make their money. Then along with a lot of banks in europe. The second part is with the department of justice overhang in the billions of dollars and there is a question whether they have capital, if they get a bad verdict. So the largest bank in europe struggling is obviously a concern. The reason i dont think it con stay june will go around the globe is because u. S. Banks are in firm setting. They have deleverred from 5055 times. Most of them are 15 times. Their tier1 ratio is up higher in double digits. Their risk capital is high. The banks have a revenue problem, but i dont think there is a contagion problem if something happens to europe. We talked about what we needed to do. I believe in dadfrank and a Resolution Authority and living wills. All those goods were good. With you when an Angela Merkel says that, you know, if deutsche is going to go down, she is not going to bail out. We have never seen that happen. This whole too big to fail question is a major question. I was in the room during the obama time when they were looking at places like citi and do they nationalize or not nationalize its easy to say dont bail out. But you dont know what happens day two. Im concerned about deutsche. I know a lot of the people there. I hope they can resolve the department of justice stuff and start making money there. Elizabeth we have much more ahead. We have some to discuss wells fargo and your company 32 advisers. Announcer you have broken a longstanding law and defraud your customers. How can you you rebuild trust . Announcer does robert think the wells fargo ceo can keep his job . We ship everything you atcan imagine. N, and everything we ship has something in common. Whether its expedited overnight. Or shipped around the globe,. Its handled by od employees who know that delivering freight. Means delivering promises. Od. Helping the world keep promises. You clearly failed in your own ethical standards ethically. Your company has broken long standing ethical standards standards you have within your country. This has nothing to do with doddfrank or anything else. You have broken longstanding law and defrauded your customers. How can you rebuild trust . Liz wells fargo ceo john stumpf facing blistering questioning on capitol hill after his bank was busted for opening 2 million unauthorized accounts. The class action has piled up and the scandal wiped out 20 million from the firms market value. The big question is can john stumpf keep his job at this point . It will be very difficult. I like john stumpf. I think hes an honorable man. But when you are the ceo. When you are at the helm, you have to take the hit. I do think, though, this tells us that we should be separating the seat of the ceo and chairman. Ford will be the decision maker. I think right now it would not have changed anything of the wrongdoing. But there is a whole debate on should he step down. Should he not, should there be a clawback. When you are the chairman of the board and you recuse yourself there is a bit of a scramble. A lot of the firms have the separation of powers. Especially a lot of the foreign firms have it. And i think it makes sense. Anthony the situation at deutsche and wells fargo is this a case for the banks being separated and broken up . Im not for going back. You cant put that genie back in the box. I think the american banks are capable of giving advice and taking deposits. When you look at the loan business, its an integral business to the small and large business. Im not for going back there. But i think we have to be careful that our ethics are beyond reproach. Liz look how much has been knocked off the market cap for the investing audience watching right now. How can you foresee Something Like that . When i was at u. B. S. , we got involved with the student loan situation. I feel for what the consumers go through. At the end of the day you have to figure out how to rapidly come to a decision and make people feel like the bang is thinking for their clients, not thinking for themselves. Its tough to square that circle. Anthony you have got a fabulous new company you started a few years ago. 32 advisors. Tell us about the firm and the strategic push you have on with relation to drones and your interest in americas infrastructure. Thank you for asking. Ill go quick. 32 advisers is a small little boutique and i appreciate you talking about it. Its run by austin golds bi. Hes been spot on on the oil markets, china and the fed. I wrote a piece for fox news and fox business and infrastructure it, the fastest multiplier of gdp growth. The track is is to try to get money off the sidelines and get publicprivate partnerships going. The second business line we created, this is something im excited about is our company measure, a separate business line. We are in the midst of our series b. We are the Fastest GrowingDrone Service company in the nation. We say we dont make drones. We make drones work. We are looking at vertical infrastructure. Rail power and agriculture. Using drones for commercial and industrial use. And the most important they can we love that we are doing and anthony has been great for the veteran community. Most our pilots are veterans. We have former coast guard and army and a dozen pilots that are all former military. This is an opportunity for veterans. Elizabeth are you worried government regulation might choke off the oxygen for it . We dont mind government regulation on this. Because we are looking to be the Gold Standard for service providers. We want to be safe, secure, insured, permitted and well capitalized so when the large fortune five Companies Think of us. We are okay with that. Anthony this is your third year in business on your own . I left the end of august, so, yeah. Anthony the difference in being an entrepreneur versus president of a bank. When you are the ubs you have incredible resources right by your side. You can leverage Great Research and its great. Elizabeth now you are answering your own phone. And im also funding it. I cant tell you how expensive some this stuff is. I never thought of myself as an entrepreneur. I have been on wall street for 30 years. I turn around and say let me see if i can do something different. The infrastructure business is exciting. And its fun to try to build something. I dont know how successful well be. But going for it is an incredible excitement. Anthony we wish you great success. Well have more with robert wolf and way its like to work and golf with the president of the united states. Right after this. The pursuit of healthier. It begins from the second were born. Because, healthier doesnt happen all by itself. It needs to be earned every day. Using wellness to keep away illness. And believing a single life can be made better by millions of others. As a Health Services and Innovation Company optum powers modern healthcare by connecting every part of it. So while the world keeps searching for healthier were here to make healthier happen. Sprint . Im hearing good things about the network. All the networks are great now. Were talking within a 1 difference in reliability of each other. And, sprint saves you 50 on most Current National carrier rates. Save money on your phone bill, invest it in your small business. Wouldnt you love more customers . I would definitely love some new customers. Sprint will help you add customers and cut your costs. Switch your business to sprint and save 50 on most current verizon, at t and tmobile rates. Dont let a 1 difference cost you twice as much. Whoooo for people with hearing loss, visit sprintrelay. Com. Fixodent plus adhesives. Theres a denture adhesive that holds strong until evening. Just one application gives you superior hold even at the end of the day fixodent. Strong more like natural teeth. Anthony robert wolf does a lot of work with president r presidenpresident withpresid. Whats it likes to work with the president. No matter whether republican or democrat, pinch yourself. When you are sitting in the oval office talking about the economy. Its not partisan. You are around ceos and economists who care about one thing. How do we get jobs back and wages back. I stay in my sandbox. I dont get involved with the healthcare or foreign policy. I always stayed in my economic advisory. Anthony you were friends with the president when he was senator obama. Has your relationship changed due to the fact hes president. Its obviously changed. But we have also known each other a lot longer. I cant call him barack, though i slip once in a while. I have to make sure i separate when we are playing golf or doing something personal and when you are acting and an adviser. What i have learned. Always give your best idea and never care if they use them or not. Your goal is to make sure if one idea makes sense, be glad you helped him. I never worry about whether they use my things or not. Anthony have you had a tough conversation with him where you say you are going left and you should be going right . When they were the wall street journal articles, im running a firm in 49 states and a lot of them arent loving them. And 33 countries, and a lot of them arent loving him, it was hard. And we talked about it. But i did what i thought was best for ubs and the business. But during the campaign situation anthony do you beat him at golf . Im not that great a golfer. He improved his game big time. Liz when the history books are written and you are talking about businesses and how president obama view offed the business world. Peoplehear the comment he once made, you did not create those jobs. That will not ring well with people who put sweat equity into starbucks or home depot or some up and coming coffee chain that we havent heard yet. I think when you are on the campaign trail there is a lot of populace rhetoric that gets said. When you are being quoted 247 you may look to when you are quoted 24 7 you may look to take things back. But you dont see all the positive stuff hes saying about business like poverty coming down, wages going up. There is a lot of good things happening. I try to ignore the rhetoric. I try to say what are the actions bein thats why i like the infrastructure. Publicprivate partnerships. We need to get people working together so we can build this country back again. When you hear somebody answer the phone, its him. Anthony omega vice chairman, steve goodhorn, you wont want to miss that interview. Well see you then. Have a great weekend. Good night. This show has never been solely about investments. We talked about anything that affected people and their money. The new wall street week. Anthony welcome to wall street week. Im anthony scaramucci. Liz im liz claman. The 016 president ial election has hit the home stretch with the candidate squaring off in