FULL EVENT: President Trump Announces Massive Pharmaceutical Deal with Regeneron - 04/23/26

[0:00] Well, thank you very much, and today I'm thrilled to announce that one of the most [0:05] respected pharmaceutical companies anywhere in the world, frankly, I know it very well, [0:09] is Regeneron, and it's agreed to offer their prescription medications at heavily discounted [0:15] Most Favored Nation prices. [0:17] In other words, their numbers will come down at levels that nobody's ever seen before. [0:22] The whole Most Favored Nation thing that we've been able to do with Bobby and Maz and everybody [0:27] behind me, Marty, has been incredible. [0:31] It's the biggest price reduction in drugs in history. [0:34] By itself, we should win the midterms, but it doesn't work that way, unfortunately. [0:39] You know, it doesn't work that way. [0:42] People forget too quickly, but we'll have the biggest, it's the biggest cut in drug prices [0:46] in the history of our country by many percentage points. [0:50] With this announcement, 17 of the world's largest pharmaceutical companies, representing 80% [0:56] of the branded drug market, have now agreed to sell their drugs to American patients [1:00] at the lowest prices anywhere in the world. [1:02] We're going to have the lowest prices in the world. [1:05] This will result in the largest drop in prescription drug prices in the history of the United States [1:10] of America. [1:12] I mean, that should be front page news, but it won't be. [1:16] It'll be back on page 19, but the people get it. [1:20] That's why we're in the Oval Office, I guess. [1:22] I want to thank Regeneron CEO, a friend of mine for a long time, good guy, great guy. [1:27] CEO, Len Schleifer, and Chief Scientific Officer, George Yankopoulos, who are two fantastic [1:35] people in the medical world, very respected. [1:38] We're also joined by Secretary Robert F. Kennedy, Jr. [1:42] Bobby, thank you. [1:43] Secretary Howard Lepnick, Administrator of the Centers for Medicare and Medicaid Services, [1:50] Dr. Mehmet Oz, who's doing a fantastic job. [1:53] They all are. [1:53] FDA Commissioner Marty McGarry and Chief Counselor of Health and Human Services, Chris Klump. [2:01] Thanks, Chris. [2:02] Great job you're doing, Chris, wherever you may be. [2:04] Thank you, sir. [2:04] No? [2:05] He's there. [2:06] For decades, Americans have been forced to pay the highest prices in the world for prescription [2:11] drugs, by far. [2:13] Prices that were many, many times what the rest of the world was paying. [2:17] Because we had a president that didn't know what they were doing, or they weren't able [2:21] to get other countries to agree to it. [2:23] I was able to do that because I used tariffs. [2:27] I said, if you don't agree to it, we're going to put tariffs on your country. [2:31] And they said, we would be honored to do it, sir, after telling everybody no, including [2:35] me. [2:36] But they agreed to do it. [2:37] The United States is just 4% of the world's population, and consumers only 13% of all [2:45] prescription drugs. [2:46] Yet pharmaceutical companies have been making 75% of their profits from American customers. [2:51] So think of that. [2:52] With 4% of the population and doing only 13% of all prescription drugs, the companies make [3:01] 75% made. [3:02] I don't know. [3:03] Maybe. [3:03] Hopefully they continue. [3:04] Because actually, it's not as bad for them as it sounds. [3:08] In fact, many of their stocks are up. [3:10] Because actually, when the price goes up on the one end, they make up for the price coming [3:15] down in the United States. [3:16] So it really worked out pretty good. [3:18] To address this chronic unfairness, I signed an executive order instructing my administration [3:23] to do everything in our power to slash prescription drug prices for Americans while getting other [3:29] countries to pay more, in many cases, much more. [3:33] But their other prices doubled, and sometimes they tripled. [3:37] And ours would go down by 60%, 70%, 80% even more. [3:42] Today, we're building on our unprecedented success with Regeneron committing to offer all [3:47] new drugs moving forward at most favored nations' prices. [3:51] They'll make their current drugs available to Medicaid and MFN. [3:58] That's most favored nation. [3:59] Additionally, they'll also offer their current drug, Praluent, which is the lower cholesterol [4:07] and fight heart disease to all consumers at dramatically lower costs. [4:12] It'll come down from $537 to $225 and be available at TrumpRx.gov. [4:21] I didn't put the name Bobby did and Oz did. [4:25] It's true, actually. [4:26] Remember, I came in, I said, what's this? [4:29] But they said, it'll be better. [4:31] It'll sell better. [4:32] Would you help us? [4:34] So I now have my name on medication. [4:38] But it's doing great. [4:39] I hear it's setting records, actually. [4:41] I was watching the other day. [4:44] Mark Cuban, of all people, said, it's amazing what Trump has done with this. [4:50] I can't believe when I heard him say that, I was sort of in a state of shock. [4:54] But others have said it, too. [4:55] This whole thing is, it's turned out to be hot. [4:58] So that's TrumpRx.gov. [5:01] The company will also invest $27 billion to build up research and development and pharmaceutical [5:07] manufacturing here in America, which is a big thank you very much. [5:11] Today, I'm also announcing that the FDA has just approved a new drug from Regeneron called [5:17] O-Tarmini, a gene therapy curing a rare disease that causes deafness. [5:24] People are totally deaf, and it's amazing. [5:28] I've seen some work on it. [5:30] It's actually hard to believe we're going to talk about it in a minute. [5:33] Normally, cures for rare diseases can cost millions of dollars, and really, the results [5:40] aren't that good. [5:41] But in this case, I'm pleased to say that Regeneron will be giving this away for free, [5:46] for a period of time, for free. [5:49] And here with us is two-year-old Travis Smith. [5:52] He was born deaf. [5:54] Was he totally deaf? [5:55] Pretty much, right? [5:56] Deaf. 100%. [5:57] This is 100%. [5:59] He was 100% deaf. [6:00] But he took this miracle cure, and now he can hear his mom, Sierra, say, [6:05] I love you, and Sierra, could you maybe say a few words? [6:10] That's really incredible. [6:12] It's absolutely incredible. [6:14] Regeneron works miracles. [6:17] Yeah, he didn't know his name. [6:19] He couldn't hear me tell him how much I love him. [6:22] And now with Regeneron and this amazing surgery, he can listen to music, and he loves it, [6:27] and he loves to dance, and he loves instruments, and I'm so proud of him. [6:32] He's been so brave through all of this. [6:34] And yeah, now he can hear, and he has a bright future ahead of him, [6:37] and I'm so thankful to everybody on the Regeneron team. [6:41] Oh, that's incredible. [6:42] I mean, even the fake news has to be impressed with this. [6:47] They'll find a way to make it a bad story. [6:50] He doesn't hear perfectly, but he actually does. [6:53] It's about 1% off. [6:56] They'll figure a way. [6:57] How are you going to do it? [6:58] You've got to explain. [6:59] No, they're genius. [7:00] They are genius. [7:01] I respect them a lot. [7:03] But I just want to thank you, Sierra. [7:04] That's incredible. [7:05] Thank you for having us. [7:07] He's a beautiful person, too. [7:09] That's a beautiful boy. [7:10] Thank you. [7:11] Thank you. [7:12] His life is a happier life? [7:16] Oh, yeah. [7:17] He is so full of energy and love now, and he was such a serious baby. [7:20] So you see such a difference here. [7:21] Yeah, he was such a serious baby. [7:23] And before that, it's very tough for him. [7:26] Oh, for sure. [7:27] He can't tell me what he wants or what he wants to eat or what he needs, [7:31] and now he'll be able to do that. [7:32] Wow. [7:33] It's life-changing. [7:34] That's a great job they've done. [7:36] I want to thank Regeneron and other companies for doing their part [7:39] to bring down the cost of health care for all Americans under our most favored nation's agreement. [7:45] We've secured gigantic discounts with price differences from four to five and even 600 percent. [7:52] 600 percent. [7:54] One of the most popular weight loss drugs has gone from $1,350 a month to as low as $199 a month. [8:02] So that's a price that's incredible. [8:06] So it used to sell in London for $87, and they raised it to $199, which is a big raise, you know, from $87 to $199. [8:17] But that's been going on. [8:19] Our country has been being ripped off for 30 years. [8:21] How long would you say, Doug? [8:22] Like 30, 40 years. [8:24] For years, with drugs and drug prices. [8:27] So they're going up. [8:29] We're going way down. [8:31] And because the world is a bigger place than we are, believe it or not, it's hard to believe that, but they are, [8:37] that we go down much more than they go up. [8:39] So they don't go up as much as people would have thought. [8:42] So they're going from, they're going to $199, and we're going down all the way down. [8:48] Think of that. [8:49] We're going down from $1,350 a month to $199. [8:56] That's, nobody would believe it. [8:57] And this is true with all, I've been, this is the weight loss drug, but this is true with all drugs. [9:05] Sometimes even more of a difference than that, sometimes a little bit less, but sometimes substantially more than even that difference. [9:11] And you see what that is? [9:12] So we cut the per cycle cost of IVF drugs by thousands of dollars, and we reduced the price of the major COPD medication from $458 to $50. [9:26] What? [9:28] That must be a typo. [9:30] Is that a typo? [9:31] From $458 to $50. [9:37] If your boy was here, he'd go, wow. [9:39] He wants to go into bigger and better things, but there's nothing bigger and better than this. [9:47] They'll all be available right now at TrumpRx.gov. [9:50] So it's, you know, that's why it's doing well. [9:52] It's not doing well for other reasons. [9:55] It's doing well. [9:55] Think of that. [9:56] That's some discount. [9:56] But we have others. [9:57] And these are all top companies and top medications. [10:02] And I think in the end, we're going to have every company involved. [10:04] We're almost there right now, but we're going to have every company involved. [10:08] TrumpRx has already received more than 15 million visitors, and every American should log on to check for massive discounts before they go to the pharmacy. [10:17] It's setting a record. [10:18] Nobody's ever seen anything like this. [10:19] I've actually had many companies, I shouldn't tell you this, Bobby, but there have been many companies. [10:25] They said, we'd like to buy from you if you could. [10:28] What? [10:29] TrumpRx.com. [10:30] I said, it's not for sale. [10:31] It's not me. [10:31] It's the government. [10:32] The government owns it. [10:33] I don't own it. [10:34] But they're all impressive. [10:36] These pharmaceutical companies, they said they've never seen anything like this. [10:39] So it's fantastic. [10:40] Now, I'd like to ask Secretary Kennedy to save you a few words. [10:44] And then we'll have Dr. Raz, the team at Regeneron, and Sierra. [10:50] And Sierra, I'm so happy for you. [10:52] And Chris Klopp has been unbelievable, a real star. [10:55] You don't know his name as much as some of the others, but he's a real star of the group. [11:01] So, Bobby, please, thank you. [11:03] Thank you, Mr. President. [11:05] I was reminded when the President was speaking of a conversation that I had yesterday with one of the Democratic senators, [11:12] who was questioning me during a hearing, and she was ridiculing President Trump for his math. [11:18] And she was saying, it's mathematically impossible to have a drug drop by 600% of the cost, which he had claimed. [11:28] And I said, well, if the drug was $100, and it raised the price to $600, that would be a 600% rise. [11:35] If it drops from 600 to 100, that's a 600% rise, and the President used that mathematical device [11:45] to illustrate the magnitude of the theft that has been happening against our country and our people. [11:53] As he said, we have 4.2% of the world's population. [11:57] We take 13% of the pharmaceutical drug. [12:00] We spend 80% of the biotechnology research in our country, and we provide 75% of the profits [12:08] to the pharmaceutical industry. [12:11] This is a rip-off that has irked him for 20 years. [12:16] During his first term, he held the line on drug prices for the first time in history. [12:22] He came back on this term, and he said, we're going to lower them this time, no matter what. [12:26] There's people in this room, or a part of the White House staff who said, we can't do that. [12:31] Oz and I said, we probably can't do that, but he harassed us. [12:36] We were beleaguered. [12:38] It was like Fort Apache. [12:41] Dr. Oz would not answer his phone because he was calling all night long with the President [12:47] on the line saying, get this time. [12:50] And we brought in this amazing superstar, Chris Klomp, and he negotiated these agreements [12:57] that people said were impossible. [12:59] I want to thank him for his leadership, Chris. [13:02] And I want to thank George and Lynn, who are the co-founders of this country, this company [13:08] of Regeneron, for their generosity, their idealism, their love of this country, and their compassion [13:15] for these children who are injured. [13:17] Thank you. [13:17] Thank you, Mark. [13:18] It's amazing. [13:19] It is amazing. [13:20] You're right. [13:20] It took a lot of heat. [13:21] It's a 500, 600, 700. [13:23] But we also say sometimes 50 percent, 60 percent, different kind of calculation. [13:29] 70, 80, and 90 percent. [13:31] And people understand that better. [13:33] But there are two ways of calculating it. [13:35] But either way, it doesn't make any difference. [13:38] Whether it's 60, 70, or 80 percent, nobody's ever heard of it. [13:41] But it's also 500, 600, 700, depending on the way you want to look at it. [13:46] So the way you word the calculation, it's either one. [13:50] But, Bobby, you're doing a fantastic job. [13:53] We wanted somebody out of the box, and we got him. [13:56] Right? [13:56] I would say we got him. [13:58] And Bobby, he's a great guy, actually. [14:01] So, Oz, how about saying a few words, please? [14:04] So this has been an unprecedented process. [14:06] The President insisted we deal with one critical number you should all remember, [14:10] which is that one in three Americans, when they go to the drugstore, [14:13] after they've seen a doctor, will often leave empty-handed [14:16] because they cannot afford the medications they're picking up. [14:19] So affordability was the main word the President would use in many of those phone calls. [14:23] He wanted it to be done fairly. [14:25] We created a partnership with the pharmaceutical industry that was remarkable [14:29] and that it pushed 17 massive companies into the fold to try to do deals. [14:35] Again, unprecedented, that would allow us to claim [14:39] that they were giving the most favored nation pricing to this country, [14:41] to the American people. [14:43] The President would not take no for an answer. [14:44] We got 16 companies in, but not the 17th. [14:49] How many times do you think we spoke about the 17th company? [14:51] Too much. [14:52] 17. [14:53] He said 17. [14:53] He wanted to be 17. [14:55] Whatever math you want to make, 16 is not 17. [14:57] There's a reason that the 17th company was delayed. [15:00] It's why they're here today. [15:01] It's that beautiful young boy you saw earlier, [15:03] when you can save a child's hearing. [15:04] And Mr. President, we talked about a lot of numbers. [15:07] Secretary Kennedy quoted 100%, 600%. [15:10] It's hard to beat free. [15:12] Free is the best price, and that's the starting price with the President oftentimes, [15:15] and that's what this wonderful company has agreed to. [15:17] I want to applaud TrumpRx.gov, a remarkable site created by Joe Jambia. [15:23] Ed Korsstein has done a wonderful job with zero glitches, [15:26] serving more than 10 million individual unique Americans so far. [15:31] And Mr. President, it's the fastest website I've ever seen. [15:33] People love it because it works well. [15:34] There's all kinds of additional elements being added to it, [15:38] which we'll be talking about. [15:39] But this website, as the President said, must be checked. [15:42] Must be checked if you're going to buy a medication [15:45] to make sure your price is the right price. [15:47] It's a transparency site that is more rigorous than anything that I have seen. [15:51] And Mr. President, your name is attached to it. [15:53] And of course, that brings a tremendous amount of attention to it. [15:56] We wanted it to be perfect. [15:57] And the team that did that has accomplished that exactly. [15:59] I want to applaud Chris, who you cannot thank him enough, [16:02] but it was also John Brooks, Ima Hernandez. [16:04] I see Beth back there, Theo, Ruchel, [16:07] a bunch of people who've done a tremendous amount of work. [16:09] And what I keep hearing from the pharmaceutical industry, [16:11] maybe my colleagues can address it in your comments. [16:13] They never expected to have a counterparty as qualified in the federal government. [16:17] If you're thinking of serving your nation, [16:19] this is the right time to do it. [16:20] This is the right administration to serve him [16:21] because the President makes it easy to do the right thing. [16:25] Gentlemen. [16:25] Thank you, Mr. President, Secretary Kennelly, Secretary Lepnick, [16:32] Commissioner Macri, Administrator Oz, and I guess Superstar Clump. [16:37] Yes. [16:38] Thanks for having us here on behalf of all Regeneron. [16:41] For those of you who don't know me, I'm Dr. Len Schleifer, [16:44] President and CEO of Regeneron. [16:45] And with me is Dr. George Ankopoulos, [16:48] President and Chief Scientific Officer of Regeneron. [16:51] And together, well, I should pause there. [16:53] I just realized something. [16:54] I'm a president, he's a president, he's a president, [16:58] and all three of us grew up in Queens, New York. [17:01] That's right. [17:02] So there's something maybe that was going on back then that was good. [17:07] I'm not sure about now. [17:08] So anyway. [17:12] Together, we founded, George and I founded Regeneron, [17:15] and have built it over the past four decades. [17:18] Today we are here. [17:20] We were not pushed to be here. [17:21] We are happy to be here because it marks an important step to lower drug prices. [17:27] We've been arguing for more than a decade that other wealthy nations have been getting a free ride on American innovation, [17:35] just like in defense. [17:36] But they've been getting, in health defense, a free ride. [17:39] And now President Trump is putting policies in place to force these nations to pay their fair share, [17:46] which will in turn lower prices for Americans. [17:49] It's a good deal. [17:51] But we have to remember this is just the beginning. [17:53] The most important battle we all face is disease itself. [17:57] We have to recognize how hard this fight is. [18:00] For most major diseases that you or your loved one might suffer from, [18:04] like Alzheimer's disease to cancers to genetic diseases, [18:08] we are very far away from a cure. [18:11] And we have to understand that discovering cures is perhaps the hardest scientific challenge humans undertake. [18:19] Much harder than getting to the moon, not that we don't like that, [18:22] but much harder than even getting to Mars or making the next generation of cell phones or electric cars. [18:28] Hard like staring into the unknown for years, sometimes decades, [18:33] with no guarantee that anything you're doing will ever make a difference for somebody like Travis. [18:39] Regeneron is a great example of both the difficulty of the challenge, [18:43] but also of the potential reward. [18:45] We spent 25 years, 25 years and billions of dollars, not millions, [18:52] billions of dollars before we produced our first important medicine, [18:58] or even earned our first profit. [19:00] Maybe we should have been or might have been fired, but we stuck with it. [19:05] Our relentless commitment to disruptive innovation [19:08] ultimately turned us into one of the most productive biotechnology companies in history. [19:13] We have produced, thanks to George and his team, [19:17] new medicines at the rate of about one important medicine a year for the last 15 years, [19:22] including truly miraculous advances, impacting millions of lives. [19:27] And we have two people here who are living proof. [19:31] Mr. President, when you were ill with COVID, [19:34] it was Regeneron's monoclonal cocktail that you affectionately dubbed the Regeneron. [19:40] We love it. [19:41] And that helped save your life. [19:42] That was invented by George right here and his team. [19:46] George? [19:46] Well, the addition of the president we had a few minutes ago, [19:52] Sierra's beautiful boy, Travis, who was born without the ability to hear, [19:57] as you heard from Sierra. [19:59] And the same company and the same dedicated team of scientists [20:03] that helped save the president's life [20:06] also delivered a first-of-its-kind gene therapy, [20:10] known as Otarmini. [20:11] So Travis can now hear his mother, as she told you, [20:15] tell him that she loves him. [20:18] Hard to think of a greater gift. [20:20] And just like you, Mr. President, [20:22] who made our antibody treatment for COVID free for all Americans [20:26] and thus saved many lives, [20:29] we have made the decision, [20:30] the unprecedented corporate commitment, [20:32] to provide this first-of-its-kind gene therapy for hearing loss [20:36] free to all the children in the United States who can benefit from it. [20:40] And we do this, why? [20:43] To hopefully highlight the power of disruptive biotech innovation [20:48] and all the good that it can bring to all of our lives and our health. [20:55] But we have to remember, [20:56] despite the miraculous advances like Otarmini [20:59] and like the Regenerate COVID treatment, [21:02] we also have to highlight how far we have yet to go [21:04] to address the many diseases that lack effective treatments. [21:08] And the cures will not be coming [21:10] unless we not only celebrate the advances of the biopharma industry to date, [21:15] but we all work together, [21:18] private sector, together with the government, [21:21] to not only maintain America's position as world leaders in biotech innovation, [21:26] but to actually bump up innovation and become even more disruptive. [21:31] Especially in a world where China is increasing investment [21:35] and heavily subsidizing its biotech industry [21:38] and reducing regulatory hurdles [21:40] so as to try to displace America's leading position. [21:44] President Trump's efforts to make drugs more affordable, [21:48] as well as new FDA programs, [21:50] such as the Commissioner's Voucher Program, [21:53] that bring safe and effective new medicines like Otarmini [21:56] to patients more quickly. [21:59] These are important steps. [22:00] One additional important way [22:04] that I've been talking to the administration about [22:06] to maintain our leading position in the world [22:08] is to create catalysts and accelerants [22:11] for our industry and for the healthcare system, [22:14] such as developing a national healthcare database [22:17] linked to molecular data, [22:19] including human sequence data, [22:21] where Regeneron once again is a world leader. [22:24] Without such big data sets, [22:26] powerful new technologies such as AI, [22:28] despite its potential, [22:30] will not be as useful as it could be [22:32] in the quest to develop new medicines [22:34] and improve healthcare. [22:36] The biopharma industry of America [22:38] has and will continue to deliver [22:40] a miraculous breakthrough. [22:41] You, Mr. President, and young Travis, [22:44] are living testaments of that. [22:46] But many more lives need to be helped and saved. [22:49] We need to attain a new level of disruptive innovation. [22:53] We have to all work together to meet this challenge. [22:56] Why? [22:57] Because lives are at stake. [22:58] Let me briefly say something. [23:01] I'm married to a lawyer. [23:03] My son is a lawyer. [23:04] But I'm going to talk about the Constitution, [23:06] and I'm not an expert. [23:07] But I know our Constitution lays out a vision [23:10] on how America would out-innovate, [23:12] out-produce, out-thrive every other nation on Earth. [23:16] And in it, you will find a description [23:18] of a system built on incentive and reward. [23:22] A system that says, [23:24] take the risk, do the work, [23:26] and you will share in what you create. [23:27] That is why they enshrine patent protection [23:30] directly in the Constitution, [23:33] not as an afterthought, [23:34] but as a founding principle. [23:36] As Abraham Lincoln said, [23:39] another great president, [23:41] patents add the fuel of interest [23:43] to the fire of genius. [23:45] We must keep that fire burning. [23:48] What we did here today will do that. [23:50] Little Travis can now hear for the first time, [23:53] and his potential is endless. [23:56] Let's make sure he grows up in a country [23:58] that never stops reaching for the next miracle. [24:01] Thank you, Mr. President. [24:02] Thank you, Alex. [24:03] Great to be with you again. [24:05] Chris, could you say a few words, please? [24:07] Thanks, Mr. President. [24:09] It's not lost on me that this year is America 250, [24:12] and it's powerful, I think, [24:14] to pause and remember [24:16] that 250 years ago, [24:18] a revolutionary free republic was born, [24:20] and with it, [24:21] the greatest innovation engine [24:22] in the history of humanity. [24:24] And we stand here today, [24:25] 250 years later, [24:26] getting to witness [24:27] yet another groundbreaking innovation [24:30] that doesn't just treat, [24:31] but cures deafness in children. [24:34] And because of this president [24:35] and his policies [24:36] around most favored nation, [24:38] will enable families [24:39] who are struggling and suffering [24:40] with this affliction [24:41] to have access [24:42] to that groundbreaking therapy for free. [24:45] Now, as the president mentioned, [24:47] we've negotiated [24:48] the 17th of 17 agreements. [24:50] This represents 86% [24:52] of the branded pharmaceutical drug market [24:55] in the United States. [24:56] But anyone who knows us [24:58] knows that we're not done. [24:59] That's a milestone. [25:00] It's not the finish line. [25:02] And so we have three core objectives [25:04] that are next up. [25:05] Number one, [25:06] and this is already underway, [25:07] we are negotiating [25:08] with the many hundreds [25:09] of biotechnology [25:10] and pharmaceutical companies [25:11] representing that other 14% [25:13] that are building the cures [25:15] for tomorrow. [25:17] To all those who are listening, [25:19] I hope that we have proven [25:20] that we are credible [25:21] and reliable [25:22] and trustworthy partners. [25:23] We want to sit with you. [25:25] We will listen to you. [25:26] We will take the time [25:26] to understand your businesses, [25:28] not only as we negotiate [25:29] on behalf of every American family [25:30] for affordability, [25:32] but also to ensure [25:33] that you're best positioned [25:35] to create the cures for tomorrow. [25:37] Second, [25:37] we continue our work [25:38] on negotiating [25:39] international trade agreements. [25:41] 59 days after we stood [25:43] in this office [25:43] and President Trump [25:44] standing with Albert Borla [25:46] from Pfizer [25:46] announced the first [25:48] of the 17 MFN deals, [25:50] together with our colleagues [25:51] from the Department of Commerce [25:52] under Secretary Lutnik's leadership [25:53] and from the U.S. Trade [25:54] President's office [25:55] under the leadership [25:56] of Ambassador Greer, [25:58] we negotiated [25:59] a landmark agreement [26:00] with the government [26:00] of the United Kingdom [26:01] in which they agreed [26:02] to increase significantly [26:04] the amount they spend [26:05] on bread at pharmaceuticals [26:06] for the first time [26:07] in 26 years. [26:08] That work continues [26:09] with other countries. [26:11] And third, [26:12] we will continue our work [26:14] with our partners in Congress [26:16] to codify the principles [26:17] that underpin [26:18] these most favored nation deals [26:20] so that these savings [26:21] for American families [26:22] and this innovation [26:23] that is unleashed [26:24] at the same time [26:26] persists for decades to come [26:27] so that the one [26:28] in three or four families [26:30] that Dr. Oz mentioned [26:31] standing at a pharmacy counter [26:33] right now, [26:34] wrestling with the decision [26:35] that no family should have to make [26:37] of whether or not [26:37] they can pick up [26:38] their prescription [26:39] because they can't afford it [26:40] will no longer be the case. [26:41] And at the same time, [26:43] we know that there are roughly [26:43] 20,000 known diseases [26:45] in the world [26:46] and we have a treatment [26:46] or a cure [26:47] for fewer than a quarter of those. [26:49] And so this president [26:50] and his policies [26:51] is not only safeguarding [26:53] affordability [26:53] for American families [26:54] but is ensuring [26:55] that we continue [26:56] to bet [26:57] on American exceptionalism. [26:59] We bet on innovation. [27:00] We bet on the principles [27:01] that have taken us [27:02] to this place [27:02] in 250 years [27:04] for the next 250 years. [27:06] Thank you, Mr. President. [27:07] Thank you, Chris. [27:08] Great job you do. [27:09] Maybe you want to talk [27:10] about rescheduling [27:11] while we're here [27:12] and just say what you're doing [27:13] and the progress [27:15] that you've made. [27:16] Well, Mr. President, [27:17] today is another [27:18] promise made, [27:19] promise kept day. [27:20] On December 18th, [27:21] you signed an executive order [27:22] on increasing [27:23] medical marijuana [27:25] and cannabidiol research. [27:27] And today, [27:28] we delivered on that promise. [27:29] The acting attorney general [27:30] this morning [27:30] signed an order [27:31] that moves into [27:33] Schedule 3 [27:33] medical marijuana products [27:35] that are FDA approved [27:36] or that are state licensed. [27:38] This is a giant move forward [27:40] to implement your promise [27:41] and it's actually [27:42] a campaign promise [27:42] that you made. [27:43] You said we're going [27:44] to move into Schedule 3 [27:45] to increase the research [27:46] on these medical products. [27:48] And just wanted everyone [27:50] to know that [27:50] one, you make promises, [27:52] you keep them. [27:53] And two, [27:53] what does Schedule 3 mean [27:54] for state licensed [27:56] medical marijuana products? [27:58] We will begin [27:58] implementation right away [28:00] of this order. [28:00] It does not legalize marijuana. [28:03] It makes it easy [28:05] for the researchers [28:06] to actually study [28:07] and understand [28:08] medical marijuana, [28:09] especially in populations [28:10] that are using it. [28:11] We know that 1 in 10 seniors [28:12] right now [28:13] used medical marijuana [28:15] in the past year [28:16] and they report [28:18] that it really helps them, [28:19] but we don't have [28:19] the science [28:20] or the understanding [28:21] to guide the patients [28:22] and the doctors. [28:22] And so both patients [28:24] and doctors [28:24] are flying blind [28:25] without knowing [28:26] how they interact [28:27] with other medications [28:27] because the research [28:28] has been difficult to do. [28:29] And so your promise today [28:31] says those state licensed [28:32] medical marijuana products [28:33] are now in Schedule 3 [28:34] and we expect the research [28:35] to significantly increase [28:37] so that we can understand [28:38] how to guide patients [28:39] and doctors [28:40] in this effort. [28:41] And there will be [28:42] additional actions [28:43] that will come this summer [28:43] to do an expedited hearing [28:45] for the administrative, [28:47] an administrative hearing [28:48] at the Department of Justice [28:49] for all of marijuana [28:51] to move into Schedule 3. [28:53] And the military [28:54] is very happy about it [28:55] and a lot of people [28:56] suffering from big problems, [28:58] which seems to be [29:00] the best answer. [29:01] They're very happy about it. [29:02] So the rescheduling [29:03] is starting [29:03] and that's a big thing, [29:05] rescheduling. [29:06] They kept saying, [29:07] what about the rescheduling? [29:08] And so, great job. [29:09] I appreciate it. [29:10] I want to thank [29:11] Mr. and Mrs. Howard Kessler. [29:14] He's one of the most [29:15] successful men [29:16] in the world, actually. [29:18] And he had [29:20] some medical difficulties [29:21] and he came upon this [29:23] by accident in a way [29:24] and he said, [29:25] well, he had to go through [29:27] a lot of different, [29:28] a lot of different medications [29:30] and he said, [29:32] this was the one [29:32] that was much better [29:33] than anything else. [29:35] And so he experienced [29:36] that he didn't benefit [29:37] by it other than [29:38] from the standpoint [29:39] that he lives [29:41] a much better life now. [29:42] So hopefully you don't need it. [29:45] But if you do need it, [29:46] I hear it's, [29:47] I hear it's the best [29:48] of all the alternatives. [29:49] But I want to thank [29:50] Howard Kessler [29:51] and Michelle Kessler. [29:53] They really pushed this very hard. [29:55] These are two people, [29:56] very straight arrows. [29:58] They're not into marijuana. [29:59] They're not into anything. [30:00] But he found this answer [30:02] and he said, [30:03] he's doing it for other people. [30:06] And so Howard and Michelle, [30:08] probably they're watching [30:09] or they'll be hearing about it. [30:10] But they worked very hard [30:11] to get this done. [30:14] And it's an honor [30:15] and you've done fantastically. [30:16] You all have. [30:17] And I appreciate it. [30:18] And a man who's doing [30:19] an excellent job [30:20] is Howard Lettnick. [30:21] He's in a little different sphere. [30:22] He's not in the medical sphere, [30:23] but he knows what it all means. [30:25] And from commerce, [30:28] he's the secretary of commerce. [30:29] Howard, would you say [30:30] a few words, please? [30:31] Sure. [30:32] So in partnership [30:33] with Bobby Kennedy [30:36] and Memanaz [30:37] and the whole team, [30:38] when they do most favor nation, [30:40] we also ask the company [30:41] to reassure [30:43] and build their drugs [30:44] here in America. [30:45] Because too many of our drugs [30:47] are key drugs [30:48] for our health [30:49] are being made overseas. [30:51] And in a conflict, [30:52] we can't rely upon them. [30:54] And I'm honored to say [30:55] that our partners [30:56] from Regeneron [30:57] have agreed [30:58] to reassure [30:59] their production [31:01] of pharmaceutical drugs. [31:02] And this is exactly [31:03] from your pharmaceutical tariffs. [31:05] That's the point. [31:06] And so that means [31:07] $448 billion [31:11] of drug manufacturing [31:13] is coming to America [31:15] because of your tariffs, [31:17] because of your [31:18] pharmaceutical strategy. [31:20] And we are proud [31:21] to invite Regeneron [31:23] to do this giant build [31:24] in America [31:24] and all the rest [31:25] of the pharmaceutical companies [31:27] they have committed [31:27] to build in America [31:29] because of your tariff policy [31:30] and your strategy. [31:33] And because of the tariffs, [31:34] we have, [31:35] it's been amazing, actually. [31:36] We have Eli Lilly [31:37] and Pfizer [31:37] and all of the companies. [31:39] We had, I guess, [31:39] seven of them here [31:40] at one time, [31:41] which was interesting to see. [31:42] But they actually got along [31:43] with each other very well. [31:45] They stood right behind me, [31:46] the biggest companies [31:47] in the world. [31:48] And they're all building, [31:50] Eli Lilly is building, [31:51] I think, [31:52] five major plants [31:53] which, without tariffs, [31:55] they would have built none. [31:56] I said, [31:56] how many would you build [31:57] without them? [31:57] None. [31:59] They were all making [32:00] these products [32:00] in other countries. [32:02] A lot of other countries, [32:03] actually. [32:03] Not just China, [32:04] but a lot of other countries. [32:05] And I think, [32:06] by the time I leave office, [32:07] they'll be mostly operating. [32:11] They have an incentive [32:12] to do them quickly. [32:13] Big incentive, [32:14] like the tariffs go up [32:16] if they don't. [32:17] And remember, [32:17] if they do them here, [32:18] they don't have any tariffs to pay. [32:20] It's an incredible incentive. [32:21] And if they don't do them here, [32:22] they have a very substantial tariff. [32:24] So they get penalized. [32:26] And it's bringing countries, [32:27] not only drug companies, [32:28] but car companies. [32:30] AI is a different thing altogether, [32:32] but even there. [32:33] But the AI is, [32:34] we're leading China in AI, [32:36] we're leading everybody in AI. [32:38] We're leading now in car companies. [32:40] They're coming from Canada, [32:41] they're coming from Mexico, [32:42] Germany, Japan. [32:44] They're pouring into our country [32:45] because they're very smart. [32:47] Should have been done long ago [32:48] by other presidents. [32:50] We were the car capital of the world [32:52] 50 or 60 years ago, [32:54] and then they just started [32:54] taking them away. [32:56] We were the chip capital of the world, [32:58] and now, you know, Intel. [33:00] And now they're coming back. [33:02] All the chip companies [33:03] are coming back. [33:05] You may say a word about that, [33:06] Howard, real fast, [33:07] because we are, [33:07] what we're doing with chips [33:08] are incredible. [33:10] What we're doing is saying [33:11] at the end of a year and a half, [33:13] two years, [33:14] if you don't have your chip company, [33:15] you're going to pay a tremendous tariff [33:16] to put chips into this country. [33:18] And they are building, [33:19] I think we'll have close to 50% [33:21] of the chip market very soon. [33:22] Right now, we had nothing. [33:24] We had virtually nothing. [33:25] And they're coming in from Taiwan. [33:27] They're coming in mostly from Taiwan [33:29] because that's where chips are made, [33:31] but mostly from South Korea, Taiwan, [33:33] various other countries, [33:34] but they're coming back to America. [33:35] We're bringing them all back. [33:37] It's a revolution. [33:38] Nobody's ever seen what we've done. [33:40] There's never been anything [33:41] like what we've done. [33:41] We have $18 trillion being invested. [33:43] That's for 11 months. [33:45] And the last administration [33:47] had less than $1 trillion in four years. [33:49] We have, in 11 months, [33:51] over $18 trillion. [33:53] Howard, do you want to talk just for a second [33:55] about the chip market [33:56] because it's explosive? [33:58] Sure. [33:58] So you've got semiconductors. [34:00] You've got leading-edge logic. [34:02] You've got high-bandwidth memory. [34:04] And you have foundational chips. [34:06] And America had a couple of points, [34:09] three or four percent market share. [34:10] And we are, of course, [34:12] the biggest demand. [34:13] And the president gave the order, [34:14] let's get these factories, [34:17] these fabs built in America. [34:19] And our expectation is [34:20] we will have $1 trillion [34:22] of these fabs. [34:25] These are factories. [34:26] This is not the hyperscalers buying chips. [34:29] This is literally [34:30] the making of the chips. [34:33] Right? [34:33] We had Micron, $200 billion. [34:35] TSMC, $165 billion. [34:37] The list goes on and on. [34:39] He negotiated a great deal with Taiwan. [34:42] $500 billion coming to America. [34:45] We'll have $1 trillion of semiconductors. [34:47] That's part of his $18 trillion. [34:49] But it's foundational for us [34:51] to take care of ourselves. [34:53] Well, thank you very much. [34:54] Now, we'll go off subject for a minute, [34:57] but it's, I think it's very interesting. [34:59] And I hope you go home and take a look [35:00] because it's happening right now as we speak. [35:04] But first, if you look outside, [35:06] so we had flooring outside. [35:09] We had a slate [35:10] and it was coming to pieces. [35:13] It's been there since the early 1940s. [35:15] And it's a path to the Oval Office. [35:18] It's a path to the West Wing. [35:19] And it was terrible. [35:20] It was broken, bad shape. [35:22] The whole White House has been in bad shape. [35:24] It's been, it's right now in better shape [35:26] than it is probably. [35:27] I think the day they built it, [35:29] this is better right now. [35:30] But we're putting magnificent new granite. [35:34] It's called charcoal. [35:36] It's black granite against the white, [35:38] beautiful white walls. [35:40] We've stripped all of the paints off. [35:42] We had 200 years of paint [35:44] and we've redone it and it's beautiful. [35:47] And you can see the building, [35:48] but you can also see the columns, [35:50] everything else. [35:51] But we're replacing it. [35:52] And they're working right outside [35:53] if the press wants to go [35:54] and take a look at what they do really. [35:57] Pro, as you see, [35:58] there were large slabs of black granite. [36:01] Granite is rated as, [36:03] this particular granite, [36:04] over a million year life. [36:07] As an example, [36:08] concrete gets rated for about 200 years [36:10] if you get very high grade. [36:11] This is over, [36:12] it's rated over, [36:13] can you imagine, [36:13] nature produces something better [36:15] than you can make. [36:16] So it's very interesting. [36:17] It's a beautiful job they're doing. [36:19] And it's highly polished granite [36:21] in the areas you don't walk on. [36:23] And it's called flame-finished, [36:26] the areas that you do walk on, [36:28] there's no slip. [36:29] So it's a beautiful job [36:31] and it's going up nice. [36:32] And if you want to take a look [36:33] outside the window, [36:34] so that's replacing a stone [36:35] that was here from the early 1940s, [36:38] a little before that. [36:40] And you'll see the ramp, too. [36:42] We're keeping the ramp. [36:43] That was for FDR. [36:46] Needed a ramp, [36:46] as some people would know. [36:48] And in his honor, [36:50] we're leaving it. [36:50] I wanted to leave it. [36:51] It means something. [36:53] The other thing that we're doing [36:54] that's taking place right now [36:56] is the Lincoln Memorial [36:58] has a beautiful reflecting pond or lake. [37:02] They called it a pool, lake, and pond. [37:05] Everything is different, [37:06] but the word reflecting is a good term. [37:09] It was built in 1922 [37:11] and it was built out of granite [37:14] and various stones on the bottom. [37:17] And they never looked great [37:18] because it's not really meant to be a stone [37:20] that's underwater [37:21] for that much of a period of time. [37:23] It's about a foot and a half [37:24] to two feet deep. [37:26] You all know it well. [37:27] That's where Martin Luther King [37:28] gave his great speech. [37:31] And he had a million people. [37:32] And I had the same exact crowd, [37:34] maybe a little bit more, [37:35] but they said I had 25,000 people [37:37] on July 4th. [37:38] I had pictures of Martin Luther King's crowd [37:40] and my crowd. [37:41] It's the exact same, everything, [37:43] but it was 70 years difference. [37:45] The exact same crowd, [37:46] but I actually had more people, [37:48] but that's okay. [37:49] They gave him a million people. [37:53] They said a million people. [37:54] I had 25,000 people. [37:55] But these are the things [37:57] that we had on July 4th, [38:00] a few years ago, first term. [38:03] So you have this reflecting lake pond. [38:07] It's incredible. [38:09] But it was terrible. [38:11] The condition, you all know it. [38:13] A friend of mine came from Germany [38:15] to see me and he said, [38:16] oh, we went over it. [38:17] So sad. [38:17] What's sad? [38:19] This is a number of months ago. [38:20] And I said, it's filthy dirty. [38:22] It's the water's disgusting looking. [38:24] It's not representative of the country. [38:27] And I said, well, [38:27] I'm going to have to go take a look [38:29] because, you know, [38:29] Secret Service doesn't let you [38:30] just walk around too freely, actually. [38:33] And I went over there [38:34] with Secret Service in tow. [38:37] And I said, isn't that a shame? [38:38] It's terrible. [38:40] And so they had bids [38:43] from the Biden administration, [38:46] sleepy Joe, [38:47] and they had bids for years [38:49] that were going to do something to fix it, [38:50] but they never got it done. [38:52] And it's so important for our country. [38:56] Everybody knows this. [38:57] It covers the Washington Monument, [38:59] Lincoln Memorial. [39:00] It's in between. [39:01] It's 2,200 feet. [39:04] That's taller than any building in the world [39:06] if you lay it down on its side. [39:08] Think of it. [39:09] 2,000. [39:09] That's a long, [39:11] over 2,000 feet long. [39:14] So it would be many swimming pools, [39:16] many, many, many, [39:17] stacked up together. [39:18] But it would be the equivalent [39:19] of the tallest building in the world [39:20] plus laid down on its side. [39:23] So it's very big. [39:24] It's very wide, actually. [39:25] It looks narrow [39:26] because it's so long. [39:28] And so the pricing was coming in [39:31] over the years, [39:31] but it came in sort of recently [39:33] that it was going to cost [39:35] $301 million to fix it. [39:39] It was going to take [39:40] three and a half years. [39:41] So they had to take [39:42] all the granite out, [39:44] which is there again, 1922. [39:47] And it was leaking like a sieve. [39:48] You couldn't keep water. [39:50] Couldn't keep anything. [39:51] Granite's not the right stone for that. [39:53] Right stone for that, [39:54] but not for that. [39:55] And I said, [39:57] you know, I have an idea. [39:59] It's $301 million. [40:00] It was going to take [40:01] three and a half years. [40:01] So remember those numbers. [40:02] $301 million. [40:04] This is a business study. [40:06] And it was going to take [40:07] three to three and a half years. [40:09] And over the years, [40:11] as a developer, [40:12] I've probably built [40:13] more than 100 swimming pools [40:14] in different buildings I built. [40:16] And I have some really good [40:17] pool builders. [40:18] I also had some really bad ones. [40:19] We took care of them. [40:21] They didn't last too long, Howard. [40:23] But I've had some really good ones. [40:25] Some very talented, [40:27] very talented people. [40:28] They're great people. [40:29] I have such great respect [40:30] for contractors that are good [40:32] and such disdain [40:33] for contractors that are bad. [40:35] They charge you more money [40:36] and they give you a bad job. [40:38] But we don't accept it. [40:41] But over the years, [40:42] I've had three or four [40:43] really good ones. [40:44] And I took the best [40:45] of the three. [40:46] We had all three go, [40:47] but I ended up taking the best. [40:49] And I said, [40:51] would you take a look at this? [40:52] It's 2,200 feet long. [40:54] He said, [40:55] what do you want me to look at? [40:57] I said, [40:57] have a little swimming pool. [40:58] Think of it as a swimming pool. [41:00] I said, [41:00] oh, how big is it? [41:01] I said, [41:01] 2,200 feet by 167 feet wide. [41:05] He said, [41:06] that's the biggest swimming pool. [41:07] He said, [41:08] I've been doing this [41:08] for a lot of years, [41:09] so I've never heard [41:10] of a pool like that. [41:10] I said, [41:11] well, you'll see. [41:11] It's a reflecting pool. [41:13] And very famous, [41:14] very famous, [41:15] very big signal [41:16] and very important [41:17] for Washington, D.C., [41:19] where we, by the way, [41:20] have almost no crime, [41:21] I have to say. [41:22] That's maybe more important [41:23] than talking about this. [41:24] We have a crime down [41:25] from a tremendously high, [41:27] one of the worst in the country. [41:29] We have almost no crime. [41:30] People are walking around. [41:31] Restaurants are opening [41:32] all over the place. [41:33] The place is bustling. [41:34] But that makes this [41:35] even more important. [41:37] So instead of being [41:38] a dirty, disgusting place [41:39] where garbage was in it [41:41] and everything else, [41:42] and I want to give [41:42] Doug Burgum incredible credit [41:44] because he was involved, [41:46] the secretary of duty, [41:47] he was involved right from the, [41:49] I called him, [41:49] I said, [41:49] Doug, [41:50] I'm getting a lot of complaints [41:51] about the condition of this. [41:53] What do you think? [41:54] And he went over, [41:55] he studied it, [41:55] and he came back [41:56] with some ideas. [41:57] But I said, [41:58] you know, Doug, [41:59] I have a guy [42:00] who's unbelievable [42:01] at doing swimming pools [42:02] up the road. [42:03] We have a club. [42:04] We have an Olympic-sized [42:05] swimming pool. [42:05] He did it 20 years ago, [42:07] and it's perfect to this day. [42:09] So I asked him, [42:10] I said, [42:10] I have an idea. [42:12] I'm going to send [42:13] my contractor over [42:15] and take a look. [42:16] He looked at it, [42:16] he called me up, [42:17] he said, [42:17] sir, [42:17] we could do something on it. [42:19] He said, [42:20] it's perfect, actually. [42:21] He said, [42:22] it's really decaying [42:23] and it's a terrible condition, [42:26] but if you would, [42:28] I'd like to work [42:28] two weeks on cleaning it up, [42:30] which is, [42:30] if you see right here, [42:32] we'd like to repoint [42:33] and fix some of the joints. [42:35] It won't matter [42:36] because we're putting [42:36] a substance over the top, [42:38] but it's nice [42:38] to have a nice surface. [42:40] And he said, [42:40] it'd take me two weeks. [42:42] And if you don't mind, [42:43] then I'd like to pour [42:45] the latest and greatest [42:46] filament or material, [42:49] which is essentially [42:50] a pool surface, [42:52] but it's an industrial grade pool. [42:55] And he said, [42:56] what color would you like, sir? [42:57] I said, [42:58] well, [42:59] what about turquoise, [43:00] like in the Bahamas? [43:02] He said, [43:02] well, [43:03] this is Washington, sir, [43:04] we can give you turquoise, [43:05] but why don't you try, [43:06] like, [43:07] we have a color, [43:08] it's called [43:08] American Flag Blue. [43:09] I said, [43:10] that's the color I like. [43:11] He talked me into it [43:12] very easily. [43:13] So he said, [43:14] that's the color I like. [43:15] So he came in [43:17] and remember, [43:20] three and a half years, [43:22] you have to take [43:22] all the granite out, [43:24] then you have to put [43:25] all brand new granite in, [43:27] take years to do it, [43:29] over 300 million. [43:30] And our job will take [43:33] one week, [43:35] it will cost [43:36] about a million [43:37] and a half dollars. [43:40] And people said, [43:41] wow. [43:43] And here's the only difference, [43:44] because somebody said, [43:45] well, [43:45] the difference is, [43:47] you know, [43:47] the difference is, [43:48] this is much better. [43:49] This will last [43:49] 30, [43:51] 40, [43:51] 50 years. [43:52] And if it didn't, [43:52] you'd do it again [43:53] quickly, [43:54] if you want. [43:56] So it's being done now, [43:57] and I think the, [43:58] I think you'd find it [44:00] really amazing, [44:01] to go take a look. [44:02] So here it is, [44:03] you see the trucks. [44:04] He's got scrapers, [44:07] and you know, [44:08] all sorts of equipment [44:09] to make the stone [44:10] as good as possible [44:11] without removing it. [44:12] So we're using [44:13] the existing surface, [44:14] so we don't have to [44:15] spend millions of dollars [44:16] in demolition. [44:18] And he said, [44:19] much better to leave the stone [44:20] than it is what's underneath. [44:22] They're afraid to look. [44:23] And so you see, [44:24] it's beautiful, [44:25] clean, [44:25] it's ready to be taken care of. [44:28] Here's a sign that we put, [44:30] and it's Doug Burgum [44:31] and myself [44:32] are involved in that. [44:34] But when you take a look [44:36] at the surface, [44:39] we have it in good shape. [44:41] And they just started today [44:42] putting down the material. [44:44] It's a machine. [44:45] It lays it very evenly, [44:46] beautiful. [44:46] It goes from one side [44:47] to the other. [44:48] It'll take about three days. [44:50] And you're going to end up [44:51] with a beautiful, [44:52] beautiful reflecting pool, [44:54] the way it's supposed to be, [44:56] much better than it ever was, [44:57] actually. [44:58] It'll stay clean. [45:00] We even have robots [45:01] that go in it, [45:02] and they ride around the bottom, [45:04] and they clean it [45:05] like your swimming pool. [45:06] But these are [45:06] a much higher level. [45:08] This is industrial grade, [45:09] and it's really beautiful. [45:11] So you're going to have [45:11] a beautiful pool, [45:13] and you'll have it [45:14] for July 4th, [45:16] long before July 4th. [45:18] Instead of taking three, [45:19] three and a half years, [45:20] we're taking a week. [45:22] And instead of spending [45:23] $301 million, [45:26] we're spending less [45:26] than $2 million. [45:27] And I think it's [45:28] a great business story [45:29] because there are [45:30] many things like that [45:31] that I see. [45:33] I mean, [45:33] not maybe to that extent, [45:35] but there are many things [45:37] like that that I see. [45:38] I often talk about the pen. [45:40] This pen's better than the one [45:41] that they used to give away [45:42] for 2000. [45:42] I won't go on a long story [45:44] about that because [45:45] a couple of people said [45:46] he kept talking about the pen. [45:47] Now I gave you [45:48] the whole history of it. [45:49] Actually, [45:50] many people found it interesting, [45:51] and some people thought [45:52] I was doing too much [45:53] of a weave, [45:54] but actually, [45:55] with this pen, [45:57] for $3, $5, $2, [46:00] whatever the hell it costs, [46:01] is better than the one [46:02] for $1,000 to $2,000 [46:05] that they used to hand away. [46:06] So that's the short version of it. [46:08] I like the short version better. [46:10] But the long version [46:11] is this one. [46:12] So this is an amazing thing [46:15] that's happening, [46:16] and this is a big, [46:17] big beautification. [46:19] In addition to that, [46:20] the sidewalk areas around it [46:21] which were done in granite, [46:23] similar granite to that, [46:25] actually not as nice [46:26] as we have here, [46:27] to be honest with you, [46:28] but the people that did it [46:30] weren't in the world [46:31] of real estate like I am. [46:34] But they have good granite [46:35] circling it, [46:36] and we're going to repoint it, [46:38] meaning we're going to caulk it up [46:39] and repoint it, [46:40] make it good, [46:41] and we're going to also [46:42] sandblast it. [46:43] It'll be like Brandon. [46:44] So we're going to have, [46:45] in another couple of weeks, [46:46] we're going to have [46:47] the most beautiful reflecting pool [46:48] between the Washington Monument [46:51] and the Lincoln Memorial [46:52] that you've ever seen. [46:54] And I hope the media [46:55] can go over [46:55] and maybe watch them do it [46:57] because I think [46:57] it's very exciting. [46:59] And so a fraction of the cost [47:00] and a fraction of the time, [47:02] and you get a better product [47:03] than you could ever get [47:04] the other way, [47:04] and it'll be beautiful. [47:05] And as he said, [47:06] it will be American flag blue. [47:08] Any questions, please? [47:10] Yes, sir. [47:11] Could you talk a little bit [47:12] about why your Navy Secretary [47:14] was fired yesterday, sir? [47:16] He's a wonderful guy. [47:17] He just put out [47:17] a statement about him. [47:19] He's a very good man. [47:20] I really liked him, [47:21] but he had some conflict [47:23] with, not necessarily Pete, [47:25] with some other, [47:26] he's a hard charger, [47:27] and he had some conflicts [47:28] with some other people, [47:30] mostly as to building [47:32] and buying new ships. [47:34] I'm very aggressive [47:35] in the new ship building, [47:37] and somehow he just [47:39] didn't get along with them. [47:40] He's an excellent guy. [47:42] I think he would have [47:42] gotten along great with me. [47:44] I didn't really deal [47:44] with him too much, [47:45] but he's a, you know, [47:48] I consider him [47:49] to have done a very good job. [47:50] I put out a nice statement [47:51] about him. [47:52] You've got to get along, [47:54] especially in the military. [47:55] You've got to get along, [47:56] you know, and some people [47:57] liked him, some people didn't, [48:00] and that's usually the truth [48:02] about everything, [48:03] but I found him [48:03] to be a very good man, [48:04] and I liked him a lot. [48:08] How long are you willing [48:11] to wait until you get [48:12] a unified response? [48:12] Well, don't rush me. [48:13] Don't rush me, Jeff. [48:14] But, you know, guys like you, [48:17] you want to say, [48:17] oh, so we were in Vietnam [48:19] like for 18 years. [48:20] We were in Iraq [48:21] for many, many years. [48:22] We were in for all the, [48:24] I don't like to say [48:25] World War II [48:26] because that was a biggie, [48:27] but we were four and a half, [48:29] almost five years [48:29] in World War II. [48:31] We were in the Korean War [48:32] for seven years. [48:34] I've been doing this [48:35] for six weeks, [48:37] and their military [48:39] is totally defeated. [48:40] They're outside [48:42] of the little [48:43] White Sky ships. [48:45] I call them [48:45] the White Sky ships, [48:46] the little boats [48:47] that they have [48:48] running around [48:48] with guns in them. [48:51] We'll take them out, [48:52] too, when we see them. [48:54] But their Navy is gone. [48:55] Their Air Force is gone. [48:57] Their anti-aircraft is gone. [48:59] All of their anti-aircraft [49:01] machinery is gone. [49:02] Maybe they loaded up [49:03] a little bit [49:03] during the two-week hiatus, [49:05] but we'll knock that out [49:06] in about one day [49:07] if they did. [49:09] We've done an amazing job. [49:10] Their leaders are gone. [49:11] Their leaders are all gone. [49:13] Part of the problem [49:14] is that, [49:15] why I can't really [49:16] answer your question, [49:18] they have all new leadership [49:19] and they're fighting [49:20] like cats and dogs [49:21] for who's going to control. [49:24] Because we've created [49:25] a real mess for them, [49:27] but they've created [49:27] a mess for the world [49:28] over the last 47 years. [49:31] They've killed [49:31] a lot of our people. [49:33] When you see a soldier, [49:34] a young person, [49:35] or now an older person, [49:37] but a person without legs [49:38] or without arms [49:39] or with a face [49:40] that got blown to pieces, [49:42] most likely [49:43] it was from Iran. [49:44] It was Soleimani [49:45] who I killed. [49:47] Soleimani loved [49:48] the roadside bomb. [49:49] He was an evil genius. [49:50] He was a brilliant general. [49:51] Probably we wouldn't be [49:52] as far advanced [49:53] had I not taken him out. [49:54] That was the beginning [49:55] of it all. [49:57] And then I ended [49:58] the Obama horror show. [50:01] The nuclear transaction [50:04] that he made was horror. [50:05] It gave him a road [50:06] to the, [50:07] you call it, [50:08] I mean, [50:09] the deal that he did, [50:10] the Iran nuclear deal, [50:11] was so bad. [50:12] It gave him a road [50:13] to a nuclear weapon. [50:14] And I will tell you, [50:15] I deal with him, [50:16] you cannot give Iran [50:17] a nuclear weapon. [50:18] This is all about [50:18] a nuclear weapon. [50:19] They cannot have [50:20] the nuclear bomb [50:20] and they're not going [50:21] to have the nuclear bomb. [50:23] So we've taken out [50:24] their military. [50:25] We've hit about 75% [50:27] of our targets. [50:28] We stopped a little early [50:29] because they wanted [50:30] to have some peace. [50:32] and we have a blockade [50:36] that's 100% effective [50:38] and they're getting [50:41] no business. [50:42] And as you know, [50:43] they're not doing well [50:44] economically, financially. [50:46] They're not doing [50:46] any business [50:47] because of the blockade. [50:49] They want to make a deal. [50:50] We have been speaking [50:52] to them, [50:52] but they don't even know [50:54] who's leading the country. [50:55] They're in turmoil. [50:57] They're in turmoil. [50:57] So we thought [50:58] we'd give them [50:58] a little chance [50:59] to get some of [51:00] their turmoil resolved. [51:02] But, you know, [51:03] I hope the fake news, [51:05] people like you, [51:06] I hope the fake news [51:06] are going to be able [51:07] to write about it accurately [51:08] because when you say, [51:09] oh, they're fighting [51:10] very well, [51:10] they're not fighting well. [51:11] They've been obliterated, [51:13] Jeff, obliterated. [51:17] 159 ships are in the Navy. [51:18] You know how many ships [51:19] are at the bottom [51:21] of the sea, Jeff? [51:23] 159. [51:25] So, you know, [51:26] and if you read [51:27] the New York Times, [51:28] the failing New York Times, [51:30] subscriptions are way down, [51:31] as you know. [51:32] That's because people [51:33] don't believe [51:34] this stuff anymore. [51:35] If you watch CNN, [51:36] you'd think that [51:37] they're doing well [51:38] in the war. [51:38] They're not doing well. [51:39] They're getting [51:39] absolutely decimated. [51:42] Now, with all of that [51:43] being said, [51:44] we'll see what happens. [51:45] You have a lot of [51:46] we have no pressure. [51:47] It's only guys like you [51:48] with a question like that. [51:49] About what's your time? [51:51] We've been doing it [51:52] for five and a half weeks. [51:53] But, sir, [51:53] eight weeks [51:56] that the U.S. [51:57] now has been involved [51:58] with Iran. [51:58] You had initially said [51:59] it would be four to six weeks. [52:00] Well, I hope that. [52:01] But I also took a little break. [52:03] I gave them a break. [52:04] And remember this. [52:06] I want to make the best deal. [52:09] I could make a deal right now. [52:10] Do you know that [52:11] if I left right now, [52:13] we had a tremendous success. [52:14] It would take them [52:15] 20 years to rebuild. [52:16] But I don't want to do that. [52:17] I want to have it everlasting. [52:19] I want to have it [52:20] where they never get, [52:21] they never have a chance [52:22] to get it. [52:22] I mean, the way you asked [52:24] that question, [52:24] yeah, I did say it. [52:25] I thought it would take [52:26] four to six weeks. [52:28] And I was right. [52:29] Because at the end [52:30] of six weeks, [52:31] at the end of four weeks, [52:32] the military was decimated. [52:34] So what are you saying? [52:34] But now what I'm doing, [52:36] I can't tell you that. [52:37] I don't want to put [52:38] that kind of a timetable on it, [52:40] but it'll go pretty quickly. [52:42] And we'll have the strait opened up. [52:45] Now, right now, [52:46] we have it closed. [52:46] We have total control [52:47] of the strait. [52:49] And the fact that it slows, [52:50] you know, [52:50] they would have opened it up [52:51] three days ago. [52:52] They came to us [52:52] and they said, [52:54] we will agree [52:55] to open the strait. [52:56] And all my people [52:56] were happy. [52:57] Everybody was happy [52:58] except me. [52:58] I said, wait a minute, [52:59] if we open the strait, [53:00] that means they're going [53:00] to make $500 million a day. [53:02] I don't want them [53:03] to make $500 million a day [53:05] until they settle this thing. [53:08] So I'm the one [53:08] that kept it closed. [53:09] We have total control of it. [53:11] And it'll open [53:12] when they make a deal [53:14] or something else happens [53:15] that's very positive. [53:16] What do you say [53:19] to the American people [53:20] who question [53:20] how much longer [53:21] this will take, [53:22] obviously you know [53:23] that they are having [53:24] a higher impact? [53:24] You're such a disgrace. [53:25] Did you know [53:26] what I just said? [53:27] Vietnam. [53:28] How many years [53:28] was Vietnam? [53:29] I understand, sir. [53:30] How many years [53:30] was Vietnam? [53:32] Well, I didn't know yet. [53:33] I took, I took, [53:34] I took the country [53:37] out militarily [53:38] in the first four weeks. [53:41] I took it out militarily. [53:44] Now what we're doing [53:45] is sitting back [53:46] and seeing what deal. [53:47] And if they don't [53:47] want to make a deal, [53:48] then I'll finish it up [53:49] militarily [53:50] with the other 25% [53:52] of the targets. [53:52] We've hit 78% [53:54] of the targets [53:55] that we've wanted to hit. [53:56] We've knocked out [53:57] their manufacturing. [53:58] We've knocked out [53:59] their missile production. [54:00] We've knocked out [54:01] their drone production. [54:02] We've knocked out [54:03] everything. [54:03] In some cases, [54:04] when I say knocked it out, [54:05] 70, 80, 90%. [54:07] It's amazing [54:10] what we've done. [54:11] So I've done that [54:12] within that period of time [54:13] that I mentioned. [54:14] But I don't want [54:14] to rush myself. [54:16] You know, [54:16] because every story I say, [54:17] oh, Trump is under [54:18] time pressure. [54:18] I'm not. [54:19] No, no. [54:19] You know who's under [54:20] time pressure? [54:20] They are. [54:21] Because if they don't [54:22] get their oil moving, [54:23] their whole oil [54:24] infrastructure is going [54:25] to explode. [54:27] You know what that means? [54:28] Because they have no [54:29] place to store it. [54:30] And because they have [54:31] no place to store it, [54:32] if they have to stop it, [54:34] something happens [54:35] that only Len can explain. [54:37] Something happens [54:38] underground that [54:39] essentially renders it [54:41] in very poor shape. [54:43] And you never recover [54:44] fully. [54:45] You can recover 50%, [54:46] 60%, [54:47] but you can never have it [54:48] like it is right now. [54:49] And they have a matter [54:50] of days before [54:51] that event takes place. [54:53] So I'm not under [54:55] any pressure whatsoever. [54:56] We've never had [54:56] so much ammunition. [54:58] Our ships are loaded. [55:00] I call them locked [55:01] and loaded. [55:01] They're locked and loaded. [55:02] They're ready to go. [55:03] We have much higher [55:05] quality equipment [55:06] than we did [55:07] when we first started [55:08] the war [55:08] or the military operation, [55:11] whatever you want [55:12] to call it. [55:13] And they're coming to us. [55:15] The problem they have [55:16] is they are very disorganized [55:18] right now. [55:19] Well, now, yesterday, [55:20] and I was very pleased [55:22] with this, [55:23] eight young women [55:24] were going to be executed [55:26] yesterday afternoon [55:27] at 6 o'clock. [55:28] And I asked them, [55:31] call it a favor, [55:32] or call it just [55:33] a moral request [55:34] that they not be executed. [55:36] And they came back [55:37] with an answer [55:37] that they won't be executed. [55:39] They're going to release [55:40] that was protesting. [55:42] Eight beautiful young women, [55:44] very young women. [55:45] And they were, [55:45] the pictures are in the paper. [55:46] And it's been a story [55:48] for a little while. [55:49] And I saw that. [55:50] And I said, [55:51] let's see if we can save them. [55:53] And there were, [55:54] it was very nice [55:55] what happened. [55:55] So, they're not going to be, [55:57] what they're doing is, [55:58] as you know, [55:58] they're releasing [55:59] four of them very shortly. [56:01] And they're going to keep [56:02] four of them in jail [56:03] for a period of one month [56:04] and release them. [56:05] So they won't be executed. [56:06] So if you're asking [56:07] for more time [56:08] to sort out negotiations [56:10] for the wrong people, [56:10] I'm not asking you [56:10] for more time. [56:11] I'm not asking for them. [56:12] No. [56:12] But if you need more time. [56:14] I'm not asking anybody [56:14] for more time. [56:15] If you need more time, [56:16] does that mean [56:17] Americans should anticipate [56:19] spending more on gasoline [56:20] for the foreseeable future? [56:22] For a little while. [56:23] And you know what they get [56:23] from that? [56:24] You know what they get [56:25] from that? [56:25] Iran without a nuclear weapon [56:27] that's going to try [56:28] and blow up one of our cities [56:29] or blow up the entire [56:30] Middle East. [56:31] You want to see [56:32] what shock would be? [56:34] And I have to be honest, [56:35] the stock market [56:36] is at an all-time high [56:38] right now. [56:38] Right. [56:39] I thought it would have [56:40] been down 20, 25%. [56:42] But we're going to... [56:43] Wait, can I finish [56:43] my question? [56:44] Why is that? [56:45] The stock market's [56:47] at an all-time high [56:49] right now. [56:50] I projected, [56:51] and I'm pretty good [56:52] at this, [56:52] that the stock market, [56:53] Howard, would drop [56:54] maybe 20%, 25%. [56:57] And I understood that. [56:58] And I said, [56:59] hey, it's a bad thing, [57:00] but I have to do [57:00] what's right for the country, [57:01] even the world, [57:03] because you can't have them. [57:04] You cannot let them [57:05] have a nuclear weapon. [57:06] So the stock market, [57:10] unlike what a lot of people [57:11] were predicting, [57:12] I thought they weren't [57:13] necessarily wrong. [57:15] The stock market today [57:16] hit an all-time high. [57:17] Hit an all-time high yesterday, [57:19] the day before, [57:20] and it's staying there. [57:21] I thought oil would go up [57:22] to maybe $200 a barrel. [57:26] And oil is a very different [57:28] number than anyone thought. [57:29] In fact, this country [57:30] is much lower, [57:31] because we have [57:32] all the oil we can use. [57:34] We're actually, [57:35] ships are coming [57:36] from all over the world [57:37] to Texas, Louisiana, [57:38] and Alaska. [57:39] They're coming [57:40] from all over the world [57:41] to get oil [57:42] from the United States [57:43] while this is closed, [57:44] and you're almost straight. [57:46] So if you look [57:48] at what I said, [57:50] I guess it was right, [57:51] because I said [57:52] I'd have it four to six weeks, [57:53] and in four weeks, [57:54] we have totally defeated [57:55] that military. [57:56] So right now, [57:57] I don't want to rush it, [57:58] because you guys are, [57:59] you know, [57:59] trying to make us [58:00] look as bad as possible. [58:01] I don't want to rush it. [58:03] I want to take my time. [58:04] We have plenty of time, [58:05] and I want to get [58:06] a great deal. [58:06] I want to get a deal [58:07] where our nation [58:08] and the world [58:08] is safe [58:09] from lunatics [58:11] with nuclear weapons. [58:13] Yes, sir. [58:13] If it does go to 200, [58:15] are you okay with that, sir? [58:17] If oil goes to 200? [58:18] I think that there's [58:19] nothing worse [58:19] than a nuclear weapon [58:21] that takes up [58:21] one of your cities [58:22] or two of your cities [58:23] or three. [58:24] I think there's nothing worse [58:25] than a nuclear weapon [58:26] that's going to destroy [58:27] the Middle East, [58:28] including Israel. [58:29] I think there's nothing worse [58:30] than Europe [58:31] being under-attacked [58:33] by people that have missiles [58:35] now that reach Europe. [58:36] As you know, [58:37] they don't reach us, [58:37] but they reach Europe. [58:38] But they will reach us [58:39] at some time. [58:40] Probably the not-too-distant future [58:42] unless we stop them now. [58:44] I think there would be [58:45] nothing worse [58:45] than having nuclear holocaust [58:48] in Europe, [58:49] London, [58:51] Paris, [58:52] various places in Germany, [58:55] all targeted. [58:56] No. [58:57] What I say is [58:59] you can't let them have... [59:01] I don't think it will happen, [59:02] by the way. [59:02] I really think we actually... [59:04] It turns out [59:05] that we are [59:06] drill-baby-drill, [59:07] and it turns out [59:08] we're producing [59:09] a lot of oil [59:09] and they're buying the oil. [59:10] They're going to Alaska, [59:11] they're going to Texas, [59:13] Louisiana, [59:15] and our guys [59:16] have done a fantastic job. [59:17] We're putting out, [59:18] right now, [59:18] more oil and gas [59:19] than we ever have [59:20] in the history of our country. [59:22] And one other thing, [59:23] there are more people [59:24] employed today [59:25] in the United States [59:26] than ever [59:26] in the history [59:27] of our country. [59:28] I have a question, sir. [59:30] Is it true [59:31] that your administration [59:31] is considering [59:32] sending 1,100 Afghans [59:34] to the Democratic Republic [59:35] of Congo? [59:36] And if so, [59:36] do you have a response [59:37] to that? [59:38] I don't know. [59:38] I have to check that. [59:39] Thank you, Mr. President. [59:42] Breitbart News' [59:43] Matt Boyle [59:44] just published [59:45] an interview [59:45] with Greek Prime Minister [59:46] Amit Satakis [59:47] in which the Prime Minister [59:49] said that he's rooting [59:50] for you to succeed [59:51] in getting a deal [59:52] with Iran. [59:53] He also said [59:53] he looks forward [59:54] to hosting you [59:55] in Greece [59:55] later this year. [59:56] Do you have any response? [59:56] No, it's really nice. [59:58] I mean, [59:59] Greece has been [1:00:00] very supportive, actually. [1:00:01] Greece has been terrific. [1:00:02] He's a terrific guy [1:00:03] because he understands [1:00:04] the importance of it. [1:00:05] You know, [1:00:06] oil goes up a little bit. [1:00:07] I hate it. [1:00:08] Yeah, I was the one [1:00:09] that had it down [1:00:10] to $60 a barrel. [1:00:12] And I looked at guys [1:00:14] like Howard Lutnick. [1:00:15] Howard, you remember it well. [1:00:16] I said, well, [1:00:16] we just hit an all-time high [1:00:18] in the history of the market. [1:00:20] Think of this. [1:00:22] When we hit 50,000, [1:00:23] I was told, [1:00:24] everybody was told, [1:00:25] when I won the election, [1:00:26] November 5th, [1:00:28] they said, well, [1:00:29] during the four-year period, [1:00:30] it'll be impossible [1:00:31] for the Dow [1:00:31] to ever reach [1:00:32] $50,000. [1:00:34] It'll be impossible [1:00:35] for the S&P [1:00:36] to ever hit $7,000. [1:00:37] Impossible. [1:00:39] And you remember that, [1:00:40] Howard, right? [1:00:40] It was going to hit [1:00:41] maybe six, seven years, [1:00:42] eight years, [1:00:43] but I did it [1:00:44] in my first year, [1:00:45] hit $50,000. [1:00:46] Now it's just about [1:00:48] at $50,000. [1:00:49] And S&P is higher [1:00:50] than it was [1:00:50] when we started. [1:00:52] And S&P hit over $7,000. [1:00:54] And that was before [1:00:55] the year ended up, [1:00:56] one year. [1:00:56] So, I can only tell you [1:00:59] this, it'll end. [1:01:00] I don't think it'll be [1:01:00] very long, by the way. [1:01:02] They're delaying it [1:01:03] because we don't know [1:01:04] who to deal with. [1:01:06] They are in, [1:01:07] you know, [1:01:07] they know who the leader [1:01:08] is in this country. [1:01:09] We don't know [1:01:10] who the leader is in Iran. [1:01:13] Because remember, [1:01:14] regime change. [1:01:15] Khomeini is gone. [1:01:16] He's gone to [1:01:17] greener pastures. [1:01:19] He's gone, [1:01:20] and all of his team [1:01:20] is gone. [1:01:21] Then a second group [1:01:22] came in, [1:01:23] they're all gone. [1:01:24] And now you have [1:01:25] the third group. [1:01:25] And they're a little [1:01:26] concerned about [1:01:27] being gone, too. [1:01:28] Sir, would you use [1:01:28] a nuclear weapon [1:01:29] against Iran? [1:01:30] You posted on [1:01:30] Truth Social [1:01:31] a few weeks ago. [1:01:32] We don't need it. [1:01:33] Why do I need it? [1:01:34] Why would a stupid [1:01:35] question like that [1:01:36] be asked? [1:01:36] Why would I use [1:01:38] a nuclear weapon [1:01:39] where we've totally, [1:01:41] in a very conventional [1:01:41] way, decimated them [1:01:43] without it? [1:01:44] No, I wouldn't use it. [1:01:46] A nuclear weapon [1:01:46] should never be allowed [1:01:47] to be used by anybody. [1:01:49] So, it was a state [1:01:49] visit, [1:01:50] which we're all [1:01:53] very much looking forward [1:01:53] to. [1:01:54] Prince Harry today [1:01:55] has said that he would [1:01:56] like to see you do more [1:01:57] to end the war in Ukraine. [1:01:58] Do you think it's [1:01:59] appropriate for a royal [1:02:00] to make those comments [1:02:00] ahead of the visit [1:02:01] on Monday? [1:02:02] Prince Harry? [1:02:03] Yes, sir. [1:02:03] How's he doing? [1:02:05] How's his wife? [1:02:06] Please give him [1:02:06] my regards, okay? [1:02:08] No, I don't know. [1:02:09] I think, [1:02:10] I know one thing, [1:02:10] Prince Harry is not [1:02:11] speaking for the UK. [1:02:15] That's for sure. [1:02:16] I think I'm speaking [1:02:17] for the UK [1:02:17] more than Prince Harry. [1:02:19] But I appreciate [1:02:21] his advice very much. [1:02:22] Would you invite them [1:02:23] to the dinner [1:02:24] and to the state visit? [1:02:25] Well, I look forward [1:02:25] to the dinner. [1:02:26] We're having King Charles [1:02:27] come. [1:02:27] He's a friend of mine. [1:02:29] We're really looking [1:02:29] forward to it. [1:02:30] We've spoken. [1:02:31] And we're going to have [1:02:32] a great time. [1:02:32] I tell you, [1:02:33] if I had that ballroom built, [1:02:35] it would be filled. [1:02:35] I wish we had more seats. [1:02:38] You know, [1:02:38] they've wanted a new ballroom [1:02:39] for 150 years. [1:02:40] Now they're getting [1:02:41] the best in the world. [1:02:42] We're going to have [1:02:42] the best in the world. [1:02:44] But, you know, [1:02:44] we have little room [1:02:46] that's not big enough [1:02:47] to handle what would be [1:02:48] a big crowd. [1:02:49] But we're going to have [1:02:50] very great people [1:02:51] that love the UK. [1:02:53] I love the UK. [1:02:54] I think they made [1:02:55] a big mistake on energy. [1:02:57] You should open up [1:02:58] the North Sea [1:02:59] in Aberdeen. [1:03:01] You should open it up. [1:03:03] And the other thing [1:03:03] is they've made [1:03:04] a big mistake [1:03:05] on immigration. [1:03:06] Sir, I'm sorry. [1:03:07] I'm sorry. [1:03:08] What do you hope [1:03:09] to learn from [1:03:10] Janine Piero's investigation [1:03:11] into the federal [1:03:12] renovation that you can now? [1:03:13] What do you hope [1:03:14] to learn from [1:03:15] Janine Piero's investigation [1:03:17] into the Federal Reserve? [1:03:18] Reservation that you [1:03:19] did not learn [1:03:20] when you visited [1:03:20] this by yourself last year? [1:03:22] Well, look, you know, [1:03:24] the Federal Reserve Building [1:03:25] is a small building. [1:03:27] They're going to be in there [1:03:28] by the time it opens, [1:03:29] in my opinion, [1:03:30] for $4 billion. [1:03:32] I built a hotel [1:03:34] down the road [1:03:34] for $201 million [1:03:36] that I believe [1:03:36] is bigger than [1:03:37] the Federal Reserve Building. [1:03:38] $201 million. [1:03:40] At the ballroom, [1:03:41] I'm going to have [1:03:41] the ballroom [1:03:42] from $300 to $400 million, [1:03:44] depending on finishes, [1:03:46] like marbles to quality [1:03:47] and quality finishes. [1:03:49] We'll go top of the line. [1:03:50] But that's a much bigger project. [1:03:55] When you look at the fact [1:03:56] that they've taken [1:03:57] this beautiful building [1:03:58] and destroyed it, [1:04:00] they've taken down [1:04:01] the beautiful ceilings [1:04:02] with eagles, [1:04:03] they've taken down [1:04:03] the walls that are [1:04:04] a foot and a half thick, [1:04:06] masonry. [1:04:07] You couldn't hear [1:04:07] from office to office. [1:04:09] They ripped it all down? [1:04:11] They ripped down, [1:04:13] because Kevin Warsh, [1:04:14] who's terrific, [1:04:15] said, [1:04:15] gee, the saddest thing [1:04:16] is they ripped down [1:04:17] the nicest building [1:04:18] in Washington [1:04:18] for boardrooms and all. [1:04:19] Did you know about [1:04:20] that building? [1:04:21] They ripped it down. [1:04:22] It was beautiful. [1:04:22] The boardroom building. [1:04:23] It was beautiful. [1:04:24] They ripped it down. [1:04:26] And probably [1:04:27] because it cost [1:04:27] so much to fix it. [1:04:29] So I would have done [1:04:30] that job for $25 million, [1:04:31] had money left over. [1:04:33] It's going to cost [1:04:34] more than, [1:04:35] in my opinion, [1:04:36] it's not going to open [1:04:36] for a long time. [1:04:37] You know, [1:04:38] Kevin may not be able [1:04:39] to have an office. [1:04:39] I'm going to have [1:04:40] to get him an office. [1:04:40] Can you give him an office? [1:04:42] Yes, basically. [1:04:42] Bobby, [1:04:43] do you have some space [1:04:43] over there, please? [1:04:44] Yeah, we have a lot of space. [1:04:45] But here's more [1:04:48] than you think. [1:04:49] But we're going to have [1:04:49] Kevin sitting right [1:04:50] next to you, Bobby. [1:04:52] But it may not open [1:04:54] for a long time. [1:04:55] I looked at it [1:04:55] the other day. [1:04:56] It's a see-through. [1:04:56] See-through, you know, [1:04:57] that means the walls [1:04:58] aren't even up yet. [1:04:59] This is after years [1:05:00] and years of construction. [1:05:02] And somehow, [1:05:04] you have to find out [1:05:05] what went wrong. [1:05:06] That a small building, [1:05:07] I could have done it [1:05:08] for $25 million [1:05:09] and had money left out. [1:05:10] It would have been beautiful. [1:05:12] That a small building [1:05:13] can cost $4 billion. [1:05:16] It may never open. [1:05:18] It may never open. [1:05:19] And we have to get to that. [1:05:20] On top of that, [1:05:21] he's been terrible [1:05:22] in interest rates [1:05:22] because he should have [1:05:23] lowered interest rates. [1:05:24] That's why I call him [1:05:25] Jerome Too Late. [1:05:27] Too Late is his nickname. [1:05:28] Jerome Too Late, pal. [1:05:29] He likes me a lot. [1:05:30] Thank you very much. [1:05:31] Thank you, Brad. [1:05:33] Thank you, Brad. [1:05:35] Thank you, Brad.