In the eyes of real estate and private equity investor Grant Cardone, former President Donald Trump can offer America his "genius" in the business world.
"He's a great salesman, great marketer. He knows how to message, but he also knows how to get distribution on the messaging," Cardone said Monday morning on "Varney & Co."
"In this country, if you want to buy a house, you can't. If you want to sell a house, you can't. If you want to get a mortgage, you can't afford it," he added. "There's a massive problem today."
Cardone was one of many influential faces to take the Madison Square Garden stage Sunday night ahead of Trump’s address to an "at capacity" crowd, according to a Trump campaign spokesperson.
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The real estate tycoon called blue cities’ high rents, taxes and everyday prices "insanity," and expanded with FOX Business’ Stuart Varney on how Trump can potentially alleviate those pressures.
"He'll bring rates down. If you don't bring rates down, we have a housing market that will not move. We're already at all-time lows all the way back to 1995," Cardone said while citing National Association of Realtors data showing U.S. existing home sales have dramatically tumbled.
"Could Trump really turn that around completely?" Varney pushed back.
"Absolutely," Cardone responded. "Because he's going to put pressure on the Fed… Why do we not have the lowest interest rates in the world? We should. We have the best country in the world. We have the best economy in the world. Why shouldn't we have the lowest interest rates? We're mass-producing money anyway."
The 10X brand co-founder also criticized Vice President Kamala Harris’ housing plans, which propose building 3 million new homes over the next four years and providing $25,000 down payment credits for first-time homebuyers.
"The reality is, she's saying she wants to build 3 million homes. We have 2 million homes for sale in this country right now today, and nobody can buy them because they can't qualify for the mortgage," Cardone pointed out. "And until rates breach 4%, you will not have any movement in the housing market."
Also taking part in the "Varney" panel, chief investment officer and Bahnsen Group founder David Bahnsen argued against Cardone’s rhetoric.
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"I don't want the president to have anything to do with setting rates. Politicizing monetary policy is un-American," Bahnsen reacted.
"There's a happy medium at which sellers now become willing to sell," the CIO continued. "Markets are supposed to figure that out. Not a president and not a central bank, in my opinion."
source https://www.foxbusiness.com/media/real-estate-tycoon-highlights-how-trump-can-stop-us-housing-market-insanity
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