00:00This seems to be kind of a good look at the view of campus.
00:25Well, thank you very much.
00:31We're looking at the construction, and we're with the chairman, as you know.
00:36Chairman, come on over.
00:38And we're just taking a look at what's happening.
00:40You know, it's a tough construction job there.
00:43Indeed.
00:44One of the reasons why we wanted to see it was the overruns of the expenses.
00:47We wanted to figure out why.
00:49So we're taking a look, and it looks like it's about $3.1 billion.
00:55It went up a little bit, or a lot.
00:58So the $2.7 billion is now $3.1 billion.
01:01I'm not aware of that.
01:02It just came out.
01:04I haven't heard that from anybody at the Fed.
01:08It just came out.
01:10I don't know who does that.
01:14You're including the Martin renovation.
01:15That's our entire capital.
01:16You just added in a third building, is what that is.
01:19That's a third building.
01:21It's a building that's being built.
01:23No, it was built five years ago.
01:25We finished Martin five years ago.
01:27It's part of the overall work.
01:29It's not new.
01:31So we're going to take a look.
01:33We're going to see what's happening.
01:35And it's got a long way.
01:37Do you expect any more additional cross-overruns?
01:40Don't expect them.
01:42We're ready for them.
01:43But we have a little bit of a reserve that we may use.
01:46But no, we don't expect to be finished in 2027.
01:50We're well along, as you can see.
01:52As a real estate developer, what would you do with a project manager who would be over budget?
02:00Generally speaking, what would I do?
02:03I'd fire him.
02:03Well, I'm here just really with the chairman.
02:06He's showing us around, showing us the work.
02:08And so I don't want to get that.
02:09I don't want to be personal.
02:11I just would like to see it get finished.
02:14And in many ways, it's too bad it started.
02:16But it did start.
02:17And it's been under construction for a long time.
02:22It's going to be a real long time.
02:25Because it looks like it's got a long way to go.
02:26Yes, sir.
02:27So.
02:27Mr. President, are there things the chairman can say to you today that would make you back
02:32off some of the earlier criticism?
02:34Well, I'd love him to lower interest rates.
02:36But other than that, what can I tell you?
02:39The country is doing really well.
02:41I just briefed the chairman on the deal we've made with Japan.
02:43Japan is putting up $550 billion in order to lower their tariffs a little bit.
02:49That way they have a little bit lower tariff.
02:50Our country is going to make a lot of money.
02:52We would be helped if interest rates would come down.
02:54But we're going to see how the board rules on that soon.
02:57I'd love to see them come down a lot.
02:59But we have a country that's thriving.
03:02We had a dead country one year ago.
03:05Today we have the hottest country anywhere in the world.
03:08And we'll get this one finished.
03:09Mr. President, do you think you're going to get your own column on Seoul?
03:17Just a move of the hand saying we're going to lower interest rates.
03:22You would save a trillion dollars a year.
03:25And there's nothing you can do to save that kind of money.
03:29Did the Fed chairman say why he's not?
03:31Well, we had a little talk about it.
03:33And I thought it was a very productive talk.
03:36He'll be able to tell you at his next meeting.
03:38But I will say that he did say the country is doing really well.
03:43And the country is really doing well.
03:45Yeah, please.
03:47Go ahead.
03:47How would you describe your talk with him?
03:49Would you say that the energy was tense?
03:52Did you come to...
03:53No, I didn't think it was tense.
03:54No, I thought we had a good meeting.
03:56I really...
03:56No, there was no tension.
03:58There was no tension.
03:59I think he had more tension with my great senator to the right.
04:02He's a pretty tough cookie.
04:03Is this project a viable offense for Jerome Powell?
04:07Look, I would love to see it completed.
04:09I don't want to put that in this category.
04:13It's a very complex thing that could have been made simple.
04:17I feel good about it.
04:18I mean, look, I have one dispute.
04:21And the dispute, there could be some things with money and, you know, where it comes from,
04:26how it's come from, how it's printed, where it's printed, all of the standard things with the Fed.
04:33But I just want to see one thing happen.
04:35Very simple.
04:35Interest rates have to come down.
04:37If the interest rates don't come down, we're knocking it out of the park with high interest rates.
04:43If interest rates come down, then that final little element kicks in.
04:46That's housing.
04:47And the sad part is that people, wonderful young people, young couples starting off,
04:52they can't get a mortgage because the rates are too high.
04:54Mr. President, if the rates are hurting families in the country,
04:57why let that keep going for another eight months?
04:59Why not just fire?
05:00Because to do that is a big move, and I just don't think it's necessary.
05:04And I believe that he's going to do the right thing.
05:06I mean, it may be a little too late, as the expression goes,
05:09but I believe he's going to do the right thing.
05:11The fact is, it's so big what's taking place in America.
05:16How old is the Mets put pressure on the world how old is it on?
05:20No, there's no pressure.
05:22No.
05:22We want to have, you know, his term comes up soon.
05:26I think he's going to do the right thing.
05:28Everybody knows what the right thing is.
05:30Even people that believed in, you know, the higher rates, they're all on board.
05:34They all want to see the interest rates come down.
05:36It's very important.
05:37Mr. President, if he doesn't do the right thing, he'll cut interest rates, as he said.
05:41I don't think we're going to do that.
05:42I don't think so.
05:44Thank you very much.
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