W.H. Mocks Trump’s Bankruptcies When Asked About His Argument We’re in a Bubble

RUSH TRANSCRIPT:

GARRETT: “Getting back to the Donald Trump conversation about Janet Yellen. He also says the president has instructed her because he feels there's a real estate bubble and he wants to be out of office before the bubble burst and that would be burst by any incremental raising of interest rates. That's a economic observation to by someone who at least tells the country has some experience in real estate.”

EARNEST: “And who has declared bankruptcy like four times, too. Consider that advice. Consider the source of that advice I guess.”

GARRETT: “Does this industries have any fear of arrest a bubble and disciplined in any way, shape, or form current interest rates are creating the potential to be a bubble?”

EARNEST: “I have seen any sort of economic analysis of this. I'm sure the treasury department has taken a look at this. And I know that, as we've talked about the broader economic recovery over the last seven years from the worst economic downturn since the great depression there has been a focus on particularly residential real estate. And are some steps that this administration has taken to try to help homeowners who lost a lot of money in the last economic downturn to help them stay in their homes first of all, but second of all to help them be able to conduct transactions in an efficiently functioning real estate market. So this has included another thing, you'll remember back in January that the president announced a set of reforms around mortgage premium insurance where we would lower interest rates or mortgage insurance, that would allow homeowners to make purchases that would save them essentially $900 to you. One example of the kinds of steps the president taking using his executive authority to try to make the real estate market work better for homeowners in this country. For the consequences of any sort of independent that decisions on the housing market, I'm sure that's something that the fed takes into consideration, but because of our commitment to their ability to make independent decisions, I wouldn’t speculate on what that impact might be from here.”