- Greek Cabinet Approves EU, IMF Bailout Bill
- We're Not Greece: Italian Prime Minister Monti
- Private Homebuilders in the US: Dead Men Walking
- Dividend Payout Could Hit Record Amount This Year
- With Investors So Bullish, Stock Pullback Must Be Ahead
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- New York Fashion Week Fall 2012
- NetNet: Why Saving Greece Could Destroy the World
- My Funny Valentine: When Love and the Fed Collide
- In Search of America's ‘Hottest Forecasters’
- Dow vs. S&P 500: Which is a Better Investment?
- Mick Fleetwood on the MP3 ‘Dumbing Down’ of Music
- Avis on the Road to Strong Growth: Analyst
- Private Homebuilders: Dead Men Walking
- LinkedIn’s Growth Is Already Priced In: Analyst
- The Real Reason Behind Bank of America’s Rally
- 5 Hedge Funds’ Top Stocks Soar After 2011 Rout
- This Valentine’s Day Love Is Served on a Silver Platter
MOST SHARED
- We're Not Greece: Italian Prime Minister Monti
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- To Play Senate Cybersecurity Bill, Cramer Likes Fortinet Stock
- Greek Cabinet Approves EU, IMF Bailout Bill
- Special Feature: Wall Street History - How Wall Street Got Its Name
- How to Trade the Turmoil in Greece
- Private Homebuilders: Dead Men Walking
- Why Cramer Likes Select Comfort Over Tempur-pedic Stock
- Cramer: 10 Earnings to Watch Next Week
- Lightning Round: Trina Solar, Zoltek, Affymax and More
MOST POPULAR
HOT ON FACEBOOK
Feels Like Socialism … But I Like It: Trump
Text Size 
While the global plan to recapitalize banks will probably be bad for his business, driving prices higher at a time when he has the cash to buy, it is necessary and smart, real estate developer Donald Trump said Tuesday.
"We were headed for Great Depression No. 2," Trump told "Squawk Box."
As a free-market capitalist, Trump admitted feeling uncomfortable at the "artificial" injection of cash into banks, but said it was a much better idea than the original plan just to buy up distressed assets.
"It's almost socialistic, but I like it, really like it," he said. (Video: Trumps full comments)
Considering that bankers who are paid to study every aspect of bad loans couldn't value toxic debt made the plan for the government to buy bad debt a non-starter, Trump said.
"Some government guy was going to buy all the bad loans -- I don't get it," he said.
Housing is the Biggest Industry
While the plan addresses the problem of capital for banks, the root cause of the housing problem also has to be addressed, he said.
"If a person has a mortgage that's coming due, they have no way to refinance it," he said. "Something has to be done about refinancing and financing for people who want to buy houses, apartments."
"The biggest industry in the world is the housing market … and boy did we take a hit," Trump said.
But the credit markets will never be totally taken care of if oil rises again, he said, adding that oil should be $40 to $50 a barrel.
A Day Too Late to Buy Stocks
Trump also said he considered buying stocks for the first time on Monday, but didn't get in fast enough and hesitated when the stock index futures took off.
"For the first time in my entire life I was going to go very big into the stock market, hundreds of millions of dollars into the stock market" he said.
"Now it's a little too late," he said.
- Marketing clichés aside, sometimes diamonds are for investing.
- The ‘Fast Money’ traders weigh in on fashion related stocks from apparel to footwear.
- This list of the 10 most active cities for speed traps was compiled by Trapster.com. See if your town is there.
- This Valentine’s Day should prove a love fest for restaurants, as many couples will be dining out.
- Here’s a look at Westminster Kennel Club’s most successful breeds—and how much they cost.
- What kind of homes do celebrity couples share? Here’s our updated list. Take a look.
Data is a real-time snapshot *Data is delayed at least 15 minutes
