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Trump on Obama: Time to Act on Iraq and Oil

Wednesday, 5 Nov 2008 | 9:33 AM ET

Where should President Elect Barrack Obama concentrate his attention first? War and energy, according to renowned investor Donald Trump.

"One thing that's really important, I think he's going to get us out of Iraq, and the country can't really go forward until we stop spending hundreds of billions of dollars in Iraq, where the people don't want us there to start off with," Trump said on CNBC.

Wall Street Reaction
Leaders of the industry voice opinions on the historic election, with Donald Trump, Trump Organization chairman/president

"We have to watch OPEC, because every time something good happens, they raise the price of oil, and it just drains the blood out of the economy...you really need a Secretary of Energy that would be tough and smart, and you do have to create other alternatives to oil."

The high-profile real estate investor suggested Obama back off of any tax increase plans.

"It just seems to be the wrong time to be raising taxes, and I think your new President is going to see that."

"If you want money today, no matter how good a deal you have, real estate or otherwise, the banks are not lending money. With all the money that's been pumped into the banks, they're not lending it. It's a shame, because that wasn't the deal. The deal was, 'Here's billions of dollars. Put it out there.' It is virtually impossible for anybody -- the strongest company -- to go to a bank and get a loan."