Billionaire CEO reveals the solution to high inflation and rates: 'Drill baby, drill'

HIGH GROWTH. ASHLEY: RED APPLE GROUP CHAIRMAN AND CEO JON CATSIMATIDIS JOINING US NOW TO TALK ABOUT THAT . JOHN, WHAT DO YOU MAKE OF THE STATE OF THE ECONOMY RIGHT NOW? >> I THINK WE'RE IN DEEP TROUBLE. I THINK WE'RE GOING IN THE WRONG DIRECTION. GOVERNOR YOUNGKIN IS CORRECT. THE COMMANDER IN CHIEF, THE PRESIDENT OF THE UNITED STATES IS RESPONSIBLE FOR GLOBAL SECURITY. WHAT'S GOING ON RIGHT NOW IS WE HAVE A LOT OF TROUBLES IN EUROPE. THE HOUTHIS AND THE RED SEA ARE CLOSED AND THEY'RE NOT GOING TO ENSURE THE SHIPS GOING THROUGH THERE AND CREATING A PROBLEM IN GASOLINE. GASOLINE IS HIGH AND GOING TO STAY HIGH. THAT CAUSING A TEMPORARY INFLATION SITUATION THAT HAS HIT INTEREST RATES AND A 7.5%, 30-YEAR MORTGAGE, NO ONE IS GOING TO BUY HOUSES OR BUILD HOUSES. HIGH INTEREST RATES CREATE A PROBLEM FOR THE BANKS AND THE REAL ESTATE INDUSTRY GETTING IT'S GOING TO CREATE PROBLEMS FOR THE BANKS AND IT COULD BE TAKEN CARE OF IN THREE DAYS. ALL WE HAVE TO DO IS SEND THE AIR FORCE IN, NAVY IN, TAKE CARE OF THE HOUTHIS IN THE RED SEA AND TAKE CARE OF THE SUEZ CANAL AND WE'LL BE OKAY. THE OTHER PROBLEM THE COMMANDER IN CHIEF HAS CREATED IS HE'S SHUT DOWN ALASKA AGAIN. IF YOU BRING THE PRICE OF CRUDE OIL AND GASOLINE DOWN AND DRILL BIBY DRILL, GUESS WHAT? INFLATION GOES AWAY. GUESS WHAT, INTEREST RATES GO BACK DOWN TO NORMAL AND I'M GOING TO DISAGREE WITH SOME OF OUR OTHER PEOPLE ABOUT THE BUDGET. THE BUDGET IF THEY HAVE CONFIDENCE IN THE COMMANDER IN CHIEF. GUESS WHAT? GOING 40 TRILLION GOING BACK TO 200% INTEREST RATES AND I'M MORE CONCERN CONFIDENCE IN WASHINGTON, CONFIDENCE TO CREATE A SITUATION WHERE WE'RE RUNNING THE WORLD INSTEAD OF HAVING RUSSIA AND OPEC NATIONS RUNNING WITH US. ASHLEY: I'M TALKING ABOUT RAMPANT CRIME AND GOING FROM THEM SOUNDING OFF ABOUT CRIME IN NEW YORK CITY. LISTEN TO THIS AND I'LL GET YOUR COMMENT. >> I WALKED THE STREETS OF NEW YORK AND I SEE THE WAY CRIME IS AS FAR AS LIKE PEOPLE ASKING OTHER PEOPLE FOR MONEY. TALK ABOUT QUALITY OF LIFE. NOT JUST PEOPLE GOING CRIME IS DOWN AND MURDER IS DOWN. IT'S THE QUALITY OF LIFE WALKING DOWN THE STREET AND HAVING PEOPLE HARASS YOU CONSTANTLY. I DON'T LIKE THAT. I THINK IT'S WRONG. MY WIFE GOES WITH MY CHILDREN AND SHE FEELS -- SHE WON'T TAKE THE SUBWAY, THAT'S FOR SURE. WON'T TAKE THE SUBWAY. A LOT OF PEOPLE I KNOW WILL NOT NEIGHBORING THE SUBWAY. ASHLEY: JOHN, YOU'RE A NEW YORK CITY GAME IS THERE THINK WAY TO TURN THINGS AROUND AND WHO'S TO BLAME FOR THIS? >> ABSOLUTELY. ALBANY, I THINK GOVERNOR HOCHUL TRIED TO MAKE A DIFFERENCE AND SHE'S MADE SOME SLIGHT DIFFERENCES AND THE SPEAKER IS TO BLAME AND THE SENATE IN ALBANY IS TO BLAME AND COMES DOWN TO WHAT CHAZ SAYS IS 100% CORRECT AND YOU WOULDN'T WALK AROUND TONIGHT AND WIFE AND KIDS TO TAKE SUBWAYS AND IT'S CHANGED AND WITH CONGESTION PRICING COMING JUNE 30TH AND GOING ON THE POLITICIANS AND ALL THE POLITICIANS AND WE HAVE ONE-NIL IN THE COFFIN FOR MANHATTAN. DO YOU WANT ANOTHER NAIL IN THE COFFIN? WAIT TILL THEY TURN AROUND AND CHAIN THE CONGESTION PRICING. YOU'VE GOT $8.5 MILLION NEW YORKERS AND NEW YORK CITY CITIZENS AND 3,300 CRIMINALS, REPEAT CRIMINALS. WHO DO YOU WANT TO SERVE? THE 3,300 CRIMINALS, 48 MILLION NEW YORKERS AND ENOUGH IS ENOUGH, GUYS. ASHLEY: RIGHT. YEP, WE HEAR YOU. JOHN, ALWAYS GREAT TO TALK TO YOU. ALWAYS HAVE SO MUCH GREAT INSIGHT ESPECIALLY ON NEW YORK. >> MAKE A DIFFERENCE AND GET NEW YORK BACK AND OU

Channel: Fox Business

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Id: _evV3qyvSkc

Length: 5min 30sec (330 seconds)

Published: Mon Apr 29 2024