CHARLES PAYNE: In the meantime we are going to have 10 percent [corporate taxes] which is better than we already have, the money should flow back in, that's 2 trillion dollars offshore. But let me tell you whats happening Sandra. There is a mechanical way to spark an economy, fewer regulations, lower taxes, and then there is something that Ronald Reagan was able to do, “morning in America,” to really spark what they call animal spirits. I think what we're seeing really America has jumped on the bandwagon. I think the animal spirits part of this is starting to come through, I think the average American is out there believing that you know what something is going to happen. We got the consumer confidence report on Friday. Now it went from October 28th to November 8. It's will be revised on November 23rd.
SANDRA SMITH (HOST): It said what?
PAYNE: It said that consumers were a lot more confident.Today we got retail sales, the best back to back month in retail since 2014. Wages are going up. Donald Trump has this ripple already working for him. I say it becomes a tsunami, I think we are going to see animal spirits unleashed in this country. And I'll just [be] a little anecdotal. I spent the weekend with my brother-in- law he's in scrap metal and he says business has not been like this in years.
SMITH: And you're already attributing this to Donald Trump? That's amazing.
PAYNE: This is the key. I'm telling you here is the fault with the Fed, the Fed tried to create the illusion of wealth and it never triggered what the call the virtuous cycle. Just like cheap gas never triggered the virtuous cycle. But if people get to keep more of the money they make, that's the first step to lower taxes. The second step is though, is to believe we are on the right track.
SMITH: But you know President Obama is going to say “I did a pretty good job.” In fact he said that the other day.
PAYNE: Sure.
SMITH: And he will point at the record stock market and say, that was because of my policies.
PAYNE: You know what I have no problem with that, but I don't know why people don't remember that when President Obama came in, we had just had one of the biggest market crashes in history. The DOW at 6000 was oversold. That was a reflection of pure panic not seen since 1929. So in one way he was sort of lucky. We had an oversold stock market, we had household name stocks they were selling at two or three bucks as if they were going out of business. So that was the easy thing. Where we are now DOW over 19,000 Donald Trump really will have to get economic growth going.
