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BP Capital Chairman T. Boone Pickens argues that the continued bailout won’t save the embattled EU.
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Breaking news a massive 340.
Point gain today more than 500 points -- just two days.
We are on track for the best October in stock history.
Stocks cheering European bailout.
Higher body of David -- thanks for joining us a big -- every leave the bailout and the rally made everybody feel great but billionaire investor Boone Pickens is ready to declare that happy days are here again.
I spoke to him exclusively and he has some serious doubts of what happen in Europe fixed anything at all.
I don't think it's a real thing.
What would be the real thing.
Well I mean again I'm -- it's it's typical.
Political solution to very very serious problem.
-- you know you gotta have sit down look at what you have.
And decide what you're gonna -- in and what you're gonna have to do as you're gonna have to take a real haircut here and there's gotta be some equity coming into the deal.
And you know they talk about it but never did it.
Well -- talk about a one point four trillion dollar bailout fund by I can't figure out where the money's coming from can you.
-- know that's that's my point.
We talk about it we don't do anything about it.
So it's.
As say no equity at this point from anybody was the market crazy then -- react positively as it has.
Probably.
That's up so you don't think we're out of it I am and what about the overall economy I mean it it it's.
We say we're out of a recession the market is acting as -- were out of recession but we still have nine point 1%.
Unemployment can you call at a recovery.
No it's not a recovery you're gonna be you know 9% unemployed and all the it's just you know it's more.
-- It just political -- Gobbling get it is tortured argument alright well let's let's strip energy into this scenario here because for years you've been complain we don't have an energy plan.
Now we have this Green energy plan and we end up with Solyndra what do you make of that.
Don't know what is that but as a Green energy plan.
You've got to get real estate M what are you trying to replace.
We use twenty million barrels -- oil a day and you're not gunnery place that with any Green energy.
That is that in -- happened 70% of all all we use is for.
You know automobiles and trucks.
No renewables wind or solar.
They don't live and eighteen -- we had Just Diesel are gasoline.
Not wall but though the president out of president and his and his friends who formulated -- Green agenda.
They don't like carbon energy even -- no matter whether it's oil or natural gas reading and that's why -- put so much of their money.
In solar and it it hasn't paid off in fact it's led to things like -- under.
OK but 88 minutes solar paid off solar doesn't -- and eighteen winter battery can't live and eighteen -- You're only gonna -- that truck on diesel are natural gas natural gas is 30% cleaner.
And it's it's two dollars a gallon cheaper.
So and that happens to be in United States we import.
They oil that makes the diesel.
So why not use your own resources say you -- -- -- you can rebuild the economy in America on cheap energy.
We have the cheapest energy in the world.
Are all is selling twenty dollars a barrel under global prize are natural gas is 14.
What it is in the mideast and 13 of what it is in Europe I mean we've got we've got everything.
To build an economy on.
And yet the billions continue to go out to solar projects and electric projects.
All but those ads peanuts the billions they go out there's a billion half dollars every day for the purchase -- And you're -- on -- about -- -- target of our tax dollars are -- about our tax dollars that are going out.
In these government programs I mean again -- my point I guess is that look if if it is more efficient use natural gas.
If it certainly cleaner we know that and been regular diesel.
Why don't you just get the government out of it entirely just relying on the market to move -- forget those politicians because they haven't paid off.
I'm tell you they have not paid all I agree with you 100%.
They're not in it they -- not manager -- just asking for help.
If you get help you can make it happen in half the time if you don't get the help it's gonna happen anyway.
You also get these is the best odds for doors I think in the energy field right now.
You'll find this is such as yourself searches Aubrey McClendon from Chesapeake Energy -- these.
This is where the action is in in the energy market isn't it.
Of course Citi has I mean you're sitting here.
You know.
With a bird -- on the ground and you're not doing -- thing about it I'm not much for.
Capturing burdening -- but that's it.
Okay and if -- I don't want some idea bags they gotta live birds that -- -- high but I mean here you're sitting here where they -- right in front of you.
Are yet to ditch -- -- it say we got the you've got 36 producing states and in the United States that.
That is a lot of producing state -- go to Pennsylvania I was there two weeks ago we -- Pennsylvania.
2000 people -- here they energy story but look what -- that governors and of their Tom Corbett.
He's taken out three billion dollars sharp fall on India's budget and now he's balanced a budget what -- about -- he balanced it on natural gas.
Being produced drill for and transported in cancer by in the Marcellus Shale.
You go to North Dakota they're looking for 31000.
People layered it kinda North Dakota to work and I can tell you if you're gonna go their work.
-- no you're gonna work.
-- that's a work in crowd out there any time you go to the gas field off the the people work hard so if you bought one of those jobs go after it.
But no you're gonna have -- in some and forget about the politicians has all are gonna do is kind of mess things up.
In this and the best thing we can do is forget about politicians but I don't know how you forget about -- there every day and that.
Working for us and I'm not so sure.
Boone Pickens pleasure to see again -- thanks for coming in.
-- thank you.
