WHEN: Today, Monday, September 12th

WHERE: CNBC's "Squawk Box"

Following is the unofficial transcript of a CNBC interview with Republican Presidential candidate Donald Trump. Following is a link to the full interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000550353.

All references must be sourced to CNBC.

JOE KERNEN: JOINING US ON THE PHONE AS PROMISED, GOP PRESIDENTIAL CANDIDATE, DONALD TRUMP. MR TRUMP THANKS FOR JOINING US THIS MORNING.

DONALD TRUMP: GOOD MORNING.

KERNEN: I THINK IT WAS -- IT WAS NOT THE ONLY TIME, IT WAS LAST WEEK OR IN THE LAST COUPLE WEEKS YOU MADE THE POINT THAT IN YOUR VIEW YOUR OPPONENT, HILLARY CLINTON, DIDN'T HAVE THE STAMINA EITHER MENTALLY OR PHYSICALLY TO BE PRESIDENT, AND GIVEN YESTERDAY'S EVENT, AND I AM SURE YOU DON'T TAKE ANY SATISFACTION IN WHAT WE SAW YESTERDAY, BUT WOULD YOU SAY THAT YOU WERE PROBABLY CORRECT IN YOUR ASSESSMENT?

TRUMP: WELL, I DON'T TAKE SATISFACTION, JOE, AND FRANKLY, YOU KNOW, I HOPE SHE GETS WELL AND I HOPE SHE GETS WELL SOON, BUT, YOU KNOW, IT WAS QUITE SAD TO BE HONEST WITH YOU. I HOPE SHE GETS WELL SOON. NO SATISFACTION, BELIEVE ME, WHATSOEVER.

KERNEN: I THINK I DON'T KNOW, BECAUSE I HAVE NOT KEPT TRACK OF YOUR ENTIRE SCHEDULE, BUT IT'S A GRUELING PROCESS WHAT YOU ARE GOING THROUGH AND YOU ARE ON A PLANE LOT NOW, AND --

TRUMP: I AM.

KERNEN: AND IT'S NOT EASY GIVING EXTEMPERANEOUS HOUR-LONG SPEECHES DAY AFTER DAY AFTER DAY, SO IT'S GRUELING AND I THINK YOUR SCHEDULE HAS BEEN MORE GRUELING THAN THE ONE SHE IS PURSUING, AND THAT HAS BEEN WELL DOCUMENTED?

TRUMP: WELL IT HAS BEEN AND IT IS A VERY TOUGH SCHEDULE. YOU GO FROM ONE CITY, WE ARE GOING FROM PENNSYLVANIA, OHIO, FLORIDA AND ALL OVER OVER THE NEXT, YOU KNOW, DAY OR SO AND YOU GO TO A LOT OF DIFFERENT WORK -- YOU KNOW IM PUTTING UP A LOT OF MONEY TO FUND MY CAMPAIGN SO THE FUND-RAISINGS NOT A BIG DEAL BUT IT TURNED OUT TO BE AMAZING BECAUSE WE HAVE THIS INTERNET, AND IT'S CALLED NEW WORLD FUND-RAISING AND MILLIONS AND MILLIONS OF DOLLARS ARE COMING INTO THE CAMPAIGN IN SMALL DOSES BY SMALL DONORS. WE HAVE, I THINK IT'S AVERAGING ABOUT $61 WE HAVE TAKEN IN, JUST A TREMENDOUS NUMBERS OF DOLLARS WHICH NO REPUBLICAN HAS EVER BEEN ABLE TO DO BEFORE. IN JUNE WE TOOK IN I THINK WE TOOK IN $27 MILLION, AND NOW WE ARE TAKING IN MUCH MORE THAN THAT AND WE ARE RAISING A GREAT DEAL OF MONEY, INCLUDING WE ARE BEING HELPED BY SOME WONDERFUL DONORS. BUT IT HAS BEEN -- AGAIN, IT'S REALLY MONEY GOING TO THE REPUBLICAN PARTY MORE SO THAN ME. I WILL SAY, JOE, IT HAS BEEN AN INTERESTING PROCESS, BUT ITS GRUELING WORK AND THERE'S NO QUESTION ABOUT IT.

KERNEN: THAT'S MY POINT. THERE'S A LONG WAY TO GO AND THERE'S THE DEBATES, AND A LOT OF TRAVEL INVOLVED. I WOULD THINK WE WILL HAVE – I DON'T KNOW WHETHER SHE IS GOING TO RELEASE MORE RECORDS OR I DON'T KNOW HOW THE CLINTON CAMPAIGN DECIDES TO DEAL WITH THIS, BUT IT WILL ALL COME OUT AT SOME POINT BECAUSE IT'S SO GRUELING THAT IF SOMEBODY IS NOT WELL IT WILL BE TOUGH TO GO THROUGH THIS PROCESS.

TRUMP: WELL, IT IS. WHAT WAS INTERESTING, BECAUSE THEY SAY PNEUMONIA ON FRIDAY BUT SHE WAS COUGHING VERY VERY BADLY A WEEK AGO AND EVEN BEFORE THAT IF YOU REMEMBER, AND THIS WAS NOT THE FIRST TIME. IT'S VERY INTERESTING TO SEE WHAT IS GOING ON. I WANT HER TO GET BETTER AND I WANT HER TO GET OUT THERE AND I LOOK FORWARD TO SEEING HER IN THE DEBATE. I WILL SAY THIS, WITH THE SCHEDULING, IF YOU LOOK AT MY SCHEDULING AND COMPARED TO ANYBODY ELSE'S SCHEDULING, THERE'S NOT A CONTEST. I HAVE FOUND THE WHOLE CHALLENGE TO BE VERY INVIGORATING. IT'S ABOUT MAKING AMERICA GREAT AGAIN, AND THAT'S WHAT WE ARE DOING WE ARE GOING TO MAKE AMERICA GREAT AGAIN. SO MANY THINGS THAT CAN HAPPEN. FOR ONE THING WE HAVE TO GET THE BUSINESS TAXES DOWN. YOU KNOW, I SPEAK TO YOUR VIEWERS WHEN I SAY THAT, BUT WE ARE BRINGING THE RATE DOWN FROM 35% TO 15%, AND BUSINESSES WON'T BE LEAVING OUR COUNTRY ANYMORE AND BUSINESSES ARE GOING TO BE REINVIGORATED AND IT WILL BE A GREAT THING TO WATCH, AND NOT SINCE REAGAN HAS ANYBODY PROPOSED ANYTHING LIKE THIS.

KERNEN: JUST HAD ONE OF OUR FREQUENT GUESTS ON JEFF SONNENFELD, AND I THINK HE BRINGS UP A GOOD POINT. HE ASKED ME TO ASK YOU ABOUT THE POINT HE WAS MAKING THAT BIG BUSINESS AND BUSINESS ACROSS THE BOARD SEEMS TO HAVE TROUBLE FINDING ITS VOICE NOW WITH A LOT OF THE COUNTRY, AND WE KNOW THAT THE PRIVATE SECTOR, BIG BUSINESS AND SMALL BUSINESS, THAT'S WHERE THE JOBS COME FROM. WHY DO YOU THINK THAT IS? I KNOW YOU TALK ABOUT FAIR TRADE AS WELL AS FREE TRADE, AND DO YOU THINK THE RHETORIC ON BOTH SIDES OF THE CAMPAIGN HAS CAUSED THERE OR ARE THERE ANY OTHER REASONS BUSINESSES ARE SPRT PF HELD IN DISREGARD AT THIS POINT?

TRUMP: WELL I LISTEN TO MARK, AND FRANKLY HE'S RIGHT, BUSINESS HAS LOST ITS VOICE AND TAXES ARE WAY TOO HIGH, I WILL TELL YOU THE OTHER THING I FIND WHICH IS ACTUALLY A LITTLE SURPRISING IN WHAT I FIND AND GOING AROUND TO ALL OVER, BIG BUSINESS AND SMALL BUSINESS, I AM MEETING EVERYBODY, AND WHAT I FIND IS EVEN MORE DISCONCERTING TO BUSINESS REGULATIONS, AND IF YOU WOULD HAVE TOLD ME BUSINESS REGULATIONS WOULD BE MORE IMPORTANT TO PEOPLE THAN GIVING THEM A MAJOR TAX CUT FROM 35% TO 15% AND IF YOU WOULD HAVE SAID REGULATIONS ARE MORE IMPORTANT THAN THAT AND I WOULD HAVE SAID NO WAY. REGULATION IS MUCH MORE IMPORTANT TO THE BUSINESS THAN EVEN THE BIG TAX CUT. I AM SO SURPRISED BY IT. WHEN YOU THINK ABOUT IT, YOU CAN START TO UNDERSTAND IT. BUSINESSES ARE BEING PUT OUT OF BUSINESS BY REGULATIONS AND EVERY DAY NEW REGULATIONS COME DOWN, AND I AM NOT ONLY TALKING ABOUT SMALL BUSINESS I AM TALKING ABOUT MASSIVE BUSINESSES TELLING ME, DONALD, YOU HAVE TO DO SOMETHING, THEY ARE PUTTING US OUT OF BUSINESS. LOOK WHAT IS HAPPEINING WITH THE ENERGY BUSINESS, THEY ARE MAKING IT IMPOSSIBLE FOR THEM TO COMPETE IT'S SO ONEROUS, BUT THAT'S –JUST ONE OF MANY BUSINESSES - IT'S ALMOST LIKE IT HAS BECOME A BUSINESS, THE BUSINESS OF CREATION OF REGULATION AND THE BUSINESS OF REGULATION IS TURNING OUT TO BE A VERY BIG BUREAUCRACY, AND I AM GOING TO KNOCK THE HELL OUT OF IT. WE NEED FOR SAFETY AND ENVIRONMENT, CERTAIN RULES AND REGULATION ARE OBVIOUSLY A GOOD THING, BUT I'LL BET YOU ABOUT 75-80% OF IT, THEY ARE TOTALLY UNNECESSARY. IT MAKES IT HARD FOR OUR COMPANIES TO COMPETE WITH FOREIGN COMPETITORS

KERNEN: IT'S LIKE NEVER CLEAN OUT YOUR REFRIGERATOR AFTER THE EXPIRATION DATE. ALL THE REGULATIONS THAT WERE EVER PUT IN NONE OF THEM EVER GET TAKEN OUT AND THERE'S BEEN CALCULATIONS IT'S HUNDREDS OF BILLIONS OF DOLLARS THAT HAVE BEEN ADDED TO BUSINESS COSTS OVER THE EIGHT YEARS OR SO.

BECKY QUICK: YOU REFERRED TO WHAT MARK WEINBERGER WAS JUST SAYING RIGHT BEFORE YOU WERE ON THE GLOBAL HEAD OF ERNST AND YOUNG. PART OF WHAT HE SAID WAS HE DOESN'T HEAR FROM EITHER CANDIDATE HE DOESN'T ENDORSE ONE CANDIDATE OR THE OTHER BUT HE SAID THE BUSINESS COMMUNITY IS CONCERNED BECAUSE THEY ARE NOT HEARING ENOUGH ABOUT THINGS ABOUT TRADE OR IMMIGRATION OR AT LEAST THAT ARE NOT HEARING ABOUT THINGS THEY WANT TO HEAR. HOW DO YOU REASSURE SOME OF THE GLOBAL LEADERS THAT IT'S SOMETHING THAT YOU ARE WORKING ON AND YOU WILL HAVE POLICIES AND WILL REFLECT WHAT THEY WANT TO SAY?

TRUMP: I WOULD LOVE TO SPEAK TO MARK DIRECTLY IF HE WOULD WANT, BUT I THINK I ADDRESSED TRADE AND IMMIGRATION --

QUICK: I DON'T THINK HE LIKED WHAT YOU SAID.

TRUMP: I AM THE KING OF ILLEGAL IMMIGRATION AND I WILL STOP IT AND NOBODY TALKS ABOUT IT MORE THAN I DO, AND WE HAVE TO STOP IT, AND NOT ONLY IMMIGRATION, BUT THE DRUGS THAT ARE POURING ACROSS. OUR YOUTH IS BEING POISENED AND YOU GO TO PLACES LIKE NEW HAMPSHIRE, WHERE IT IS THEIR NUMBER ONE THING HEROIN, IT COMES FROM THE SOUTHERN BORDER AND YOU GO TO OHIO, AS AN EXAMPLE, AND I WAS THERE TWO DAYS AGO AND THE BIGGEST COMPLAINT THEY HAVE IS WHAT IS POURING IN IT IS POISENING THE YOUTH OF OUR COUNTRY AND LOTS OF OTHER PEOPLE BY THE WAY. NOBODY TALKS ABOUT IT MORE THAN I DO, AND IT'S MY ISSUE, AND HILLARY CLINTON WANTS TO HAVE OPEN BORDERS AND LET WHOEVER WANTS TO COME INTO THE COUNTRY COME IN AND LET THE DRUGS POUR IN. IT IS RIDICULOUS I MEAN IT IS REALLY RIDICULOUS AS FAR AS TRADE IS CONCERNED I AM A FREE TRADER, FIRST OF ALL TOTALLY FREE TRADER, AND I THINK JOE KNOWS THAT AND YOU KNOW THAT, BUT I WANT TO MAKE GOOD TRADE DEALS. A LOT OF TIMES I WILL SAY WE HAVE TO RENEGOTIATE NAFTA, WHICH IS A DISASTER FOR OUR COUNTRY. NAFTA IS THE WORSE TRADE DEAL EVERY MADE NOT IN THIS COUNTRY, BUT THE HISTORY OF THE WORLD. IT HAS DRAINED OUR COUNTRY OF BUSINESSES. WHAT I WANT TO DO IS RENEGOTIATE NAFTA. WHEN PEOPLE HEAR THAT, THEY SAY I AM AGAINST TRADE BUT I AM NOT AGAINST TRADE BUT I WANT TO MAKE GOOD DEALS. NAFTA IS A ONE-WAY STREET INTO MEXICO AND OTHER PLACES, IT IS A ONE WAY STREET NOTHING COMES THROUGH HERE, WHAT COMES TO OUR COUNTRY THROUGH NAFTA AND IT'S A ONE-WAY STREET TO THE POOR HOUSE. WE ARE LOSING OUR BUSINESS ON A DAILY BASIS, GOING INTO DIFFIERENT COUNTRIES BUT MEXICO IS THE EIGHTH WONDER OF THE WORLD. AND I HAVE A FRIEND THAT BUILDS PLANTS, AND HE TELLS ME THE PLANTS HE IS BUILDING IN MEXICO ARE UNBELIEVABLE WHAT IS HAPPENING AND I SAID HOW ARE WE DOING IN THE UNITED STATES, AND HE SAID NOT SO GOOD, IT'S TERRIBLE. I WANT TO RENEGOTIATE TRADE DEALS AND MAKE THEM GREAT. WE SHOULD BE HAPPY ABOUT THAT AND NOT UPSET ABOUT THAT.

QUICK: SPEAKING OF MEXICO, YOUR RECENT VISIT THERE, AFTERWARDS THE FINANCE MINISTER LUIS FIDIGARE RESIGNED AND STEPPED DOWN IN WHAT WAS SEEN AS A HUGE HIT TO THE PRESIDENT THERE. AND HE WAS A GUY EDUCATED IN THE UNITED STATES AND IF YOU TALK TO AMERICAN BUSINESS LEADERS, HE WAS PAVING THE WAY FOR MORE AMERICAN INVESTMENT IN MEXICO AND COME CROSS WORK BACK AND FORTH AND ARE YOU SORRY TO SEE HIM GO?

TRUMP: I AM LUIS WAS A GREAT GUY AND LUIS SAID MR TRUMP WAS DOING VERY WELL IN THE CAMPAIGN, AND WE ARE DOING NOW AND WE ARE DOING WWELL IN THE SWING STATES AND WE ARE LEADING IN MANY POLLS AND WE ARE LEADING IN THE OVERALL POLLS AND CNN JUST CAME OUT WITH A NUMBER THAT I AM LEADING BY TWO POINTS OVERALL AND WE ARE DOING VERY WELL AND I THINK WE ARE GOING TO START TO DO BEYOND THAT. WE HAVE A TREMENDOUS SCHEDULE TO GO, AND EVEN TODAY I AM GOING TO THREE DIFFERENT STATES. YOU KNOW, LUIS SAW THAT, AND HE WANTED TO ARRANGE A MEETING AND I THINK IT WAS A VERY POSITIVE MEETING. I THINK THEY LOST A TREMENDOUS TALENT THE WITH HIM AND I BELIEVE HE WILL BE BACK IN MEXICO, I REALLY DO, AND I BELIEVE HE WILL BE BACK AT A HIGH LEVEL. HE'S A REALLY GOOD GUY AND A REALLY GOOD TALENT. I THINK THAT -- I THINK HE PROBABLY GOT A LOT OF PUBLICITY AND IT WAS GOOD FOR OUR COUNTRY THE MEETING I HAD AND IT WAS VERY GOOD FOR THE UNITED STATES AND PERHAPS IT WAS NOT PERFECT FOR MEXICO BUT MEXICO HAS TO UNDERSTAND IT'S NOT A ONE-WAY STREET. WE HAVE TO GET SOMETHING OUT OF THE DEALS ALSO. WE ARE GETTING NOTHING.

KERNEN: SHIFTING GEARS TO, YOU KNOW, OUR BREAD AND BUTTER, AND THAT'S BUSINESS ISSUES AND THE FED. WE ARE SO OBSESSED WITH THE FED YOU MADE COMMENTS A WEEK OR TWO ABOUT ARTIFICIAL MARKETS, THE FIRST TIME MAYBE THREE OR FOUR MONTHS AGO WHEN WE TALKED ABOUT IT AS A REAL ESTATE GUY YOU SAID I LIKE LOW INTEREST RATES, AND I THINK I DON'T KNOW WHETHER YOUR POSITION SHIFTED A LITTLE BECAUSE THE FED HAS BEEN AT ZERO FOR SO LONG AND EVERYBODY THINKS IT'S NOT DOING THAT MUCH AND ARE THEIR NEGATIVE AFFECTS AND DID YOU COME TO THE CONCLUSION THAT MAYBE IT CAN'T STAY AT ZERO FOREVER AND WHAT DO YOU THINK THEY SHOULD DO IN SEPTEMBER?

TRUMP: IT'S STAYING AT ZERO BECAUSE SHE'S OBVIOUSLY POLITICAL AND DOING WHAT OBAMA WANTS HER TO DO AND I KNOW THAT'S NOT SUPPOSED TO BE THE WAY IT IS, BECAUSE THAT'S WHY IT'S LOW, AND AS SOON AS THEY GO LOW THE STOCK MARKET WILL GO WAY DOWN, AND DON'T FORGET, I CALLED BREXIT AND DID A LOT OF CALLING AND WHAT THEY ARE DOING IS, I BELIEVE IT'S A FALSE MARKET. MONEY IS ESSENTIALLY FREE. I DON'T INVEST IN THE STOCK MARKET AND I THINK YOU SAW THE STOCKS I BOUGHT, AND I BOUGHT A LOT OF STOCK AND I AM NOT A STOCK MARKET GUY, AND I BOUGHT IT BECAUSE I DID NOT USE BORROWED MONEY WHEN I INVESTED BUT ITS LIKE FREE MONEY, AND THE STOCKS WENT WAY UP AND THEN I SOLD THEM BECAUSE WHEN I DID THIS, WHEN I DECIDED TO DO THIS I FIGURED MAYBE THERE'S A CONFLICT OF INTEREST, WHO KNOWS, AND WITH THEM THEY ACCUSE YOU WITH ANYTHING SO I FIGURED I WOULD SALE, AND ANYBODY COULD HAVE MADE MONEY. BUT LET'S SEE WHAT HAPPENS WHEN INTEREST RATES GO UP. I THINK THEY ARE KEEPING THEM DOWN AND THEY WILL KEEP THEM DOWN LONGER AND ANY INCREASE AT ALL WILL BE A VERY, VERY SMALL INCREASE, JOE, BECAUSE, YOU KNOW, THEY WANT TO KEEP THE MARKET UP SO OBAMA GOES OUT AND LET THE NEW GUY, WHOEVER -- LET'S CALL IT A NEW GUY, YOU KNOW, BECAUSE I LIKE THE SOUND OF THAT MUCH BETTER, BUT THE NEW PERSON BECOMES PRESIDENT, LET HIM RAISE INTEREST RATES OR HER RAISE INTEREST RATES AND WATCH WHAT HAPPENS TO THE STOCK MARKET WHEN THAT HAPPENS BECAUSE YOU HAVE NO CHOICE. THE PEOPLE THAT WERE HURT THE WORST ARE PEOPLE THAT SAVED THEIR MONEY ALL THEIR LIVES AND THOUGHT THEY WOULD LIVE OFF THEIR INTERESTS AND THOSE PEOPLE ARE GETTING JUST ABSOLUTELY CREAMED. THE ONES THAT DID IT RIGHT, THEY SAVED THEIR MONEY AND CUT DOWN ON THEIR MORTGAGES AND DID ALL THE THINGS THEY DID EVERYTHING EXACTLY RIGHT, AND NOW THEY ARE GETTING PRACTICALLY ZERO INTEREST ON THE MONEY THEY WORKED SO HARD FOR OVER 40 YEARS. I MEAN, THOSE PEOPLE HAVE REALLY BEEN -- YOU CAN ALMOST SAY DISCRIMINATED AGAINST. THE INTEREST RATES ARE KEPT DOWN BY PRESIDENT OBAMA. I HAVE NO DOUBT THAT THAT'S THE REASON THEY ARE BEING KEPT DOWN.

QUICK: WHAT MAKES YOU THINK THAT?

TRUMP: AS A REAL ESTATE PERSON, I LOVE IT. BUT FOR THE LAST 14 MONTHS I HAVE NOT BEEN EXACTLY ACTIVE -- I DO RUN MY BUSINESS AND SPEND A LOT OF TIME ON MY BUSINESS, I HAVE TO BE HONEST WITH YOU BECAUSE I AM RUNNING BOTH A CAMPAIGN AND BUSINESS, WHICH IS NOT SO EASY, BUT I CERTAINLY HAVE NOT DONE AS MANY DEALS AS I WOULD NORMALLY DO, BUT I LOVE LOW INTEREST RATES, BUT FOR THE COUNTRY SOMETHING HAS TO HAPPEN. I DON'T THINK IT'S GOING TO HAPPEN VERY MUCH BECAUSE HE WANTS TO GO OUT AND HE WANTS TO PLAY GOLF FOR THE REST OF HIS LIFE AND HE DOESN'T CARE WHAT IS GOING TO HAPPEN AFTER JANUARY.

KERNEN: LET'S SAY, DONALD, THAT WE DO SOME OF THIS AND LET'S SAY WE CUT TAXES, AND WE CAN'T FIND ENOUGH WASTE IN THE GOVERNMENT TO PAY FOR EVERYTHING, AND WE DO INFRASTRUCTURE AND WE ALREADY HAVE THIS INCREDIBLE, YOU KNOW, DEFICIT RUN-UP TO WHERE WE ARE PAYING INTERESTS ON THAT. IF RATES GO UP, WHAT ARE WE GOING TO DO? IT'S GOING TO BE MUCH MORE EXPENSIVE TO FUND WHAT WE HAVE ALREADY DONE?

TRUMP: IT'S A TREMENDOUS PROBLEM FOR THE COUNTRY AND WE ARE TALKING ABOUT RATES THAT ARE PRACTICALLY AT ZERO, IF I REFINANCE SOMETHING I GET MONEY FOR ALMOST NOTHING. TO A CERTAIN EXTENT, IT'S WONDERFUL, I LOVE IT AND I AM GETTING AS MUCH LONG TERM STUFF I CAN AND I HAVE LITTLE DEBT, BUT I WILL TELL YOU THIS, JOE, AT SOME POINT IF RATES EVER GO UP TO A MORE NATURAL LEVEL, YOU KNOW, THESE ARE THE LOWEST RATES IN HISTORY, AND IF RATES GO UP, WE HAVE $20 TRILLION, YOU KNOW, AND WE DOUBLED OUR DEBT UNDER OBAMA, DOUBLED IT. EXACTLY, BY THE TIME HE LEAVES IT WILL MORE THAN HAVE DOUBLED IN EIGHT YEARS, AND IN EIGHT YEARS WE DOUBLED WHAT HAPPENED OVER HUNDREDS OF YEARS, THINK OF IT. WE DOUBLED THE DEBT OVER THE LAST EIGHT-YEAR PERIOD, AND THE WORST PART ABOUT THE DOUBLING OF THE DEBT, WE HAVE NOT GOT ANYTHING WITH IT, WE HAVE NOT REBUILT BRIDGES OR HIGHWAYS OR ROADS OR AIRPORTS AND OUR AIRPORTS ARE A DISASTER AND ROADWAYS AND TUNNELS ARE DANGEROUS. THE WHOLE THING IS A MESS. WE ARE $20 TRILLION AND OUR INFRASTRUCTURE IS A DISASTER, AND WE SPENT $6 TRILLION IN THE MIDDLE EAST, AND WE COULD HAVE REBUILT OUR COUNTRY TWICE, AND THAT'S BECAUSE IT WAS RUN BY POLITICIANS THAT DON'T HAVE A CLUE AND OUR COUNTRY IS IN TROUBLE. IT'S ONE THING IF WE HAD $20 TRILLION AS CRAZY AS THAT NUMBER S. BUT OUR ROADS ARE NEW AND BRIDGES ARE BEAUTIFUL, AND MANY OF THEM ARE IN DANGER OF FALLING DOWN AND YOU SEE THE REPORTS AND IT'S A VERY, VERY SAD THING WHAT IS GOING ON. WE HAVE A COUNTRY THAT NEEDS MASSIVE INVESTMENT AND AT THE SAME TIME WE ARE AT $20 TRILLION.

QUICK: MR. TRUMP, CAN I GO BACK TO THE FED FOR JUST A MOMENT?

TRUMP: YES.

QUICK: BECAUSE WHAT YOU SAID ABOUT JANET YELLEN ABOUT HOW SHE IS OBVIOUSLY POLITICALLY – AND SHE IS DOING WHAT OBAMA WANTS HER TO DO. I MEAN, THAT PLAYS INTO A STREAM THAT WE HAVE SEEN FROM THE LEFT AS WELL. JUST LAST WEEK, SENATOR ELIZABETH WARREN WAS WORKING WITH A GROUP CALLED FED UP WHERE THEY ARE TRYING TO PUT CONSTRAINTS ON THE FED AND GET THEIR ARMS AROUND IT A LITTLE MORE. I WONDER, IN A TRUMP ADMINISTRATION, WOULD YOU BE TRYING TO PUT MORE CONSTRAINTS ON THE FED AS WELL?

TRUMP: WELL, WHAT I WOULD WANT TO DO IS HAVE A POLICY – I WOULDN'T GO BY WHAT POCAHONTAS WANTS YOU TO DO, BECAUSE HER AGENDA IS OBVIOUS. I MEAN, SHE'S A DISASTER. SHE IS ALSO ONE OF THE LEAST EFFECTIVE SENATORS IN THE UNITED STATES SENATE. NOBODY UNDERSTANDS THAT, BUT SHE'S DONE NOTHING. BUT I WOULD WANT TO HAVE A POLICY WHERE WE CAN START TO AT LEAST GENTLY REDUCE DEBT, WE CAN GET THINGS UNDER CONTROL, BECAUSE RIGHT NOW, IT'S NOT UNDER CONTROL. WHAT HAPPENS IF INTEREST RATES GO UP FAIRLY SUBSTANTIALLY? AND WITH ALL OF THE MONEY WE HAVE AND WE ARE BORROWING, YOU KNOW WHAT THAT DOES TO OUR BALANCE SHEET?

QUICK: WELL, OBVIOUSLY. IT'S HUGE.

TRUMP: THAT IS A COST THAT IS BEYOND BELIEF. EVERYBODY IS FIGURING THESE CRAZY LOW INTEREST RATES. WELL, THEY ARE NOT ALWAYS GOING TO BE THIS WAY. AND IT WON'T BE ABLE TO BE THIS WAY BECAUSE OF MARKET AND MARKET COMPETITION. AND WHAT IS GOING TO HAPPEN WHEN INTEREST RATES GO UP? AND THEY COULD GO UP. HEY, I WAS THERE WITH JIMMY CARTER WHERE INTEREST RATES – I THINK THE PRIME RATE WENT TO 21 OR 22%. YOU'RE PROBABLY TOO YOUNG TO REMEMBER THOSE DAYS, BECKY.

QUICK: NO, I REMEMBER MY PARENTS HAD A CRAZY HIGH – LIKE 18% MORTGAGE RATE AT ONE POINT. IT WAS INSANE.

TRUMP: YEAH, I MEAN IT WAS – BUT I SAW IT. 21%. I THINK THE PRIME RATE WENT TO 21%. SO, YOU THINK THAT CAN NEVER HAPPEN AGAIN. IT'S LIKE THE BASEBALL PLAYERS. THEY HAVE A GOOD SEASON AND THEN THEY GO OUT AND THEY LIVE LIKE THEY ARE GOING TO HAVE THEIR SEASON FOR THE REST OF THEIR LIVES AND IT DOESN'T WORK OUT THAT WAY. THAT'S WHAT WE ARE DOING. WE ARE LIVING LIKE WE ARE GOING TO HAVE NO INTEREST RATES, BECAUSE WE ARE PAYING ALMOST NO INTEREST. THAT'S, YOU KNOW, THE NUMBERS ARE SO LOW. NOW, SHE'S KEEPING THEM ARTIFICIALLY LOW TO GET OBAMA RETIRED. WATCH WHAT IS GOING TO HAPPEN AFTERWARDS. IT IS A VERY SERIOUS PROBLEM. AND I THINK IT IS VERY POLITICAL. I THINK SHE IS VERY POLITICAL AND TO A CERTAIN EXTENT, I THINK SHE SHOULD BE ASHAMED OF HERSELF. BECAUSE IT IS NOT SUPPOSED TO BE THAT WAY.

QUICK: BUT THIS GETS TO THE QUESTION OF FED INDEPENDENCE. WE HAVE THIS NOTION THAT THE FEDERAL RESERVE OPERATES INDEPENDENTLY FROM THE ADMINISTRATION, FROM CONGRESS AND THERE ARE QUESTIONS ON ALL SIDES SURROUNDING THE FED RIGHT NOW ABOUT PEOPLE WHO THINK THEY ARE NOT AND FINDING WAYS TO DO THAT. I GUESS THE QUESTION OF FED INDEPENDENCE IS THE BIGGEST ONE I HAVE.

TRUMP: WELL, I USED TO THINK THAT THE JUSTICE DEPARTMENT WORKED INDEPENDENTLY ALSO. AND I USED TO THINK THAT THE FBI WAS INDEPENDENT ALSO. BUT THAT'S OBVIOUSLY NOT POSSIBLE BECAUSE HILLARY CLINTON IS GUILTY AS HELL AND EVERYBODY KNOWS IT. ANY THIRD-RATE LAWYER WILL TELL YOU THAT. I MEAN, IT'S OBVIOUS, IT'S JUST – ALL YOU HAVE TO DO IS READ IT AND WATCH. SO I USED TO THINK THEY WERE INDEPENDENT. I USED TO HOPE THAT THE FED WAS INDEPENDENT. AND THE FED IS OBVIOUSLY NOT INDEPENDENT. IT'S OBVIOUSLY NOT EVEN CLOSE TO BEING INDEPENDENT.

KERNEN: I GUESS YOU SAW THE MARKET REACTION TO BREXIT WAS NOT WHAT ANY ECONOMIST EXPECTED. IN FACT, CHRISTINE LAGARDE, MR. TRUMP, SAID THAT SHE'S TALKED TO ALL THE BEST ECONOMISTS IN THE WORLD AND IT WAS GOING TO BE AN UNMITIGATED DISASTER IF BRITAIN VOTED TO LEAVE. AND INSTEAD, I MEAN, NOT ONLY HAS THE STOCK MARKET DONE BETTER, BUT A LOT OF THE ECONOMIC METERICS HAVE IMPROVED THERE BECAUSE OF THE WEAKER POUND AND EVERYTHING ELSE. IS THAT, YOU THINK, AN INDICATION THAT MAYBE – I MEAN, GLOBALIZATION IS IMPORTANT, BUT THEN AGAIN SO IS LOOKING OUT FOR NUMBER ONE IN THIS CASE, WHETHER IT'S BRITAIN OR THE UNITED STATES. MAYBE THERE IS SOMETHING TO THAT.

TRUMP: WELL, THEY CALL ME MR. BREXIT OVER THERE, SO WE WILL SEE WHAT HAPPENS. I WILL TELL YOU, I PREDICTED IT. I CALLED THAT. OYU KNOW, THEY WERE – I TOOK SUCH HEAT, JOE, YOU WOULDN'T BELIEVE IT. BUT I SAID I THINK IT IS GOING TO PASS BECAUSE I OWN TURNBERRY IN SCOTLAND AND I OWN A LOT OF OTHER PROPERTY IN THE UK. AND THEY ASKED ME TWO WEEKS BEFORE WHEN IT WASN'T – AND I SAID NO, I THINK IT IS GOING TO PASS BECAUSE THE PEOPLE WANT INDEPENDENCE AND THEY ARE TIRED OF TAKING IN PEOPLE FROM OTHER COUNTRIES THAT, YOU KNOW, POTENTIALLY WANT TO BLOW THEM UP. AND THE PEOPLE OF THE UK WERE VERY, VERY SMART AND IT PASSED. AND I THOUGHT IT WOULD PASS. AND OBAMA SAID IF IT PASSES, THEY ARE GETTING TO THE BACK OF THE LINE, WHICH I ACTUALLY THINK HELPED IT PASS, IF YOU WANT TO KNOW THE TRUTH. BUT, YOU KNOW, THAT IS THE WAY IT IS. THEY WANTED INDEPENDENCE. I THINK IT WAS VERY SMART. I THINK THE UK IS GOING TO DO BETTER BECAUSE OF IT BECAUSE THE WHOLE THING WITH THE, YOU KNOW, TYING IT ALL UP LIKE THAT, IT HAS BEEN A TERRIBLE THING. I NEEDED CERTAIN APPROVALS ON A JOB, AND I COULDN'T GET – I COULD GET THEM FROM THE COUNTRY, BUT I COULDN'T GET THEM – NATIONALLY IT WAS IMPOSSIBLE TO GET ANYTHING APPROVED. IT WAS HORRIBLE. AND THEY WANTED – THE UK WANTED INDEPENDENCE. AND THEY GOT IT. AND YOU KNOW WHAT? I THINK THEY ARE GOING TO BE BETTER OFF FOR IT AND IT'S TURNING OUT. NOW, IT'S A VERY SHORT PERIOD OF TIME, BUT IT'S TURNING OUT TO BE BETTER SO FAR. AND THEY ARE VERY HAPPY ABOUT IT. I TELL YOU WHAT. IF A VOTE WERE TAKEN TODAY, IT WOULD DO EVEN BETTER. THEY ARE VERY HAPPY ABOUT IT. AND I, AS AN INVESTOR OVER THERE, BIG INVESTOR OVER THERE, HAVING TREMENDOUS PROPERTIES OVER THERE, I LIKE IT BETTER.

KERNEN: YOU MADE SOME COMMENTS ABOUT THE PRESIDENT'S RECENT TRIP TO ASIA AS WELL. IN TERMS OF IT NOT BEING AS MAYBE WELL RECEIVED AS THE, YOU KNOW, HEAD OF THE, YOU KNOW, THE LEADER OF THE FREE WORLD SHOULD BE. ANY ADDITIONAL COMMENTS ON THAT?

TRUMP: WELL, WHEN YOU SAY "WELL RECEIVED," THEY WOULDN'T EVEN GIVE HIM A STAIR TO GET OUT OF THE PLANE, JOE. THAT IS CALLED NOT-SO WELL RECEIVED. I MEAN, THE GUY COULDN'T GET OUT OF THE AIRPLANE. THIS IS THE FIRST TIME THAT THE GREAT AIR FORCE ONE, WITH ITS INCREDIBLE HISTORY, HAS LANDED WHERE THEY WOULDN'T GIVE HIM STAIRS TO GET OUT OF HIS AIRPLANE. OK? IT WAS TERRIBLE. HE HAD TO GET OUT OF THE – THEY CALL IT THE MECHANIC STAIRS. THAT'S THE STAIRS THEY USE TO FIX THE PLANE. YOU KNOW, WHEN SOMEBODY HAS TO RUN UP AND FIX A LIGHT BULB, RIGHT? SO THIS IS OUR PRESIDENT. AND BY THE WAY, SHORTLY BEFORE, THEY SHOWED OTHER HEADS OF STATE FROM OTHER COUNTRIES COMING DOWN ON THESE MAGNIFICENT STAIRWAYS WITH RED CARPET. HE CAME DOWN ON THE MECHANICS STAIR. AND DON'T FORGET, WHEN HE LANDED IN CUBA, CASTRO WASN'T THERE TO GREET HIM. WHEN HE LANDED IN SAUDI ARABIA, NO HIGH OFFICIALS WERE THERE TO GREET HIM. NOW THE DIFFERENCE BETWEEN ME AND HIM, IF I WOULD HAVE LANDED IN CUBA – FIRST OF ALL, I WOULD HAVE MADE A MUCH BETTER DEAL THAN HE MADE, BUT THAT'S OK – AND IF SOMEBODY TOP WASN'T THERE TO GREET – NOT ME, BUT OUR NATION, BECAUSE IT'S REALLY OUR NATION – I WOULD HAVE TOLD THE CAPTAIN, CLOSE UP THE DOORS AND LET'S GO BACK TO WASHINGTON. AND THE SAME THING WITH SAUDI ARABIA. AND FRANKLY, THE SAME THING WITH CHINA. I HAVE NEVER SEEN ANYTHING LIKE IT. THEY WERE STANDING THERE, THEY WOULD NOT PROVIDE THEM WITH THE STAIR AND HIS PEOPLE WERE FIGHTING ON THE RUNWAY WITH THE CHINESE OFFICIALS. YOU SAW THAT. WHAT A SIGN OF TOTAL DISRESPECT. IT'S LIKE THE IRANIANS RUNNING THEIR LITTLE BOATS ALL AROUND OUR DESTROYERS AND MAKING CRUDE GESTURES AT OUR SAILORS. IT'S LIKE THAT. AND YOU SAY, HOW DOES THIS HAPPEN? OR, LIKE THE IRANIANS, WHERE THEY CAPTURED OUR TEN SAILORS, JOE, AND THEY WOULDN'T HAVE EVER GIVEN THEM BACK, UNLESS – THE ONLY PROBLEM WAS THE MONEY STARTED POURING IN, SO THEY HAD TO GIVE THEM BACK BECAUSE THEY WANTED THE $150 BILLION, WHICH PAYMENTS STARTED TWO DAYS AFTER THAT. SO OBVIOUSLY, THEY GAVE THEM BACK ONLY FOR THAT REASON. IF IT WEREN'T FOR THAT, THEY WOULD HAVE KEPT THEM – THEY WOULD STILL BE THERE. SO THERE'S A GREAT LACK OF RESPECT. BUT WHAT I SAW IN CHINA WHERE THEY WOULDN'T PROVIDE STAIRS COMING OUT OF AIR FORCE ONE – THEY WOULDN'T DO IT – WAS, TO ME, INCREDIBLE.

QUICK: MR. TRUMP, YOU ARE KNOWN AS A GREAT NEGOTIATOR WITH THE ART OF THE DEAL. YOU'VE MENTIONED YOURSELF THAT YOU WOULD NEGOTIATE BETTER TERMS IN A LOT OF THESE DEALS. I WONDER WHAT YOU WOULD DO ABOUT NORTH KOREA? BECAUSE AFTER THIS LATEST NUCLEAR BOMB THAT THEY'VE SET OFF, THE LATEST I READ THIS MORNING WAS THAT THE NORTH KOREANS ARE SAYING THAT THIS IS LAUGHABLE, THE IDEA OF ADDITIONAL SANCTIONS. HOW WOULD YOU GET A BETTER DEAL WHEN YOU ARE POTENTIALLY DEALING WITH A MAD MAN?

TRUMP: WELL, WE ARE DEALING WITH A MAN WHO HAS GOT SOME DIFFICULTIES, THERE'S NO QUESTION ABOUT IT. BUT I WILL SAY THIS, LOOK, CHINA HAS TREMENDOUS POWER OVER NORTH KOREA. TREMENDOUS POWER. AND ALSO, IRAN IS ONE OF THEIR BIGGEST TRADING PARTNERS. NOW, WHEN WE MADE THIS HORRIBLE IRAN DEAL, ONE OF THE MOST INCOMPETENT DEALS I HAVE SEEN, THEY SHOULD HAVE PUT IN THINGS LIKE YOU HAVE TO STOP FIGHTING IN YEMEN, YOU HAVE TO HELP US WITH NORTH KOREA BECAUSE THEY ARE ONE OF THEIR BIGGEST TRADING PARTNERS. IRAN ACTUALLY HAS A CERTAIN DEGREE OF POWER OVER NORTH KOREA. BUT THE ONE WHO REALLY HAS POWER, WHO CAN CUT THEM OFF COMPLETELY, IS CHINA. NOW, CHINA DOESN'T LIKE TO SAY THAT THEY HAVE POWER BECAUSE THEY WANT TO TWEAK THE UNITED STATES. LOOK WHAT CHINA IS DOING. THEY ARE BUILDING IN THE SOUTH CHINA SEA A MASSIVE MILITARY FORTRESS. NOW, WE HAVE A LOT OF POWER OVER CHINA BECAUSE THEY SUCK US DRY, THEY TAKE OUT – AND I LIKE THE CHINESE. LOOK, I HAVE THE BIGGEST BANK IN THE WORLD AS MY TENANT AND ALL OF THE DIFFERENT THINGS. I MEAN, I HAVE GREAT RELATIONSHIPS WITH CHINA. AND THEY KNOW WHAT I SAY IS TRUE. IN FACT, THIS TENANT JUST RENEWED THEIR LEASE. I COULDN'T BELIEVE IT. ACTUALLY, I FIGURED THEY WOULD NEVER – YOU KNOW, WHY WOULD THEY RENEW THEIR LEASE WITH ME, RIGHT? BUT THEY JUST RENEWED THEIR LEASE. THEY OBVIOUSLY LIKE THE BUILDING. BUT WE HAVE TREMENDOUS POWER OVER CHINA BECAUSE THEY TAKE SO MUCH – THEY SUCK SO MUCH MONEY OUT OF THE UNITED STATES. WE SHOULD GET CHINA TO FIX THAT PROBLEM. WE SHOULD USE OUR ECONOMIC POWER BECAUSE WITHOUT US, CHINA WOULD BE IN SERIOUS TROUBLE. THEY HAVE – THEY TAKE TREMENDOUS AMOUNTS OF DOLLARS OUT OF THE UNITED STATES. WITHOUT US, CHINA WOULD BE IN TREMENDOUS PROBLEMS AND WE SHOULD BE ABLE TO DO THAT. BUT WE DON'T HAVE LEADERSHIP, WE DON'T HAVE THE PEOPLE THAT CAN GET THEM TO DO THAT AND WHEN YOU ASK THE CHINESE, OH, WELL, WE DON'T WANT TO GET INVOLVED. OK? THEY DON'T WANT TO GET INVOLVED. WELL, IN THE MEANTIME, THIS GUY IS DEVELOPING THE REAL DEAL. TWO YEARS AGO THEY WERE SAYING OH, HE COULDN'T LIFT OFF THE ROCKET SHIPS. WELL NOW THEY ARE THE REAL DEAL. AND IT IS GETTING BETTER AND BETTER ALL THE TIME. AND HE'S, I THINK, BEING HELPED BY IRAN, OK? I THINK THEY ARE BEING HELPED BY IRAN. BUT YOU LOOK AT THEIR TECHNOLOGY AND IT'S GETTING BETTER ALL THE TIME. AND SOMETHING DAMN WELL BETTER BE DONE FAIRLY SOON, BECAUSE ONCE HE IS SET, YOU KNOW, AS YOU SAY, HE MAY BE OR MAY NOT BE A MAD MAN, BUT HE'S GOT EVIL INTENTIONS, THERE'S NO QUESTION ABOUT IT.

QUICK: YOU KNOW, WHEN YOU REFER TO CHINA, THEY ARE SUCKING A LOT OUT OF US IN TERMS OF THE ECONOMY. BUT THEY ALSO OWN, I BELIEVE, THE LARGEST PERCENTAGE OF OUR DEBT. SO THEY HAVE A BIG CHIT WITH US AS WELL. SOMETHING LIKE $1.25 TRILLION.

TRUMP: WELL, IT'S ALL THE MORE POWER WE HAVE OVER THEM, OK? WE HAVE MORE POWER. BECAUSE OF THAT, WE HAVE MORE POWER OVER THEM. YOU DO UNDERSTAND THAT RIGHT, BECKY?

QUICK: RIGHT, BECAUSE OF THE IDEA THAT IF YOU OWE THE BANK $100 THEY OWE YOU IF YOU OWE THEM?

TRUMP: YEAH. LOOK, WE OWE CHINA $2 TRILLION, OKAY? $2 TRILLION. I MEAN, HARD TO BELIEVE, BUT THAT'S WHAT IT IS. THINK OF IT. THEY SUCK THE BLOOD OUT OF US AND WE OWE THEM MONEY. THAT IS A HARD ONE TO DO. THEY ARE MAGICIANS.

QUICK: BUT WE WOULDN'T DEFAULT ON THAT MONEY, RIGHT?

TRUMP: THEY TAKE ARE MONEY OUT AND WE OWE THEM MONEY ON TOP OF IT. SO, I CALL THEM GREAT MAGICIANS.

QUICK: BUT WE WOULDN'T DEFAULT ON THAT DEBT. I MEAN, THAT IS U.S. SOVEREIGN DEBT.

TRUMP: NO, YOU'RE NOT GOING TO DEFAULT ON THAT DEBT. BUT WE HAVE A LOT OF POWER. WE HAVE A LOT OF POWER. NO, WE WOULD NOT DEFAULT ON THE DEBT. ALTHOUGH, YOU COULD MAKE THE CASE, I MEAN, CHINA HAS DEFAULTED WITH US BECAUSE IF YOU LOOK AT WHAT THEY ARE DOING WITH INTELLECTUAL PROPERTY, $300 BILLION A YEAR. I MEAN, YOU LOOK AT WHAT THEY ARE DOING WITH THE WAY THEY STEAL OUR INTELLECTUAL PROPERTY, OUR INTELLECTUAL RIGHTS, I MEAN, IT'S CRAZY WHAT THEY ARE DOING. I MEAN, THEY TAKE – THERE'S LIKE NO LAWS THAT PERTAIN TO THEM. SO YOU COULD CERTAINLY MAKE A CASE IN A COURT WHAT THEY HAVE DONE TO US IS INCREDIBLE. WE DON'T HAVE – AND THEN THEY COME OVER AND THEY GET STEAK DINNERS, OK? WE GIVE THEM STEAK DINNERS. HONESTLY, IT'S A VERY SAD THING HOW CHINA HAS OUT NEGOTIATED US. IT'S VERY SAD. CHINA COULD SOLVE THE PROBLEM WE HAVE WITH NORTH KOREA IN ONE DAY IF THEY WANTED TO.

KERNEN: SO WE HAVE A COUPLE OF MORE – I DON'T KNOW HOW MUCH TIME WE HAVE LEFT, BUT I WANT TO TALK ABOUT THE DEBATES AND HOW YOU ARE PREPARING FOR THOSE. WHETHER YOU LIKE THE MODERATORS THAT ARE SELECTED. AND I WOULD LIKE TO SEE WHAT WE HAVE BEEN TALKING ABOUT. INSTEAD OF MAYBE AD HOMINEM STUFF, THAT WE ARE PROBABLY GOING TO GET, MR. TRUMP. BUT IT WOULD BE GREAT TO HAVE SOME OF THE DISCUSSION WE JUST HAD. REAL QUICKLY, IN THE WALL STREET JOURNAL. SO THE WALL STREET JOURNAL ISN'T A – IF YOU ARE GOING TO GET SOMEWHAT OBJECTIVE TREATMENT, I FIGURE YOU ARE GOING TO HAVE TO LOOK HERE. BUT THE HEADLINE TODAY "ARE CLINTON AND TRUMP HEALTHY ENOUGH TO SERVE?" SO, AT LEAST THEY ADDRESS THE CLINTON ISSUE, BUT THEY HAD TO THROW YOU IN THERE, TOO, AS WELL.

TRUMP: THEY ALWAYS DO.

KERNEN: YEAH, EXACTLY. WOULD YOU RELEASE YOUR FULL HEALTH RECORDS IF SHE RELEASES HERS?

TRUMP: YEAH. WELL, JOE, YOU KNOW WHAT I DID? YOU WILL BE VERY PROUD OF ME. I SAW WHAT WAS GOING ON WITH HER, AND I SAID, YOU KNOW, I'M GOING TO GO DO SOMETHING. AND I ACTUALLY TOOK A PHYSICAL LAST WEEK AND WILL PROBABLY, I GUESS THIS WEEK WE ANNOUNCE THE RESULTS OF IT. THEY COME IN. I DID PRETTY MUCH THE WHOLE DEAL. BECAUSE I THINK WE SHOULD. I THINK WE SHOULD DO THAT. AND SO, I WILL BE ANNOUNCING – I'LL BE SOMETIME DURING THE WEEK I'LL BE HANDING OUT A PAPER WITH VERY LARGE NUMBERS, VERY DETAILED – HOPEFULLY GOOD STATISTICS. I FEEL VERY CONFIDENT. OTHERWISE, I PROBABLY WOULDN'T BE TELLING YOU I DID THIS, RIGHT? BUT I'LL BE RELEASING SOMETHING THIS WEEK IN GREAT DETAIL AS TO A PHYSICAL. I LIKE THAT. AS FAR AS THE DEBATES ARE CONCERNED, THE SYSTEM IS BEING GAMED. BECAUSE EVERYBODY SAID THAT I WON THE SO-CALLED FORUM THAT YOUR GROUP PUT ON. BUT THEY ALL SAID I WON AND THAT MATT LAUER WAS EASY ON ME. WELL, HE WASN'T. HE WAS, I THOUGHT HE WAS VERY PROFESSIONAL, I HAVE TO BE HONEST. I THINK HE HAS BEEN TREATED VERY UNFAIRLY BUT THEY ALL SAID THAT I WON. AND WHAT THEY ARE DOING IS THEY ARE GAMING THE SYSTEM. SO THAT WHEN I GO INTO THE DEBATE, I'M GOING TO BE TREATED VERY, VERY UNFAIRLY BY THE MODERATORS. SO, I MEAN, I CAN SEE THIS IS NO DIFFERENT THAN THE GREAT BOBBY KNIGHT, WHO I AM A BIG FAN OF AND HE ENDORSED ME, AND BOY DID THAT MEAN A LOT FOR INDIANA. BECAUSE I WON IN A LANDSLIDE AFTER GETTING BOBBY KNIGHT'S ENDORSEMENT. BUT BOBBY WOULD DO NUMBERS ON THE REFEREE AND TOWARD THE END OF THE GAME, THEY WOULD JUST SORT OF, YOU KNOW, VERY MAYBE SUBCONSCIOUSLY, THEY WOULD GIVE HIM THE CALLS. AND HE WAS A MASTER AT IT. WELL, THEY ARE DOING THE SAME THING NOW. THEY ARE SAYING ABOUT HOW MATT LAUER WAS NICE TO TRUMP. HE WASN'T NICE TO ME. HE WAS ON TOUGH ME. HE GAVE ME TOUGH. I ANSWERED THEM BETTER THAN SHE DID. THE FACT IS THEY ARE GAMING THE SYSTEM. AND I THINK, MAYBE WE SHOULD HAVE NO MODERATOR. LET HILLARY AND I SIT THERE AND JUST DEBATE. BECAUSE I THINK THE SYSTEM IS BEING RIGGED. SO IT'S GOING TO BE A VERY UNFAIR DEBATE. AND I CAN SEE IT HAPPENING RIGHT NOW BECAUSE EVERYONE'S SAYING THAT HE WAS SOFT ON TRUMP. WELL NOW, THE NEW PERSON IS GOING TO TRY AND BE REALLY HARD ON TRUMP JUST TO SHOW THE ESTABLISHMENT WHAT HE CAN DO. SO, I THINK IT'S VERY UNFAIR WHAT THEY ARE DOING. SO I THINK WE SHOULD HAVE A DEBATE WITH NO MODERATOR, JUST HILLARY AND I SITTING THERE TALKING.

KERNEN: ALRIGHT. MR. TRUMP, WE APPRECIATE ALL THE TIME YOU HAVE GIVEN US THIS MORNING. I KNOW YOU HAVE SOME OTHER THINGS ON YOUR SCHEDULE. AND WE WILL TALK TO YOU AGAIN SOON, HOPEFULLY.

TRUMP: THANK YOU. THANK YOU VERY MUCH, JOE AND BECKY. THANK YOU.

KERNEN: ALRIGHT. YOU ARE WELCOME. ALRIGHT.

QUICK: THANK YOU, MR. TRUMP.

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