Billionaire investor and Trump supporter Carl Icahn speaks with Fox Business Network's Neil Cavuto about the president-elect's proposals to reduce regulations on business and the energy industry, why working people supported Donald Trump, and whether or not he would consider taking a role in the Trump administration.



About Trump's appeal to working people, Icahn said: "The pundits all wonder what happened, but I think it was extremely simple... Think of a middle-class guy working out in the middle west. The real question is not why did he vote for [Trump], but why wouldn't he vote for him?"



"I said to Donald right in the beginning," Icahn continued. "His message was right on. The only one that could defeat Donald was Donald, and he didn't do it, he didn't defeat himself."



About regulations, Icahn said he didn't want Trump to "torpedo" the 2010 Dodd-Frank "Consumer Protection Act" because "Wall Street was responsible for 2008."



"That should have been regulated. It was obvious that is was going to blow up one day," he added.



Watch the full interview below.



Transcript:





CARL ICAHN: What Donald can get done is very important for the country. I think my giving advice can help somewhat, I hope, and I intend to do it if Donald wants to listen and to extent, I talked to him throughout this campaign.



But I tell you that -- people and pundits all wonder what happened, and I think it was extremely simple that if you think of a middle-class guy working out in the middle west, the real question is not why did he vote for him, but why wouldn't he vote for him?



Why would you keep going with this establishment? I don't know if you read the editorial I wrote in the Wall Street Journal today... I think it really comes to the point. I think it is, shall we say, a manifestation of what is going on, and why this economy is not working...



I've talked to Donald a number of times about the crazy regulations you have. The EPA is the perfect example of why people don't invest... They're asking companies to be responsible for blending, but no one will buy blended gasoline from a refinery... That's just one example of what goes on in the country with these unbelievable regulations.



Now, you need regulations, Neil, I don't in any way say that companies should not be regulated to some extent. In fact, I think you need Dodd-Frank to some extent more than even Donald does [think so].



NEIL CAVUTO: So on Dodd-Frank, you don't think he should torpedo it?



ICAHN: I don't think he should torpedo it completely. I think Wall Street was responsible for 2008. I say that now you're going to get another 2008...



That should have been regulated. It was obvious that that was going to blow up one day.



Everybody agreed to it. The same thing now. With business today, the problem is that you are completely strangled by too many regulations done by people that have no understanding whatsoever of business and the ramifications of it. And as a result -- as a result of those regulations, you don't have business spending.



I mean, Hillary Clinton herself said we should unleash the great amount of capital in our businesses, and she said that, but then she went onto say but we must regulate them and tax them. Obviously business is not investing.



If it doesn't invest, you have worn out tools. If you have worn out tools, you don't have productivity. If you don't have productivity, you can't compete. It's as simple as that...



I am the first to tell you I think there will be big bumps on the road. Nothing comes easily. You have Democracy, you have Congress, but we have done nothing in the past eight years to help business.



In fact, government is perceived to be at war with business. Therefore, it is not a great puzzle. All these pundits are wondering what is going on. Why isn't there productivity?



There isn't because we don't invest. You don't invest because you're perceived to be at war with the government. The government comes in and drives you crazy.



We finally got rid of that. We got rid of this albatross around our neck. And that's why I was with Trump right from the beginning and I believed he would win. Because the middle-class worker who doesn't have a good job, knows how to read very well, and knows how to work with the internet, Donald is a charismatic guy.



I said to Donald right in the beginning, he's a charismatic guy. He knows how to get the crowd behind him, and his message was right on. The only one that could defeat Donald was Donald, and he didn't do it, he didn't defeat himself.

Watch the full interview:



