On “Morning Joe” this morning, Donald Trump provided a window into his future cabinet choices and explains what he means when he says that the stock market is "in a bubble like you have never seen before."



"Without proper leadership, I predict you're going to see some very, very bad things happening economically" over the coming years, Trump warned. "You know who gets hurt? The people that saved their money."



"China is killing us, Mexico is killing us, Japan is killing us. Everybody is beating us. We have incompetent people negotiating trade. We are losing money at every single step. We don't make good deals anymore...



We don't have our best and our brightest negotiating for us. We have a bunch of losers, we have a bunch of political hacks. We have diplomats...



I know the smartest guys on Wall Street. I know our best negotiators. I know the overrated guys, the underrated guys, the guys that nobody ever heard of that are killers, that are great. We gotta use those people...



Guys like Jack Welch. I like guys like Henry Kravis. I'd love to bring my friend Carl Icahn. I mean, we have people that are great...



I'm telling you, we're in trouble. We have a president who is incompetent, doesn't know what he's doing. And this country is going to go down. We have got a lot of problems in this country...



I know China. China cannot believe they're getting away with what they're getting away with."





Full Transcript:



DONALD TRUMP: Mitt Romney let a lot of people down last time. He was supposed to do better and he like disappeared. He choked. Something happened to him at the end last time.



The country is in trouble. We have a big fat bubble coming up. You watch. We have artificially induced low interest rates, we have a stock market which has benefited me, but we are in a bubble like you have never seen before.



SCARBOROUGH: Explain.



TRUMP: Probably we have 20 percent unemployment, not 5.6 percent. So I just think the country is doing terribly. We're ripped off by everybody, every country, including China, big league. Including Mexico.



SCARBOROUGH: So describe the bubble. You're talking about this bubble. What bubble?



TRUMP: We are in an economic financial bubble, in my opinion. It's got to be fixed fast. We owe $18 trillion, I would say going to the $20 trillion mark pretty quickly. You know, you look at what's going on. So we'll see what happens here, but I predict some bad things. Without proper leadership, I predict you're going to see some very, very bad things happening economically.



You probably have a 20 percent unemployment rate. You have interest rates -- I borrow money, like I'm buying the Old Post Office. You pay, like nothing. They give you free money. Now, that's bad; that's not good.



SCARBOROUGH: And we've always heard -



TRUMP: You know who gets hurt? The people that saved their money, Joe. They saved their money. They did it the way you're supposed to. For 30 years, they saved their money. Always -- now they go to the bank, they're getting a getting a quarter of 1 percent on their savings. Those are the people, the middle class - the middle in this country has been wiped out.



BRZEZINSKI: That's what I want to ask you. So what policies would you put in place? What changes would you make to try to lift up the middle class in ways that has not been accomplished before? Specifically.



TRUMP: The biggest thing we have to do is new trade agreements. China is killing us, Mexico is killing us, Japan is killing us. Everybody is beating us. We have incompetent people negotiating trade. We are losing money at every single step. We don't make good deals anymore.



SCARBOROUGH: Give us an example.



TRUMP: And that's why, Joe, I go out to speak, and I think Mark will tell you, although he's only about 70 percent there. But I think he will say I get the biggest crowds, I get the biggest ovations. I'm getting very good poll numbers and nobody until yesterday thought I was running. I mean, we're doing - it's funny. It's funny.



SCARBOROUGH: Well, actually, that's what we said yesterday. But give us an example of how, because a lot of people believe that, right now, especially while we're negotiating the latest trade deal, that the United States is always out-negotiated on trade deals. Give me a good specific example of that.



TRUMP: Well, because China and all of these people, Mexico is the new China, by the way, Mexico is unbelievable, what they're doing with cars and with industry. They are taking our business like we're a bunch of babies.



We don't have our best and our brightest negotiating for us. We have a bunch of losers, we have a bunch of political hacks. We have diplomats. And China puts the people -- hey, look. I know the smartest guys on Wall Street. I know our best negotiators. I know the overrated guys, the underrated guys, the guys that nobody ever heard of that are killers, that are great. We gotta use those people.



We're using people --



SCARBOROUGH: So who would be a guy?



TRUMP: I'll give you an example.



SCARBOROUGH: Who's your Secretary of Treasury?



TRUMP: Joe, let me give you an example. Caroline Kennedy, I have seen "60 Minutes". She goes in, she says to the White House, oh, I would love a job. Would you like to be? Ambassador to Japan. Really, wow. She's like a negotiator for us in Japan. It's ridiculous. Japan is doing a number on us with the yen. You know, they just devalued the yen yet again.



SCARBOROUGH: Right.



TRUMP: We don't have people that know what's going on.



SCARBOROUGH: So, again, specifically, who -- give us a name on Wall Street that you might consider as a Secretary of Treasury, that'll be a tough negotiator.



TRUMP: I'll tell you what, I'd like guys like Jack Welch. I like guys like Henry Kravis. I'd love to bring my friend Carl Icahn. I mean, we have people that are great. We have people that are better than any of their negotiators.



SCARBOROUGH: That are tough.



TRUMP: We don't use them, Joe. We use people that are soft and weak and frankly stupid and incompetent.