U.S. markets closed
  • S&P Futures

    -10.75 (-0.26%)
  • Dow Futures

    -50.00 (-0.15%)
  • Nasdaq Futures

    -46.50 (-0.33%)
  • Russell 2000 Futures

    -4.40 (-0.19%)
  • Crude Oil

    -0.33 (-0.52%)
  • Gold

    -3.40 (-0.19%)
  • Silver

    -0.10 (-0.38%)

    -0.0001 (-0.01%)
  • 10-Yr Bond

    +0.0430 (+2.81%)
  • Vix

    -0.32 (-1.93%)

    +0.0044 (+0.32%)

    +0.0720 (+0.07%)

    -5,065.43 (-8.25%)
  • CMC Crypto 200

    +7.26 (+0.52%)
  • FTSE 100

    +36.03 (+0.52%)
  • Nikkei 225

    +40.67 (+0.14%)

Scaramucci: ‘At this point, Donald Trump is the presumptive nominee’ of the ‘radical right’

Anthony Scaramucci, SkyBridge Capital Founder, joins Yahoo Finance's Kristin Myers and Julia La Roche, to discuss his thoughts on Trump's possible 2024 presidential bid, and more.

Video Transcript

KRISTIN MYERS: Welcome back to Yahoo Finance Live. Let's keep this conversation going with SkyBridge Capital's Anthony Scaramucci and Yahoo Finance's Julia La Roche, which we had started a little bit before the break. So Anthony, we started talking a little bit about politics. And of course, you were mentioning the radical left.

And I want to talk, actually, a little bit about the Republican Party and what you see going on there, of course, as we have the rise of Trumpism. We had CPAC just recently. He seemed to indicate that he would run again. I'm wondering that if he does, do you think that he'll be the presumptive nominee for the Republican Party?

ANTHONY SCARAMUCCI: Well, I don't I don't like the radical right any more than I like the radical left. And so, Donald Trump represents that now. He's perverted that party. He's turned it into a Trump personality cult more than it used to be a principle-based party. So but yes, I think Governor Romney, or now Senator Romney, is correct. At this point, Donald Trump is the presumptive nominee of that party. But I don't think he will be three or four years from now.

Number one, it's not clear to me he'll survive these legal issues that he has that are both criminal and civil legal issues. Number two, he'll be 78 years old. And number three, there are 10 or 12 people in that party that look at themselves in the mirror every morning and see a future president. And they will do everything they can to undermine him. They're not doing that right now because they're making the calculation that they need him for fundraising purposes, and he still seems to have some power in that base.

But give it a year's time or so. You'll watch him dissolve. I think, frankly, Governor Haley probably moved too quickly. Her political consultants probably told her to start railing on President Trump, and then she reversed course recently. So I guess, Governor Haley has to go out and buy a new compass or something like that and figure out which direction she'd like to go in.

But, you know, for me, I find the guy to be a terrible human being. And I think it's also if he's their guy, I think it's very good for the rest of us. Because weirdly, Donald Trump is a unifying figure. He just happens to be unifying all of us against him and those reckless people that believe in insurrection, that denounce democracy, that denounce our Constitution.

And so, this is a very weird brand of nationalism. You'd have to go back to the '40s, the early '40s, late '30s, with Charles Lindbergh and the first America First movement, where they think they're the only Americans. But the truth of the matter, America is this very beautiful, very colorful mosaic of people. It's what Lincoln called the last best hope for mankind. It's what Lee Kuan Yew called an unbelievable oasis of opportunity, the now deceased founder of Singapore.

And so, for me, I'm willing to fight for the country's principles related to the Constitution and the democracy over policy. And so, if that's where the Republicans are going and they go with Donald Trump, I look forward to, because I am a happy warrior, I look forward to beating them again and beating them, frankly, into the ground.

But I don't think that that will happen. They'll try to come up with a different person, who will try to blend in some Trumpism with some more practicality and common sense. That's the more likely outcome.

KRISTIN MYERS: Do you think that Trumpism is going to divide the Republican Party? Where does the Republican Party go with Trump in it?

ANTHONY SCARAMUCCI: So I think there's a good possibility. There is a large group of us that-- a working group that's working on ideas around the potentiality of starting another party. In 1992, when Ross Perot ran for president as a third party person, he got 19% of the vote that scared everybody in the duopoly. And so they strengthened that duopoly by making it much tougher at the state and local level for third parties to originate.

So it will take hundreds of millions of dollars to start that party. There are a lot of willing participants willing to make those contributions. And I think we can get 10% to 15% of the people away from what is now Trumpism, which is this perverse white Christian nationalism, which is no good to anybody. It would be bad for the world, bad for America. Trump made America weaker, sicker, and poorer in his four years.

Also, as a Republican, I don't even understand why they like this guy. He lost the presidency. He lost the House and Senate. He is the modern day Herbert Hoover for that party. But if they want to put him back up at the top of the food chain and make him the nominee, I think we can get 10% or 15% of the people to break off and liquidate that party and make that party a minority party for at least a generation.

So hopefully, they'll move away from him. I'm not exactly sure what they're afraid of. I know he's a bully, and he's lost his standing on Twitter now. I can't figure it out. But my guess is it will start to wane. Give it a year or two. As we get towards the midterm elections, I think people will realize this guy is a complete train wreck, and he'll start fossilizing before our eyes.

JULIA LA ROCHE: Anthony, I do want to kind of turn back to New York. I should mention you run a fund of funds. You know a lot of folks who are in the ultra high net worth category. So I do want to ask about policies and some things like proposals that are floating around now, for example, Senator Elizabeth Warren and a proposal for an ultra millionaire-- a tax on the richest Americans. What do you make of the policy suggestions? And what could be some of the consequences in places like New York?

ANTHONY SCARAMUCCI: So what I would say to plutocrats out there and high net worth individuals, that you need to get more involved in the political process because the idea that this notion is coming up is a lack of understanding of taxation, and it's a lack of understanding of the mobility of capital. One of my mentors, Ken Langone, once wrote in "The Wall Street Journal" that his money is not in $100 bills in a vacant swimming pool in his backyard. So his money is invested in companies. His money is invested in venture capital deals, publicly traded companies, privately traded companies.

And so when you go to do that, that sort of confiscation if you will, you will alter the behavior of people that are using their capital to create opportunity and aspiration for the American people. So I don't know where she's going with that. I would love to debate her on that. Of course, she would never debate somebody like me because I'll come to the game with common sense and practicality. And she'll come to the game with this nonsense that we need to rail on rich people, that they seem to be the scapegoat for everybody's problems.

So I was once poor. I don't want to say poor. I don't want to dishonor my dad by saying I was poor. I was once middle class. And I understand the struggle. And we have to make policies that are better for those people. So I would encourage my wealthy friends to stop being apathetic about politics, get involved.

Let me frame it for you this way, Julia. If you live in New York like I do, you're a minority partner in your own life at the upper income. Because if $1 comes in from my hard work, I've got to give about $0.55 of it away. Mayor de Blasio, Governor Cuomo, and President Biden, or my joint venture partners, and they happen to be the majority partners in my life. I'm a minority partner in terms of what I'm allowed to keep.

So shouldn't I get involved in the hiring decisions and the policy decisions of what these people are doing? So I think it's a mistake. People think, oh, let me just migrate to a low tax state. Well, you migrate enough people to a low tax state, you're going to get a lot of blue people in that state. And those states are going to become high tax states.

So, at the end of the day, this is a simplistic idea. It will be an abysmal failure for the country. You know, throw the country back into the Stone Age. But it's a jingoistic clever idea for people that don't have money. They say, oh, yeah, let's tax those people. But remember, it's like the butterfly effect. You'll start to unwind levels of the economy that you really don't want to do. And you can just look to places where they've tried this before. It's been an abysmal failure.

KRISTIN MYERS: All right, Senator Elizabeth Warren, the gauntlet has been thrown for a debate.

ANTHONY SCARAMUCCI: Yeah, 0% chance that will happen.

KRISTIN MYERS: Anthony Scaramucci, SkyBridge Capital founder.


KRISTIN MYERS: We're going to see. We're going to see. Anthony Scaramucci--


JULIA LA ROCHE: We'll host it here.

ANTHONY SCARAMUCCI: 0.0. You know, but anybody that wants to debate me on Yahoo Finance Live or any place about a wealth tax, please, I'd love to have them. They can pick the moderator, too, guys, OK? No problem for me.

KRISTIN MYERS: All right, we got to go, guys. Yahoo Finance's Julia La Roche, Anthony Scaramucci, thank you both so much for joining us today.