Thanks very much Jack. Good question. Donald Trump is known for public feuds and he isn't shying away from another one. [Begin Clip] I think he feels left out. I think he feels like a loser. But that's what he is. [End Clip] You're going to find out who the real estate mogul is talking about in our candid one-on-one interview. That's coming up. Also, when she became the House speaker, Nancy Pelosi made ending the war in Iraq a top priority, so how does she explain her failure to do that after nine months? My exclusive interview with the speaker, that's coming up. And the verdict is in on polygamist leader Warren Jeffs and the charges he was an accomplice to rape. Stick around. You're in The Situation Room. More dismal news for the housing market today. Sales of existing homes dropped again last month. The National Association of Realtors says August sales were down more than four percent from July, pushing activity to the lowest level in five years. I spoke about the overall grim state of affairs with an expert, the real estate mogul, Donald Trump. [Begin Clip] Let's talk a little bit about a subject you know quite well, which is real estate, the housing market. Greenspan, Alan Greenspan said this the other day. He said we do know that the housing market has a significant way to go on the downside. Is he right? I think he's right. Yeah, I think the housing market, other than a place like Manhattan, which as you know from being here, has just hit an all-time high. Manhattan is doing unbelievably but it's very unique. It's a little island, there is no land on it, you know et cetera, et cetera. But outside of Manhattan and a couple of other places like Palm Beach, Florida, certain little places, the market is terrible, absolutely terrible. Because when we spoke six months ago, you didn't think it was going to be as bad as it's actually turning out. No, I told you I think we're going to have a housing problem. I've always said that. Who's responsible for that, the sub prime mortgages and all that? You know it is just one of those things that does happen. The builders get overly ambitious. They're doing great and all of a sudden they start building hundreds of thousands of houses many of which are not necessary, the lenders start giving out money too easily and frankly the borrower -- and the borrower gets -- you know almost in a way because of the lack of sophistication I least blame the borrower, although I do tell the borrower to go back to the banks and renegotiate your deal. The last thing they want is your house. You can make a good deal with the bank. Go back and renegotiate. They don't want your house. How is all this affecting your operation? Well, I'm mostly in Manhattan but I'm also building all over the world and the stuff on a world basis is unbelievable. You know the world is doing very well. You're building Trump buildings, where, in Dubai? I'm building in Dubai. I'm in Korea. I'm in many different places, China. I'm all over the place... Strong out there, but what about here? Here it's not good. But I'm not doing that much here. Because I know in Florida you've got some deals... Florida, but it's all sold in Florida and I did a big one in Las Vegas, 68 stories, tallest building... How is that doing... Sold out, it has been a great success. But I sold the units two years ago. If you were to sell now, it might not be... I don't know. I mean I don't even want to think about it. Alan Greenspan also suggests in his new book that the war in Iraq is all about oil. Do you think he's right about that? Well, the world is about oil, it seems. I mean, we -- think of this, we lower our interest rates through the Federal Reserve last week and the first thing that happens is essentially the oil producing states increase oil. Now, why don't we have a president that says, fellows, if you do this, you're going to be in big, big trouble. We lower the interest rates. Now there's a little margin and they raise oil. So that every time we lower, they raise oil and they're doing it, don't kid yourself. Between the oil companies and the oil-producing states, they are ripping off the world. But they're really ripping off the United States. We lower interest rates and immediately the oil price goes up. 80 dollars a barrel, that's... Nobody even talks about it anymore. You know they used to say at $50... Right. ... there's going to be war. Now it is $80 and people sort of take it routinely. Alan Greenspan suggested the Republicans deserved to lose last November, the majorities in the House and the Senate because of the fiscal irresponsibility, the spending, the budgets, the deficit. The vice president, Dick Cheney, took him on in an article in "The Wall Street Journal" last week. Who's right in this debate, Cheney versus Greenspan? I think Greenspan is right. I think Cheney wants to keep taxes low, and I respect that, because I happen to like paying lower taxes. But I think Greenspan is right. We have a huge deficit. But a lot of the deficit is caused by the war and the problems that we have with this war. I mean, we're spending $400 billion. And now it's going to be -- I read the most recent report. It looks like it's going to be 950 billion so far in Iraq... [Crosstalk] ... two to three billion a week... ... and we can't rebuild from Katrina. We have bridges that are collapsing and we're spending just hundreds of billions of dollars in Iraq. It doesn't make sense. Let me ask you about Dan Rather. He's suing CBS News, what, for $70 million because of the way things unfolded after he was let go. What do you think of that? Well, I know Dan Rather very well. He did a very inaccurate piece on me on "60 Minutes" and I let him have it. I told him. I mean that was one of the more inaccurate pieces. Dan Rather is a loser. Dan Rather had low ratings for years. I used to say whoever represents Dan Rather does a great job because he always was in third place. He always had terrible ratings and they wouldn't fire him. Now finally they get smart and fire him and he sues them. Explain it to me. I don't get it. You understand why he's doing this? I think he feels left out. I think he feels like a loser, but that's what he is. Donald Trump thanks very much. Had a good time. Thank you. Dan Rather's office, by the way, tells us he has no comment on Donald Trump's comments about him.