Well, asking if the Yankees stink could have gotten a stronger reaction, I suppose:
MS. BARTIROMO: Mayor Giuliani, is London going to replace New York as the financial capital of the world?
MR. GIULIANI: Pardon me?
MS. BARTIROMO: Is London going to replace New York as the financial capital of the world, and if so, what are you going to do to change that?
MR. GIULIANI: (Laughs.) No how, no way. It's not going to happen. It's not going to happen. (Applause.)
MS. BARTIROMO: Well, we're seeing an increased number —
MR. GIULIANI: Come on.
MS. BARTIROMO: We're seeing increased amounts of business go to London. (Cross talk, Laughter.)
MR. GIULIANI: Let's stop all this stuff with our head down. London going to replace New York? Give me a break. Of course, London's not going to replace New York.
MS. BARTIROMO: Well, the number of IPOs is higher in London in '07 than in New York.
MR. GIULIANI: Or is the U.K. going to replace the United States of America? This is the strongest economy on earth. It's the last best hope of humanity. We have been like that. If this generation can't keep it that way, shame on us. This country is the leader in the world. When Congressman Tancredo talks about the immigration problem, how about — look at it this way.
What country do millions of people want to come to — the United States of America. What country — I don't care if they bash us all over the world. What country do they most want to come to? What country do they most want to copy? What are China and India trying to do? China and India are trying to develop themselves to be like us, which is why we've got a heck of a lot we can sell to them, if we just put on our entrepreneurial hats and act like confident Americans.
MS. BARTIROMO: So how do you explain the loss of business in New York going to London? How do you explain some companies complaining about Sarbanes-Oxley and complaining about — (inaudible) — society in America?
MR. GIULIANI: Well, I explain it based on some of the mistakes that we make when we overregulate and we overtax. Our corporate tax rate is the second highest in the world. The president of France wants to lower the corporate tax rate.
Everybody around the world wants to lower corporate tax rates but the leading Democratic candidates, who want to raise taxes 25 or 30 percent. (Applause.) That would be a disaster for this country.