(CNN)  -- Donald Trump visited "Larry King Live" on Wednesday night to tout his new book, "Think Like a Champion." In a wide-ranging interview, Trump shared his thoughts on how to prosper in this economy, Bernie Madoff, how President Obama is doing, taxes and his daughter's love life.

On CNN's "Larry King Live" Wednesday night, Donald Trump said it's a great time for entrepreneurs.

The following interview has been edited for brevity and clarity:

Larry King: Why this book?

Donald Trump: A lot of people wanted me to do a book right now about these troubled times that we're all in.

And it's been sort of interesting. They're great times, as an entrepreneur. I don't think I've ever seen better times as an entrepreneur. But the world is a mess, and the country is a mess.

King: Why [is it a] good time for an entrepreneur and not necessarily for others?

Trump: Well, this is a time for smart people. This is a time for entrepreneurial people. This is a great time for people like me -- and maybe people like you, Larry, because I know you're a great investor. ...

Weren't you involved with [Bernie] Madoff?

King: A little bit, yes. You weren't, huh? How did you resist him?

Trump: Honestly, I got lucky. He might have duped me like he did a lot of other people. He is a disaster. But now he's where he belongs.

King: With troubled times like this for the average guy, is this the time to think like a champion?  Watch Larry King's entire interview with Donald Trump »

Trump:  This is the best time to think like a champion. As an example, the house is being foreclosed. You go see your bank -- maybe you can make a deal, maybe you can't. But you can make a deal with a bank on another house, and much better than the one you're living in. ... They'll do any deal to get rid of their product.

They have houses by the thousands. And you go see that bank and you make a deal.

King: How do you assess [Barack Obama]?

Trump: Well, I really like him. I think that he's working very hard. He's trying to rebuild our reputation throughout the world. The previous administration was a total disaster, a total catastrophe.

And, you know, the world looks at us differently than they used to. ... He was handed a pretty bad deck of cards. And I'm not saying I agree with everything he's doing. ... I do agree with what they're doing with the banks. Whether they fund them or nationalize them, it doesn't matter, but you have to keep the banks going.

King: Do you assess him as a champion?

Trump: Oh, yes, he's a champion. I mean, he won against all odds. When he first announced, people were giving him virtually no chance. And he's just done something that's amazing.

King: Is fear harmful in this [economic] situation, Donald, or is it realistic?

Trump: Well, I think it's realistic. People are afraid. They're scared. They're losing their jobs. They're losing their homes. And certainly there is a word known as fear, and there's nothing wrong with being fearful.

But you have to do something about it. And that's what I write about in the book. You go out. You go to the right place, where there's better employment. You get a trade where they really need people.

King: Have you had to lay off people? Because it seems everyone has had to do that.

Trump: It's a sad thing, but whether it's "The Apprentice" or not,  the fact is you
Who is rebuilding U.S. reputation? Who does Trump like? what does Trump think has been a disaster who does Trump say he likes
[Barack Obama]? [Barack Obama]? [Bernie] Madoff? [Barack Obama]?
question: Who is rebuilding U.S. reputation?, answer: [Barack Obama]? | question: Who does Trump like?, answer: [Barack Obama]? | question: what does Trump think has been a disaster, answer: [Bernie] Madoff? | question: who does Trump say he likes, answer: [Barack Obama]?