Billionaire activist investor Carl Icahn joined Neil Cavuto on Fox Business Network this afternoon for a wide-ranging interview on the markets and on his support for Donald Trump's candidacy. 

"I disagree with Trump on certain issues and I'm gonna talk to him about it. But right now he's definitely my pick. There's nobody close," he said.

Icahn said he supports Trump's plan, which was announced yesterday, to entice corporations to bring back cash stashed overseas. Trump said there would be a onetime 10% tax on the money in order to repatriate the estimated $2 trillion. 

"It's a no-brainer. It's insane not to [bring the money back]," Icahn said, adding that more and more companies are planning to leave the country entirely. 

When he launched his presidential campaign in June, Trump said he would offer the Treasury Secretary position to Icahn.

Icahn said he he would not accept the position, but would advise Trump to hire "guys like me" who understand what's going on in the business world.

He said right now the government and corporations are both "dysfunctional," with no accountability in corporate America. 

Icahn said he believes there is another massive bubble forming, just like before the 2007 housing crisis, and that interest rates must go up "to stop the crazy proliferation of high-yield debt." 

"I'm telling you, it's gonna blow up. You want a grenade? That's a grenade. You've got $2.2 trillion in high-yield bonds that Mr. and Mrs. Jones holds because the zero-rate keeps them from getting any return on their money. When that blows up, there is no one to buy them," Icahn warned.

He also said there's another housing bubble that hasn't revealed itself yet.

"People are buying things they don't understand," he said.

Watch the interview in the clips above and below.