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CEOs vs. Obama

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  • Description

    O.co CEO Patrick Byrne discusses why many executives are fed up with the president’s economic policies.

  • Duration 6:47
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Hello welcome everybody I'm lower -- -- -- David Athens tonight well how well known democratic donor now blasting the president.

Saying -- -- people are sitting on their money in fear of the administration's policies.

Steve -- CEO Wynn Resorts heard ranting to investors during a conference call about this company's quarterly numbers and -- ended X.

-- keep making speeches about redistribution.

And maybe we ought to do something to businesses that don't invest their holding too much money.

You know we haven't heard that kind of talk except from pure socialist.

Well we'll remember this was on wings earnings call and he hasn't dying trashing the president.

And I'm telling you that the business community in this country is frightened to death but be.

Weird political philosophy of the president of the United States and -- always gone.

Everybody's going to be certain other folks I'm saying it bluntly.

That this administration.

Is the greatest wet blanket.

To business.

And progress in job creation in my lifetime.

The biggest wet blanket that's in Joseph -- -- wind as we mentioned is a big donor to Democrats like Hariri.

But it's -- -- that he soured on the administration's policies long ago.

Listen to this debate with economist mark stands -- FOX News Sunday back in 2009.

The recession is over it's no accident that the recession -- ended when the stimulus is providing its maximum that the benefit Steve when Chris Chris the economists have had their moment.

-- really everybody who has absolutely no experience.

In ensuring people.

Creating jobs have had their moment.

But it's pretty.

Patrick burns CEO of -- dot co also known as over -- dot com joins us now for his analysis.

Patrick great to see a case of being with us are wins is widely shared in the business community I mean he just did not hold back.

Oh I think there widely shared I would say that the only thing he's got it wrong.

Is this.

-- and claim that these.

That the ideas of the Obama administration or weird or not we -- they're actually very normal.

Within a small segment of America that I would say call -- the intellectual left.

Among whom I spent many years of my life great people find people.

But there these ideas are not far you go do you go to Berkeley.

College campus and you talk to the professors -- Harvard and you'll find that that's.

Barack Obama's dead in the mainstream of that very close hermetically sealed intellectual community so not.

-- weird just wrong and not applicable to today's economic troubles.

That's your business and some of that challenges are facing right now.

Well actually our our business we've been profitable couple years -- generating lots of cash we've.

But that's aren't everything going on on Wall -- art instruction and hiring workers holding back to capex because -- uncertain about.

Dodd-Frank regulation Obama care center -- Know what were hiring would try to hire workers but we're -- a lot of trouble attracting.

Workers to move because even when we were gonna deal and they seem to -- willing to move they find that they cannot sell their house.

And -- hours -- day or moved North Carolina they can't sell their house.

And they won't move because they can't sell their house so as long as the federal government is manipulating the pricing in the housing market.

-- and preventing their from being an -- a carrying a correction.

And a re allocation of resources it's really coming up the labor markets that's actually.

The press doesn't talk about that as much as they -- but that that and I dynamic alone is really quite pernicious.

That being the labor market is getting gum up at least -- sort of the professional tier of workers because people can't sell their homes and move.

So would you suggest -- the federal government needs to back off and stop acting as an impediment to the housing market because we know.

The housing market is probably even weaker link then the labor market right -- -- The labor market is adding jobs albeit very slowly in a frustrating pace but home prices according a lot of economists -- -- -- believe are forecast to drop down several more percentage.

Points.

Or I and they suddenly they sure at a mid -- several more it may -- 50% more.

But so the government is there -- propping specially worry we have central planning that -- -- central planning.

They're trying to reduce that they distort the capital market -- -- the credit market.

In order to make mortgages cheap to prop up housing prices so they get reelected by these people well there's other people who lose the -- -- would otherwise be buying houses.

What they don't business owner can incentive by incentivize.

Good talented workers to bring them.

To Overstock.Com.

Can you possibly does it cover their living expenses or do anything to bridge them so they can get to -- and buy some time to it.

Get -- perhaps underwater property off the market so they can enjoy the benefits of having good employment.

We do some of that but it's too.

Sometimes the gap is too big somebody has a house that was -- they they bought a few years ago in San Jose for 800000 dollars.

Now they're only gonna get 500000 dollars they just can't take the head.

They can't move -- act to -- when Steve Wynn's arguments and consternation as well deserved I think that that's pretty representative.

Of how the business community feels at this point that.

We have people running the show who seem to really not have the slightest idea how the world works frankly.

So business it -- dot -- is doing well we know you're expanding into the insurance.

Business offering quotes from what I sent me a little bit more about that in what was behind the decision to go this route.

Well.

Yes we we turn on a few nights ago attack.

No dot -- where you can coming -- housing -- car insurance for now we may be adding other types.

You come and -- and you enter your stuff about your house and it comes back with quotes from six or seven different competing insurance companies.

On average were getting reported price savings of 468.

Dollars.

Now it's a little bit like -- -- -- the -- commercials where you go and you look a year and -- information progressive and give you their price -- five or six other -- progressive never gives you -- you know.

Doesn't -- and went cheaper -- -- sure you Geico for example has got a computer.

That in our case were not the carrier were.

Were -- we can bring you quotes from sic forum six or seven different insurance companies at a time.

And you can see how.

It's you can in five or ten minutes get it.

Quote on your housing -- auto and on average you'll save hundreds of dollars -- well good luck with the endeavor Patrick -- Thanksgiving I guess that.

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