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I guess we should and our special guest is the former chairman.
And CEO of the New York Stock Exchange who has endured very rough -- down here in the past Dick Grasso joining us exclusively on the phone.
Dick thank you for being here when you.
Heard about the downgrade first let's get your reaction to that of the US credit rating what did you think what -- did that.
Well first was in Charlie always great to be with you and it's on a day like today.
A lot easier to be remote that it is standing where you watch that I you know I was a little bit take it back -- uncertainties.
Political spin to the downgrade.
You know I don't want to join Terry Mike my good friend Terry Duffy and shooting a dead horse here but you know remember the words of Winston Churchill count on.
America -- always do the right thing after they've tried everything else now I think that you know our politicians put on.
-- show comparable to the making of sausage over the last.
Few weeks you know you may like the -- -- but never watch it being made.
I think the political judgment that has since He is made it almost suggests that -- we're not going to be able to get our act together and that's pure nonsense.
Well -- what makes you predict what makes you think we are gonna get our act together we have studied.
I'm not a big -- defendant -- succeed ever happen.
Beat and beat up by the years but if you have a political apartment where you need to do something to get growth remember broke is a big problem here.
-- high unemployment you don't get the tax revenues get bigger deficit to borrow more.
You've got a political environment with both parties could not agree on a growth strategy.
Isn't this a political story.
Well I think I think it but you think there arbitrarily it used to challenge of growth we didn't make.
Over the first six months of this year suggest that we shouldn't be trying to.
They did it in essence.
Strip the top 1%.
Of their wealth in this country we should find a way it's okay but well to be deployed into the private sector -- -- -- -- let me give you one perfect example.
There you got two and a half trillion dollars sitting on balance sheets.
It overseas accounts of US corporations.
Alright if you gave them a tax holiday.
And -- that tax holiday didn't net incremental domestic employment.
Think of what you couldn't do.
It really really well on deck.
Meaning that you would have it written in there that you can't just bring the money back of them lay off a whole bunch of people that you couldn't do that at least.
-- is worries about the last time you can bring their money back dollar for dollar tax break provided Buick domestic employment.
Not down or not stays flat.
You know what you put people to work that the president has said and I think rightfully so we've got a crumbling infrastructure in this country.
But let's look at roads and bridges let's look at the collateral.
-- you know the top of that food chain the engineers of the architects to the people will be swinging shovels strongly like you and I want did.
OK but we don't -- people to work if we can it's a approach right I think what the market what the market is saying today is nonsense.
-- that the -- that this is one of those days.
That you know you say to yourself six months from now twelve months from now it certainly three years from now what was I think it you know.
Dick let me ask you this that you brought up the president's call for infrastructure jobs as -- was making that call today during his speech I noticed something really adjusted.
The Dow started to sell off massive as it was given -- speech.
It is it the market basically saying it was the president.
You haven't out of I did you did that infrastructure stuff we're tried to do it in 2009300.
Billion dollar stimulus package.
And it failed that's one of the reasons why we got downgraded Ford.
Actually I shall we Begin -- I -- -- I -- with the expecting Charlie was something that no one.
Other than the supreme being in the sky could deliver and that was a -- -- which would certainly tarnished from minus 474.
To the plus side I think what the market was expecting.
Is a plan and the president said he's going to deliver planned listen.
Utilizing the first to be critical what we experienced over the last couple years because.
A lot of the the public capital that went into saving financials went into in essence supporting.
Or trying to stimulate the economics of this country how does it work well now it's time.
For the president to stand on the capitol steps with the leadership from both sides of the aisle and say that nonsense is over.
We are going to put in place a plan of growth as you say stimulating.
Private sector reinvestment.
Bringing if you will the best minds in the world to bear on the subject.
He's got some very good advisors.
From the corporate community we've got to start listening to them.
You know Simpson Bowles would have averted all of this knowledge.
It's only listened to them.
That's right and lower tax rates plug the loopholes.
By the present growth but you know -- when you plug the loopholes the lobbyists come in from all the industries especially the mortgage industry it's a leave it where it ends.
Well you know what Liz this is it time.
-- is leadership in this country both sides of the -- no matter what you were political persuasion is just say this those lobbyists.
Remember I signed the checks.
I'm unique corporate America -- -- union America -- me if you will those in the public sector.
They'll be no checks if you try and sell this up because this is about America it's not about a particular political party.
I was you know I looked -- so I wish it was that easy -- I don't know which is rising He is -- right it's great to hear from you can I can get there.
And only -- like you're not here please tell your viewers.
They get -- -- don't do anything today.
You'll be happy about it up about a volume chill out -- the about half of -- of money out of down in Florida -- yeah well I think Dick thank you so much Dick Grasso former chairman and CEO of the New York Stock Exchange joining us exclusively thank you -- we'll -- -- just a minute I'm gonna.
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