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Members of the “Job Creators Alliance” break down why current regulations and financial practices have made job creation very difficult.
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Were created last month that's good but everyone is still upset that the unemployment rate is still too high so why is it -- Tonight and -- any job creator successful CEO it's my next guest created tens of thousands of jobs.
How and could they still do it in today's world.
Joining us now is John Allison former boss of BB&T the twelfth biggest bank in America.
And Mike -- CEO of heart of America group which runs dozens of hotels and restaurant so Michael start with you could you do it today what.
You did.
You know I I don't think so -- certain reasons very simple.
I had to have some bankers -- on main street small guys.
When common look me in the -- in -- you know maybe don't have a lot of credit maybe you don't have a lot of cash but I believe in you.
And -- -- character -- it isn't kind of thing you do in the beginning and that seed capital they're almost like venture capitalists.
They're almost -- -- and small town bankers have to pick and choose which one is gonna pay us back they do -- -- underwriting standards it can be dictated by Dodd-Frank with.
55 pages it's kind of a gut instinct and believing you I think you're gonna do it.
And you go back to that same group was small guys.
They're little house -- You're one of the one small guys you mean less money to people like him.
And now lend to lots of people could you have built the bank the way you did.
The rules now just listen to Mike -- -- -- small business might not first in your dog is an excellent to small businesses lot of farmers.
It would be very difficult to do you what we did in today -- what's in my major capital thing because the government regulations are so tight including setting credit standards messed dreary -- Particularly since that is the so called financial prices.
Insisted that come in and change credit standards the banking industry making it very hard for banks to finance small businesses I can see my Occupy Wall Street.
Viewers saying good.
Because their lack of standards standards is what led to the implosion -- president.
I don't like -- you here's what calls the financial crisis with a combination of Federal Reserve printing too much money because we didn't wanna have a correction.
-- related to a bubble in the residential real estate market -- so prom announcing.
That was -- write about long term government policy that goes all the way back related -- Nine Johnson trying to raise homeownership above was call the natural market right plus Fannie and Freddy and -- isn't -- -- is there anything any.
So what in small business lending that -- the crisis it was government policy and now.
90% of the banks in this country -- less than a billion dollars is the small guys that are have 37 employees in.
Less than a billion dollars in assets.
Where -- go down and look the guy I that is -- it did very simple process small banks.
-- small loans to small young companies and out of that you -- things is job produces.
All right and you didn't intend to be you weren't harmed laws schools.
-- intend to become an entrepreneur or what happened.
I still one and -- summer as an interior laugh for minutes and I'm gonna go crazy doing this and my favorite -- growing up was my trains that.
Started restaurant which is just like my big trains -- into play -- every -- and I get to -- who have played with right now -- build -- All Green hotel that's -- him solar hot water heating in -- do you lighting throughout in.
Because they don't want to or because you get subsidies from the taxpayer because we're have a lot of fun doing it is going to be cool product from them.
How did you become the head.
Of a monstrous was successful back -- -- -- -- -- it was a -- small banks and a worked up through the organization really trying to the bill itself it is true that varies view.
Students say it's needed -- try to don't want obesity and then what when Michael well what -- and like make a lot of money but that was nevermind go.
My goal is to do any thing I did better than anybody else had ever -- The high moral standard.
That's the goal of lot of people working in business the tune have to suck top tier bosses and and you reach the top.
Yeah I did a lot of self development -- -- interest real lot I've spent a lot of time.
Work and only my personal leadership development business I'm studying philosophy try to get a set of principles that we used in our business.
And I even did some what's called self awareness.
Because I was really good at math now -- a strong working with people -- -- motivated by money but his people nicely -- about bill that it's just -- and if we wanna create jobs and this is something people don't understand is a true free market there is no real -- Businesses will create jobs -- government obstacles.
One way or another that create all implement except some people changing jobs what we call structural real on -- Business -- love create jobs this fun.
Well thank you for creating -- job to John Allison and Mike -- stand by we have more for you late.
