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Fmr. BB&T CEO on the Economy

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  • Description

    Former BB&T CEO John Allison on the state of the economy and the government’s rising deficit.

  • Duration 4:44
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Is that the economy.

Is looking a bit better and that is what sending stocks higher but the recovery is still fragile.

And Washington could make it worse former BBN TC has done allison's it was a right now John how could watch -- did screw this up.

Today Neil I think that the real issue hanging on the economy he is a public policy decision and the biggest fear.

That I hear from business leaders of -- -- leading small business owners is what's is gonna happen to taxes.

And that the threat of -- rising taxes makes business is very very cautious.

And also I think all business leaders see that things are getting better of them -- was getting better but they're really worried that we don't have any real plan to deal with our long term deficit problems.

And and how -- we gonna bring down government expenditures as a percentage of the economy.

So we were faced with -- in the good news is an improving economy but I think that it's.

A selloff full economy we ought to be doing much better at this point in the in the recovery cycle.

If there was more clarity about the public policy -- concerned about taxes.

You know -- here's an added pleasure talking to have positive thousands of CEOs and the worst among the -- common theme among them.

They're very very.

Intense on deadlines deadlines matter making a deadline and even if the C doesn't totally and it's -- By the united and in that camp I'm just using this and they're worried to a man and woman ones I talk to present former.

This approaching deadline the end of the year which comes in -- any effect.

When the bush tax rates all expire.

This payroll thing expires.

A lot of key issues Medicare Medicaid all expire.

A lot of key issues on the health care law all expire.

And things and and and and programs have to be renewed or slice -- -- and that deadline is real and no one's talking about it.

Well there really is no plan to deal with all that if you look at Obama's.

Budget is it's politics not economics.

And and unfortunately and over the Republican plan plans are more politics and he's not only really serious budget -- -- is Ron Paul.

Who really is talking about deal with the long term structural issues.

We have a much bigger deficit than people realize -- you know we have very low interest rates was -- continued.

And also we are not accruing he knew where near the real economic call to such security Medicare.

If if the US government were business our deficits would be radically higher -- -- businesses have to accrue for future expect.

Also because there is happy to close the books on a budget and a quarterly performance and all of that it.

I guess -- -- is it if it looks like we're gonna be pushing this to be handed -- might be up to a lame duck session of congress.

To resolve these humongous issues so we're taking a -- all through the campaign year on these things.

As we pile up four billion dollars and more in debt for debt.

Then no matter who was elected him and what happens in the senate and the house of the White House where -- -- a lot deeper did it.

I agree with -- I think it is is the cultural issue insurgency as we as a society.

As -- to have while self this.

And that has been -- great American -- over the years and and we don't want to deal with the real issues we -- we -- we want -- kind of wish things to be so and I think that comes out of a kind of what cultural change.

That's related to whole entitlement.

Mentality in the home mentality that we can -- which way that the future yet.

A lot of people and our criticized in Europe girls are not happen.

A big recovery now -- they are at least in well at least on the surface.

Start to try to take on some of their real long term problems that may have some negative short term consequences we just want to wish our long term problems the way that doesn't work in the long term.

And I'm not sure the stock market is you know if it doesn't tend acting that long term perspective -- It's not what it was really optimistic 9020 -- and it was really optimistic.

For -- led recession that we're out of time if -- in an economic reality comes Ryan the kind of figure that Saddam but the year I mean them.

You you can be you know startup carrier and take about -- tomorrow but Smart does does come John thank you very much well -- -- -- -- How Cisco -- you know the -- point a lot of money is also an interest in -- -- One thing that's clearly drop in the stock market is is a huge amount money out there's got to go somewhere.

And -- that at some point that becomes a problem I'm not is.

Optimistic about as a -- inflation is some other people or are you -- -- inflation already the 3% right.

-- image is probably easier to use this -- very soothing southern accent John but thank you in the meantime.

Is causing it.

-- -- John Allison in Winston so.

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