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Former Office Depot CEO Steve Odland on growing anger among Americans as companies are not hiring in an uncertain economy.
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Well -- dried -- device.
American.
And today they're heading back -- -- protesters at the annual meeting in Charlotte slamming the bank over everything from door closes to corporate greed.
They're clearly man but my next guest says their message isn't clear and -- they get their way they'll only hurt themselves and the rest of the economy.
Former all of so CEO Steve Odland who is right now -- always good to have in my -- -- are gonna.
I nailed great to be here you know -- -- -- and watching them get a protest outside there.
Are you aware of the Bank of America's laying off tens of thousands of workers.
That you're almost getting what you want there are all but shutting down -- say is that bad but.
They're not this great.
Making money hand over -- agreement that they were when these were you know protest started.
But I guess it didn't matter you know.
Well you know a -- this is a disturbing trend with all these protests not only for the banks but for.
All the corporations and businesses in America.
You know these people are essentially saying we don't want any government cutbacks we don't want any austerity in the world.
We want the debt to continue to rise -- continue to rise we want the banks to forgive.
All the debt all the student loans and this isn't what our country was founded on in what is happening is they're just looking businesses as as they do this.
Right now businesses are sitting on what two trillion dollars worth of cash they're not investing it.
Jobs are not being created.
They're worried about taxes going up there worry about the slowest recovery that -- you've ever seen coming out of a recession.
You know GDP growth is only about 2% compared to three point 6%.
On average since in the post war period.
To the economy's not recovering they are not creating jobs the parts and labor participation rate is the lowest level in over thirty years.
And I think it's because businesses generally are spooked about what's going on.
With more regulation in these demands for anarchy ice ice -- you know you're in an economic.
There's just -- to look at they would take that money back but that's held -- a lot of them that they weren't.
Penalize sport I mean.
So whatever their view on regulations and whatever -- views on this president.
I mean there there are nothing if not pragmatic.
So they would know that -- -- anybody expected the president granted him a tax holiday even though they -- -- did.
They would take the money and when.
Well look a lot of businesses it's not about politics and support of the administrator it's it's about the policies and end the economics in.
You know that the situation -- two trillion dollars sitting on on balance sheets but they have a lot of -- captures -- saying overseas because of the policies.
Net net all of these things all these protests are actually I think hurting the job situation because.
It's creating uncertainty in the business world in business people want certainty.
No they wanted to know Steve calendar and I and I know your views on the on these protesters but I'm thinking -- -- -- that France proves the wind is that they're back -- That the toppling of Sarkozy who really is austerity measures were minor compared to what.
What else was going on in Europe and certainly anything that would tend to hardship here.
And yet the government was toppled and the occupiers are -- that's because a lot -- wondering you know what that established you know does this tightening your own right.
Where do you think whether you agree with this and these protesters are not.
Whether they have got politicians' attention and are moving in influencing the ballot box will be.
Yeah I -- I think you know the conclusion from these protesters is.
That -- -- -- proven that we should not cut back on our spending here which -- spend more we should drive more debt.
It's absolutely the wrong conclusion we don't wanna be Europe today they have society social democracy is there they have debt that they cannot repay.
You know somebody's gotta be an adult on the world and I think United States has always been that adult.
-- -- -- We've not spent beyond our means and here we are and they're pushing us to do that -- -- -- an unprecedented time we simply cannot sustain trillion dollar deficits you know forever never.
We've got -- roll back the -- spending they can but on the whole I'm gonna -- just -- subjects on somewhat but.
Very good seeing you -- -- -- or -- you were great thank you sir great to see an ale thank you.
