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Intermedia Partners Managing Partner Leo Hindrey on the ramifications of Wisconsin’s recall election for the Presidential election, federal and stat...
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-- me now Leo Hendry managing partner at her media partners former.
Chairman and CEO of the yes network also former Obama economics advisor great to have you here with -- as premier Wu we're watching something or other dramatic play out here organized labor Wisconsin just cut its tail kicked and and strong supporters obviously of the president.
And a particular view when it comes to public employee unions' collective bargaining.
What is your review as to the ramifications of that election.
You know I think there were two messages -- both quite clear one is that money is dominating the 2012.
Cycle here was a recall.
Election in it in a middle western state -- of of enormous size Lou and we and we saw something on the order of maybe 6065.
Million dollars spent.
You extrapolate that forward across all of the state races into the federal side this is going to be an unprecedented.
Election in terms of money spent.
And I think we have than what we knew that.
-- -- The president had said his campaign people's that he was gonna spend a billion dollars.
The question was could the Republicans.
Keep up we saw on the last -- that in fact our governor Mitt Romney.
Out are out there -- him -- but about -- donation.
Yeah but about seventy million dollars and you know I'd buy an -- -- is about 33.
Billion dollars is gonna be spent in this federal cycle just at the top end.
You know I think what is an American people we need to back up and and question whether that is how we want this then you're not gonna start going all bipartisan on May with five months to go to the election -- and a little late for that I've been bipartisan -- -- -- I know -- -- -- I think the second message is that that there's -- fragility within the within the labor community.
-- this election.
What we're -- kind of fancy words around but this was a tail whipping and Wisconsin this is in San Jose California San Diego California.
We are coming to terms with the reality.
That unlimited budgets that is for example the budgets that have been no proffered by this administration over the past three years.
There would not have any effect on debt or deficit.
An important fact we're dot we've got to come to our senses your businessman.
We don't -- we do but we also have to acknowledge that we have virtually unprecedented real unemployment which he talked about every week deaths every night -- every night.
And and I think much of what was happening Wisconsin was an expression of frustration.
About the ineffectiveness.
Of our ability to move the real unemployment needle since it it really showed itself in 06 and seven.
-- -- a six point 7% unemployment rate in Wisconsin.
An eight point to an 8% unemployment rate nationally.
You're you're you're -- about the creation of 23000.
Jobs -- creation of thirteen thousand new businesses.
-- but we also haven't in reality we have 17%.
In real unemployment terms so I -- everyone about 18% if you go to U six it's fourteen point eight.
We can we -- we can expand the numbers as much as we want what we know is and -- You know this.
We have an economy that's our growing we've got a private sector we have -- that kind of is -- being suffocated by government are regulation by taxation.
And leadership that doesn't have the courage or the vision to change the direction that they've set aside.
But but we also have a congress that sits on and its hands on both sides of the -- -- it is.
Complete incredible -- -- -- get rid of the president and those congressmen and so I I disagree.
I I would have a much more proactive congress -- at a time of crisis of which we clearly are in.
We have no I -- how are.
What -- agree with you.
My question is what do you do with the national leadership because we can't afford well we we can we afford to continue this we cannot we cannot -- what what we have to do is find the proper balance.
Between stimulus.
And and and proper budget if fiscal discipline.
We haven't found either side protect how about this I got a great idea.
Let's slow -- spending as soon as we get our our our our national prosperity restore.
But -- to restore prosperity when real unemployment.
Lou is on the order 1718%.
Cannot be done in idol I've live in this cycle in this side of the business -- Can't be done solely through the private sector.
-- won't have lord knows.
That we watched five trillion dollars be added to the national -- -- sure as -- hasn't been a private sector up.
-- -- are -- -- -- out there and a half about two and half trillion of that of these silly wars we got ourselves into -- are necessarily -- -- and that's fine but whatever it is it's stimulant above the economy five trillion dollars unprecedented and we -- federal Star Wars are.
Excuse me we I'm part of what we spent.
Are we borrowed.
I didn't borrow.
You may have that this president sure did.
And the fact is at a five trillion to a what is now approaching the sixteen trillion dollar national debt or consecutive years a trillion dollar deficits.
My -- how much more stimulus do we need I can't wait for the answer because we're gonna have to wait that -- forget those wars pop but you don't want.
That's that to me is.
Something I've been calling for it and tube for you for years here as -- -- -- a natural there.
The of the efficacy of that.
Call would be now but the fact is we've got to get this thing fixed you and I agree on happy you have it you will -- great to have you with us a pleasure Lou -- up next the.
