Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Who Wants to Start a Business in the U.S.?

Details

  • Description

    FBN’s economic experts on the difficulties of starting a business in America.

  • Duration 8:05
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

I hear people say America's decline I'm skeptical.

Every generation -- about the good old days but the good old days were not so great.

And it's good thinking that decade after decade despite our problems America has gotten wealthier and a healthier -- But one reason I worry now is that one aspect of America does keep getting worse and that's this.

The number of rules were supposed to will -- the federal government already has.

A 160000.

Pages of regulations that's what you look at me here.

And they add new ones every day.

America is to prosper we need people starting new businesses.

But what's the start some thank.

He have to hire an army of lawyers to go through all of -- And even after they do we can't be certain your compliance with every law -- that -- even the feds don't understand their own rules.

Yet.

Liberal columnist Ellis Henican believes that.

Many of those regulations are good and some should be stronger.

Right you're looking very serious there OK thank you.

Vernon -- who started Commerzbank.

Disagrees why do you disagree.

The unintended.

Consequences of these laws no one -- in the banking world we've gone from.

24000.

Banks in America down to look a much smaller number and in the process they've.

Short -- America's ability to support small business and growth.

Right and I should just add that debt for the audience you're a starter that's what the blocking -- -- -- -- starters on my show Imus flatter myself but let's get to the -- here.

If this too much.

It's still it's terrible enemy missiles a lot of boxes I'll give you that but but let me show you I would hope it isn't quite as bad as you guys -- suggest.

Fewer and America we are the ones who was still even despite all of that.

Creating all the great stuff the creativity the new industries you only have to go to to the middle of Manhattan and the Silicon Valley to see what I'm talking about.

This will mean is the engine of ID as in the world and is it more so -- how haven -- But for how long if everybody got -- test and -- to read all that John -- This is people always don't want to be regularly.

If you if you tell the restaurant think after the cancer points and the customers are gonna say oh my gosh it's terribly if he had been coughing like creativity I would argue much stuff goes -- don't wanna assert poison their customers because they would go out of business without rules just from word of mouth.

I got -- in this restaurant well you you would hope but sometimes people even if they're not -- do some bits of capitalism unfettered is not the answer is the -- sensible.

Regulate you can argue about whether this reg of that rig is a good idea.

If you want to throw the stuff out full scale.

Well nobody's talking holes.

Jail but I'd like to throw 90% of -- -- Vernon you started Commerzbank so there was nothing there at the beginning.

Now there are 500.

Banks 161000.

Employees.

So you created well.

He did -- -- try -- new stuff you were open seven days a week.

No overdraft fees -- motto no stupid fees no stupid hours.

And those -- -- rules.

And those stupid -- but now you're starting a new bank in you world started here.

I started new bank in Britain it's the first new bank to be -- in Britain in 100 plus years why not in America.

The business environment is more pro business in Britain than it is in America.

And this is that this is what no one would expect we think -- we're gonna.

Britton -- from maps the regulatory environment here it's so overwhelming and -- micro managing of our business it is destructive to growth.

So -- and if yes America has created wonderful things that is Silicon Valley example.

You use though I think works against your point because they.

Got rich because they were far from Washington there were no rules for this stuff because it was a brand new idea.

-- -- -- I mean you conflict here between life experience in the rhetoric on the -- -- -- -- -- -- -- storage terrific that you've been able to this 500 branches one they'll block from me that's good.

Great success.

But yet.

That's success happen.

In exactly the regulatory environment that you wall Bologna song power -- you were able to get out as was Apple Computer as was Microsoft as work thousands of on the success stories that.

I think the point we're making his -- record when environment the last five years has got much much worse.

In a banking business you're used to having rules and regulations.

But it's gotten substantially.

Worse -- -- for fighters.

You know there's a great way to avoid that.

Go to -- colleagues behave responsibly you know this new -- came in.

Because some bankers did some pretty awful stuff that -- some real damage to our economy -- -- people sent.

Well of course else that's not true.

That's -- one part of the rule would you -- your focusing on the show we items there's a million micromanagement rules that happen every day.

Because the government believed they could manage your business better than week it.

You say Dodd-Frank is a good thing.

That's a strong as a light but it's gonna do some -- stuff yeah.

Are what -- -- these -- the banking regulations.

Before that francs at every look at what he wants to start a bank cast do.

Obey all of this and actually this is just half that that's not -- -- close okay.

The goal is to make a safer in the assumption is that in this paper.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- There right now effect at the and if you if there if there were align here he don't think they were gonna make it up somewhere else he think he could just by government top down fix it for the good.

-- -- and say government ought to run everything.

I mean it's also not true.

That business is grinding to a halt because of these these these these photocopied sheet and here.

Yeah we complain too much we free market people we we don't want any rules business is doing fine.

We actually don't complain to -- much will complain enough.

The regulatory environment in the banking business and other parts of does America's got completely out of Contra.

Do you believe -- That an agency in Washington can make better decisions over the long term -- the market.

The I don't depends with those decisions all right well and we've gone past the big important decisions in -- endless micro management.

Yeah we we can probably find some areas in -- where we would say well this -- that makes sense of that right.

But for -- want someone defending consumers' in this process -- business has a lot of powered Washington.

Don't we wanted to agencies' liking Dodd-Frank -- again and it's gonna be in -- looking -- for me.

But else who can defend us against them.

-- hear your fellow liberals have said that to me how -- you libertarians are so nervous about government power but you don't worry about corporate power.

Would torture say that question corporations can't use force.

Government -- No Hispanic can't force me to bank with -- governments have tanks -- Ellis.

Things private corporations don't they have the power law but let's if we leave in the mix to come nobody -- arguing for whole -- government control.

So we don't reveal any government control they just and more more more.

Once and awhile they repeal page or something.

500.

Branches on that this regulatory system.

Now brought under this right now you're wrong Ellis 500 we stopped in -- assist other.

And so we'll put on the -- get any more hookah -- cut up cut up thank you heard and how Ellis head it can't.

Load More