You're watching...
U.S. Chamber of Commerce CEO Tom Donohue on the economy, the outlook for jobs in the private sector, the impact of regulations and the impact of the h...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Chamber of commerce holding a summit today on how to improve this country's dismal jobs picture.
A time when -- -- -- feel the administration and congress are out of touch with the real economy.
That economies hard to ignore when you have an organization representing more than three million businesses in this country.
US chamber of commerce CEO Tom -- Joining me now in -- Fox Business exclusive Tom great to see you thank you for coming in appreciate and it -- good to be here.
Now I'm sure you word -- the whole nation did last week when the president was talking about the economy let me just play that clip.
And get your reaction.
We've created.
Four point three million jobs over the last 227.
Months.
Over 800000.
Just this year alone.
The private sector is doing fine.
We're we're seeing weaknesses and our economy.
Have to do with state and local government.
Now of course the president walked that back a little bit as politicians -- want to do but do you think that the president really understands -- economy.
Well I think the president is seeing -- in -- reelection campaign number one.
Number two I think he's under a lot of pressure in the states where.
States are moving in his sensible way to put their own economy and order and in doing so or cutting some expenditures.
And I think the president.
Puts a little more faith than I do.
Into what the federal government can do to create jobs jobs -- -- -- oil I don't forgive me for our big time and it's this effect specifically when he talks about the private sector being fine.
Let's not just it's not just his critics.
That are complaining about that line even Democrats Jim Carville and Stan Greenberg from democracy corps said.
The voters are not convinced that we are headed in the right direction.
It appears that the president does believe were headed in the right direction who's right.
Well I believe that.
That was a very unfortunate statement and it clearly is not true.
If you look at small businesses all over this country.
You look at many industries and they're not doing fine at all and if you look at the extraordinary number of people.
Who are unemployed more than 8% in that way for a long -- And a lot of people looking for jobs.
Much of that is in the private sector and -- -- come from the private sector.
And yet you hear these attacks on capitalism whether it's an attack on Bain Capital you see today.
Jamie Dimon -- getting hit hard what do you make of these attacks on capitol itself.
Well one of my big worries about the Dodd-Frank.
Issue and all of -- regulatory agencies.
That are crawling all over the capital markets is -- in their starting with a theory that we shouldn't have any risk if we don't have any risk we can't have any reward.
When people invest sometimes you win sometimes you lose but if we try and set a system that's really a public utility.
We -- -- be in real trouble in terms of financing America's it job creating industries I believe attacking.
Individual.
Deals.
Profit and loss.
Who does not focus on the fundamental issue -- Jamie Dimon was two billion dollars.
Somebody made two billion dollars and Jamie Dimon and his bank and other banks like them have been investing over a long period of time.
And they lose some and they -- some but if they don't invest.
They won't win any.
And if they don't win anywhere not going to have the growth we need in these banks to give them the capital backbone.
That they can sustain problems in the global economy and we've got play any of them.
Alright and finally Tom if it's not only attacks from the left.
In some way -- what's happening capitalism in this country is being attacked from the right.
We a long editorial on Wall Street Journal yesterday talking about the pharmaceutical industry's role.
In Obama -- or new health care law suggesting that there was there was too much collusion.
Between the -- industry and the government going on and we of course have Solyndra we have the auto bailouts.
Yet the banks and insurers.
-- this is what the Wall Street Journal says about crony capitalists and they say crony capitalism undermines public trust.
In capitalism itself the political benefits of cronyism -- temporary.
But the damage it does is far more lasting are you would all concerned.
About the trend towards crony capitalism in America today TARP.
I think the that misses important point.
It was all about the major health care bill which by the way.
When it was finally structured we oppose it's too big it as a 158.
New bureaucracies.
It creates massive cost.
What's the story about the pharmaceutical business.
It misses one point.
You can't take one of the largest industries and and in America.
And expect them to sit on the sidelines by the federal government writes all the rules and regulations.
On how the health care system and the pharmaceutical systems going to be dealt with over the next you know 25 years.
I'm not sure that I would approve totally about the way it was done.
Or the decisions they've made but it would have been irresponsible.
For the industry not that that this patent that debate I'm not sure.
That dead time is concerned.
About -- investments by the federal government and legitimate research.
-- I -- -- concerned about the federal government helping industries with troubles as I am with the explosive involvement.
Of the federal government and regulating everything that goes on in the private sector and from that perspective.
And you can call it what you want but there's too much.
Government Tom Donohue head of the chamber of commerce which has a big jobs summit a huge ad by the way in the back page of the Wall Street Journal.
In today's Wall Street Journal Tom great to see a congratulations good luck -- -- summit.
Thank you -- now.
