You're watching...
Red Apple Group CEO John Catsimatidis on the factors hurting the economy and what is needed to turn the economy around.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Terrific -- TO.
What impact -- these never gonna have on businesses and their for the rest of us.
We're going right to John -- TVs to answer that question he's the CEO of red apple group he knows -- -- -- -- about running a business back in 1986.
His company bought -- CDs that as a small grocery store in Manhattan turned it into.
83 billion dollar a year business employs more than 8000 people.
What do you think about -- this economic bad news first of all is it hurting your bottom line are you seeing what's the climate like out there will well off.
Our main business now is and the cheapest seats and we've said it before in and shows here on fox that what happened a year ago.
Was when we started to stuffing.
Oil went from eighty dollars back up to up to 110.
Which created the thirty dollars premium to the American consumer.
You burned twenty million barrels a day thirty dollar premium it's a 600.
Million dollar.
Problem the American consumers every day 300 days of the war.
180 billion dollars and that's the difference between you -- consumer doing data.
And not to have that we took a hundred big big now I'll.
I certainly shipped over over the before -- but oil prices now we down so while it's an election yet.
Have you noticed that.
Have you noticed that all of the sudden the saudis.
Have decided to tighten oil in the last couple months.
And forces the price now.
John that's not what happened I've covered energy for along time it happens -- oil traders thinking that he come he's slowing all the bad news that we just talked about.
The economy's slowing that's what brings a -- -- -- -- pumping more oil.
It's you know I I'd I'd.
Interview besides I've been -- there I mean -- pump a lot of well let's have I don't think we ever really know in the last have been weakening I think they're trying to make money it's what the deal.
There won't even eventually figure tonight how things out there's a DO well I figure if the deal.
That's my opinion and I haven't been long in the past I I called it when it was question -- Americans consumer 600 million a day.
And it's -- and that's what doesn't help the economy.
The what's and what's driving the price what -- -- chairman -- set.
About.
The banks don't have the confidence.
The consumers don't have the confidence and business people don't have the -- that's -- and there's a problem.
We're not out this spending money to create new jobs because we are scared of what.
They're gonna come up with new taxes the banks are scared for the -- of existence.
They're not out yet putting out -- money.
So between the banks being scared of the enrollment systems the businesses that.
Creating.
-- -- jobs and the consumer are afraid.
Of losing -- to ups.
There's no confidence in Washington you need -- change to Washington if you don't have a change to Washington this economy won't not to.
What is it exactly that a president can do to make you go out higher -- Confidence.
Yet -- the banks have to feel that enough -- the change -- rules and them.
Next week or next month a case of the banks if the banks feel like the rules are gonna change how does that help you hire people how to -- -- they'll loosen up.
And -- -- on businesses.
-- they'll go borrow more money and and if we have.
Confidence that that does nothing.
Horrible would happen to business people but this is -- -- walking away now.
Saying.
-- this -- and Washington hates us.
And if you could hardest -- -- and what happens with the tax cuts might be canceled.
On December 31 uncertainty.
Tax cuts go away consumer gets -- -- So we need confidence that we don't have it right now and -- we get a change November confidence is -- from.
Do you think things are gonna get any better before November the Fed slashing its outlook yesterday -- that's our -- here was even -- outlook.
Optimists -- Saudi effective -- on the market yet know I don't know effect I think the Fed is.
Running out of bullets.
And and they just have to do whatever they have to do I mean they're buying the long term bonds now and trying to switch around but rates a good.
Yes it's not helping Larry Pope John thank you so much for coming -- we appreciate it that in.
