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Westgate Resorts Owner David Siegel argues that the Obama Administration’s policies will cause him to continue business cuts.
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David -- of the founder and CEO Westgate resorts and he made headlines this week for sending email to his employees basically saying.
That President Obama gets re elected he's gonna have to fire them.
Here's part of what he wrote quote -- any taxes are levied on me or my company as our current president plans.
I will have no choice but -- reduce the size of this company this means fewer jobs less benefits and certainly less opportunity for every one.
David six.
We now and David it's great to have you on the show you gotten a lot of attention for this.
What do you regret sending.
Well I regret when people say I'm threatening somebody because -- -- -- -- anyone.
I'm in forming my employees.
I'm educating them on mom I'm telling them what probably will happen.
If the wrong person gets elected were you trying to influence their vote.
Yes I am trying to influence their vote because.
My employees are like family to me.
Like the mother who says seekers think it's good for you.
I think I know what's good good for their future and I'm trying to get them to do the right thing.
What specifically do you think would happen if President Obama were reelected to another -- and what specifically would it mean for your business I mean are you worried about.
The credit environment are you worried about the tax environment.
I'm worried about the entire environment all of the above.
You know I can be a Monday Morning Quarterback I've lived through four years of the Obama administration.
Four years ago we were doing a billion dollars a year in sales.
We had 121000 employees.
Today.
As a result of the last four years what we had to cut down to 7000 employees and only doing half.
Of the business that we currently we're doing we were growing 20% a year today were not growing.
And that was before Obama -- that was before.
Higher taxes.
That money we have but definitely a function of the recession note I mean a lot of businesses have contracted over -- I mean it's not necessarily the president's fault what you -- get on him.
Well -- -- for years to turn things around.
And he hasn't done it.
So are we gonna wait another four years and then say well.
-- now it's eight years but will blame it on the Bush Administration I think.
In four years was plenty of time the turn things around.
Am what do you think that Mitt Romney would do different that would help your business grow more.
Why he would be like -- shot of adrenaline.
In all small business and and though we'd be excited -- -- start growing again.
You know he's got the experience to turn this around.
And Obama did not for example one of the biggest mistakes Obama made.
Was giving the TARP money.
To the banks and not telling them to lend it out so.
Small business has been starving for per loans and the banks held the money and bought back their -- Stockton.
And bought back their bonds and made their balance sheet I.
They -- argue that that leverage is kind of how we got into this mess in the first place and that you know days.
They don't wanna make loans they don't think we'll be repaid because that's exactly how we got here so by forcing them to lend it out.
Giving them this money it sort of just takes us back to the cycle where we started now.
The small business needs needs -- financing in order to grow.
And expand and employing more people without that financing.
They.
They have -- Poland mourns and just stay flat have you tried to an -- -- -- not been not been able to do out.
For four years we tried to get financing were unable to do it.
Now.
Were worried we've gotten lean and mean but we have 7000 less employees.
Then we would have had and -- financing is very important to small businesses especially my business.
You don't you're known otherwise for this enormous mansion that you're building in Orlando.
Do you worry that.
By coming out and saying things like -- and we have it at picture of your beautiful home here that a lot of people think Mitt Romney is on the side of the wealthy guy.
And by virtue of you coming out an -- saying this year employees that you sort of bolster the case for Democrats saying.
You know in Mitt -- gonna give guys like this a tax break -- that that's why we don't want him do you worry about that sort of defeating your outlook is go ahead.
I'm not looking for and I'm not looking for a tax break.
I'm looking for and improve the economy.
I'm looking for improved financial.
Conditions where we can hire more people were we can get back to our point 8% growth like we were enjoying four years ago.
-- don't need a tax break I just don't need an additional tax burden.
I don't need the burden of obamacare that's gonna further.
Hurt us.
I I predict that another four years under the same administration.
My -- have to downsize my company again.
And that's what I was warning my employees about -- that if we have to downsize again it's their future that's at stake I'll be fine.
It's air -- now that's it's taken.
David -- thank you so much for your time I'm sorry we have to -- -- cutbacks yeah.
Okay.
