This transcript is automatically generated
You know -- you could look at -- -- from Tom's point of view I mean.
Warren Buffett has gone on record as saying.
You know no good investor he -- is factored in or worried about taxes.
That they look at the -- I guess that the appeal of the investment.
And and and the tax issue was never an issue.
Do you think -- already just up blue echo.
Senator subsequently there -- -- -- thought of that do you agree that because he seems and he's saying.
That what is all this mess -- fuss about taxes -- investor lives despite what Tom.
So it would tied to say it won't be that bad what he says.
That's just not that concern on on Capitol Hill right now mean that that the big fight is.
They want -- -- July suited I think that could be a very big issue.
It's a huge issue.
Editor that's it could be but but I you right now the focus on Capitol Hill is on Medicare and where -- spending cuts -- are going to be coming in.
Everyone is conceding that in some fashion taxes are going -- 44.
A big chunk.
Of that the group that you're talking about.
Now like your colleagues Tom had been saying whatever -- gonna figure business in the dividend things -- and all these other issues.
Is better then no he and other words even if it's -- -- -- taxes more to taxes and spending gets.
It's here is that beats is reaching the end of the year not having -- deal do you agree -- that.
-- better -- going -- the financial cliff but you know.
Certainly on a bad deal is not good for the American economy let's think about this from that.
We had a good first quarter we had a reasonably good second quarter third quarter I think driven by all this uncertain -- the respect the election in the financial cliff and everything else.
Ground to a halt.
We have a backlog of economic development projects in the southeast.
300 projects represented fifteen billion dollars of investment 45000.
Good paying jobs.
Those that are that rates -- it dividend taxes go up.
If if economics if we -- the financial cliff.
What will most economists are predicting is another recession negative economic growth and there's no reason for any of these people to move -- Only two houses -- -- economy and high rise you have to suck -- -- their dividend rates at taught me in point.
Some for you don't have that then did I I know we come and -- the -- and let you know he'll know the only thing.
Yet he'll wait let me give me one more point -- -- very quick.
Kitchen table economics these folks depend 48% of our families in the southeast make less than 40000 bucks a year.
In taxes that slows the economy would be very innocent until it degree Johnson and announced that would -- -- look at at oak cliff would certainly be bad in the short term and would certainly cause a terrible recession.
But at least it might actually do something about getting us focused on spending which is the part of the ledger.
That congress totally ignores -- -- it's it's amusing that Harry Reid go out there talk about Republicans -- in transit.
The senate controlled by the Democrats for over -- housing detainees has not approved a budget.
That's one part of -- could not come to agree -- employment this goes to -- But what the president ultimately has to preside over the economy now from a political point of view.
The -- got a big microphone.
And so he's much better at the PR and Aaron that it did president.
Won't get to -- what this is something bad happens.
Be blamed somewhat but the polls show currently that more than -- -- a pretty big majority would blame Republicans which is why I think we're seeing some Republican movement to accept either rates even if they're not saying so publicly just yet the Republicans do not wanna go up off the fiscal -- because.
They think that they will be -- Do you guys get the same -- idea that this is all Kabuki theater that the president and his overtures on the rate levels and what they would be on doubts on about.
You know some spending as part of this deal that was all factored in east has been doing it in stages and that.
We're gonna get a deal it do you think that's gonna -- time.
-- I think it's a responsible approach we've got to get a deal look this is not a Democrat issue Republican issue this is an American issue.
We we know that we got to cut spending we know that there have to be some salute him you don't want those dividends etc.
at the end wanted to -- we've we've got to grow the economy understood only way out of this and it's -- not.
I think ultimately we'll get a deal I'm not convinced it will be done before Christmas I think may be before the Super Bowl.
-- -- done.
But if there's a lot of -- -- punt for six months well I mean and everything it might happen I was curious and seeing the president Mitt Romney to together having lunch.
Obama presented him with the bill for lunch and added a 40% tip and gratuity onto -- you know what they had Turkey -- There.
Well what at least they didn't have mcdonalds now that would have lost -- the union -- -- teacher I know it's the -- -- view at the point where Europe and Turkey.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- One of the things we've got to do -- I -- I work it in my industry on massive business roundtable -- we've got to figure out awaited a comprehensive tax reform.
My only doing a lot of action before we get there simplifying the tax and not one major candidate mentioned that wants now.
No just does that -- that we got to -- that -- of the center futility.
-- when we come back.