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Former Intel CEO on Fiscal Cliff

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    Former Intel CEO Craig Barrett on the fiscal cliff negotiations.

  • Duration 5:04
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Former Intel CEO Craig Barrett Craig he's -- Frost's.

Not at all it's great tragic comedy that -- is gonna keep you at a job for the rest of your life reality and that's gonna.

There is that target but you know I guess I'm not seen shot -- had to say -- -- Nostradamus on this but I thought this sort of -- dismissive view that.

-- the house leadership had all of there rumbling ranks that they would swallow this.

I didn't I didn't see it that a lot of these Tea Party congressman.

The eighty some odd who helped propel John Boehner to speaker.

Got elected.

Against having to do the very thing they were going to be called on to do vote for tax -- and they couldn't swallow it.

Well -- vote for the tax increase not see any appreciable.

Decrease in spending -- commitment by anybody who look at entitlements.

In other the definition of this problem is we've got a trillion dollar deficit.

Must cut it down.

And really neither side is effectively approaching that topic.

You know they would statistic that's altered view Tea Party types conservative types -- into -- access.

Who said you know -- I -- gone along with this and would go along with us if I -- you know it.

A return -- or something for the pound plus I was offering that the Democrats.

Would put on the table real cuts not sort of warmed over cuts from the last agreement.

You know almost a year -- but they didn't do that so our Chinese were exposed.

And where proposing tax sites and getting nothing in return.

-- -- -- -- This you know -- I was in.

Munich Germany earlier this week and talking to some German and French business executives.

The Germans thought we -- absolutely crazy.

The only people that were watching this -- charade in the US where -- French because they're all looking to move out of France.

-- because of the tax situation there well you don't know we're gonna top -- -- 75 presents though.

I guess even the -- well there's accountability stars.

And put a wealth tax on that it has the from.

Frenchman said the only thing France is gonna X 420%.

-- millionaires.

Now that and they -- go to Belgium right and it's obviously for more than just the chocolate.

So great -- you think we stand because you're a good read about the business community will respond.

The markets have been narrowly.

If not this massively going by all of this and through all of this assuming I think that a deal would be -- Tomorrow it's gonna look like -- deal without ever gonna get a gauge of -- futures but I will say now they've turned sharply lower on this latest development.

74.

Points down in the futures market and I am beginning to wonder.

If that is a signal that.

Did did they could worry.

This is not a foregone conclusion we can go into the new year -- no deal.

Well -- I am thinking increasingly that.

As sequestration.

And going into the new year without a deal as -- best possible thing for the US to only way you're gonna start to see any spending decreases.

Then you're gonna get some revenue increase on top of it but hopefully they'd be in better balance and the president and the administration are promoting today.

You know knowing -- coming on -- I was reminded by.

-- -- its warning yesterday that normally when we see international companies inaugural on come out and talk about you know head winds globally.

Rarely today address headwinds here FedEx gave -- said you know we're not on do you -- on out exit on in this country and that was going.

Apart from the whole class issue that they did they were clearly concerned.

That -- FedEx about a slowdown a year.

Does this.

Really accelerate that talk.

Well I I think so you're already seeing the retailers.

You know have fantastic discounts to try to move products -- there obviously having problems -- FedEx is seeing challenges that means the whole retail -- Christmas sector.

Our you know pretty dismal.

I really think the business community though is looking for a balance in of the budget I think -- trillion dollar deficit.

Is the big bugaboo for the business industry.

They're not seeing any movement in Washington DC to take that deficit down accretion of -- And I think they'll go into hibernation just because of that.

Don't you you are very -- in on this and sure enough a lot of what you fear remaining in this case hope for I think it was your view that -- -- deal would be better than would be worse than no deal.

Is coming to fruition Craig thank you very much and I don't speak to again.

Try to have a Merry Christmas and a happy new year.

Well I hope you get enough business news to report in the next couple of days -- I I have a feeling my friend we well all right thank thank you very much a --

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