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Former BB&T CEO on the Fiscal Cliff Negotiations

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    Former BB&T CEO John Allison on efforts to avoid the fiscal cliff.

  • Duration 4:36
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This transcript is automatically generated

There's -- really needed tax and senator that you -- -- resisted distributor for sure mountains and you're not seeing at that you're not because I know sin -- -- a friend of mine.

And mice and it wouldn't use his position to -- -- cheap political point.

But that's just what this -- Kringle was doing in watching the today targeting Republicans.

For blocking needed spending and I guess.

Just being cold heartless souls leaving aside in reality where the wheels and -- -- paying a for all these -- the congress doles out.

Must we use an icon to plug these morons and by the way this -- that was on capitol though he was reading off the prompter.

What immediate leads off a prompter.

Scroll up a little bit -- anyway.

Anyway it tonight's biz blitz segment potato -- former BB -- -- banking bigwigs John Allison.

I couldn't believe this stuff I mean actually using Santa.

Says so you're you're you're you're -- point your thoughts.

We you know existing -- that Santa is actually a very adjust person.

He requires children not to be.

Naughty he requires in -- in implication he says that children should get what they deserve the death.

And so I think it's ironic that -- be using Sana about taken money from people that are produced it'd been basically given -- the people that haven't earned it.

Nearly I wonder -- does Wear red suit and he does does throw -- stuff for free but.

I digress I guess what I think he is indeed you've got to be really desperate when you start using Santa.

To make your point I guess it's by spring were so in arrears on things that we start -- you know -- about the Easter Bunny.

To say that there were wrong but you know -- gets away from the very serious point you guys are getting the job done.

Way that that's absolutely true and -- Agassi is.

Kind of scary that so many of our important decisions are made for emotional reasons or or -- people use gimmicks more -- and some really fundamental problems.

And I -- the attention from the fundamental issues and yet and is this kind of discouraging to me that even people that I think.

Maybe understand the issues don't present a -- persuasive faction.

Well you read out that John daydream present them correctly what I always -- what we talked cuts or W I've gotten is a million times and Santa today and -- it's phony distributable evil.

Good for nothing up hostility Santa start saying stuff like got cots and all that you would assume.

Republicans are -- granny outlook.

When in reality all they're talking about -- scaling the growth in some of these programs that are now growing out of control.

So we can even have a fair debate on this subject because anytime you want to even do that.

You're -- a program -- It is no question about it -- is interest being that.

We can't talk about the long term consequences of this deficit as well we got this fiscal cliff and we're worried about what had -- and thirty days.

Wow what a plane and for a huge country such as the United States.

That -- I'm the scourge Republicans hadn't really focus on the long term economic the issue big government spending destroys wealth will -- That the case is made.

And the United States government spending has been rising as a percentage of gross national product radically over the last 1215 years.

And we're closing in on Europe with blinding speed and and the consequences are reduced growth in Moody's will bay and that's what the conversation on the back up.

But -- say it's of that -- out you wanted it was very clear to me is that we live in a society now where the entitlements are just expected.

The gifts are just expected the freebies are just expected.

Web -- you can log on to to see how many benefits you cannot be eligible for that's expected I'm not saying there -- some genuinely needy and deserving folks in this country.

But to the point where now we're we're we're more about what we get.

Than than than than than what we can control.

We've lost control in -- You know in the on the other thing is that the at the San implication is that congress is just dole in this stuff that I -- -- nobody has to produce enough I -- -- pay -- taxes.

Yes it all comes from somebody and and and I don't really wanna face that -- -- -- It's about personal responsibility at the end of the day and that's really what the fight is about our people responsible for their own miles are we entitled -- -- miles per day basis.

That's the issue.

Pulitzer wanna stick a poll north poll looked at them anyway thank you John you -- a Merry Christmas happy holiday.

You tune -- you'll take care.

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