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Whole Foods Co-CEO John Mackey on the impact of the health-care law and the state of the economy.
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Close I don't know President Obama likes whole foods especially here -- -- -- that it was a big deal.
But the health food chains -- big so Lloyd sees it is shredding the president's health care law.
After apologizing for calling -- more like passes and release shall not a fan.
Hope foods co-founder co CEO John MacKey would like to -- health care to the private sector but have companies that care about people handle -- That it is essentially is that new book.
Consensus.
Conscious capitalism.
It's all about that that's the guys -- about doing the right thing -- and have.
Thanks could be here -- we were very briefly.
Trying to get to the bottom of the break when you started.
Getting vocal on these issues I think you'll -- -- -- that you had a very strong point of view when it into the role of government private sector.
What brought it out of -- it really.
Date was the campaign.
I don't think so I mean.
I was very concerned about the health care law but it was going to be bad for business models when.
And it's gonna drive up cost.
And you saw that allow a -- and -- -- -- you know it's what what got it in tonight.
I have great confidence and free enterprise capitalism when markets are allowed to work in competition occurs.
Cost ten to go down you more choices.
And we didn't have free enterprise capitalism prior to Health Care Reform we had a highly regulated health care system already but now we've ratcheted up.
Several notches so it's it's it's more controlled by the government less moved away for free enterprise -- -- -- church gonna get worse.
All right so here today with their healthcare laws now -- long nonstop three installments Supreme Court.
-- -- -- -- -- System -- -- kicking in this hear more to come -- happen.
Well -- some unintended consequences -- that law that are gonna have caused some problems one is that.
You don't have to ensure people if they work -- thirty hours so its cost co op is going to become more more expensive for companies to ensure people.
Going to be more more attempted.
To employ a and -- full time workers and more part time we're seeing in Iraq yes there are you doing.
We haven't really done that yet maybe a little bit.
Were -- -- waiting to see you.
How the other shoe drops when they really haven't come out with all the mandates -- are gonna require businesses to cover the lot of businesses got exemptions.
You know.
They got exemptions for part of it but what's and they got this 38 hours that's right and what will end up seeing is.
We know that when states when it was the State's controlled that was -- we generally have national competition in health insurance and so each state was vulnerable to the lobbyist.
Making sure that this -- covered this got covered.
Corporations were there were large corporations were.
-- exempt from that through the Erisa laws -- -- self insure.
And escape all the state regulations.
So -- the employment.
That's right returning to secure now backed up protection yes that's gonna build it there that's going to be -- that is being eliminated through Health Care -- -- corporations will be national standards.
And they'll applied all companies.
So there be no corporation won't be able any longer to sort of fine tune their.
Plans for their reality in their workers -- economy one size fits all we don't yet know what that size will be so it's impossible to calculate cost.
And we'll find that out the next year to exactly.
What will be the -- full extent of the law.
Are you surprised -- just pretty savvy businessman -- -- but but but how the markets not -- that's great.
Barometer -- all -- business but.
They.
A lot of money flooding into the markets again a lot of money -- off the sidelines into the markets again.
Someone must be -- convinces graveyard and ignoring it or not where it.
I think it's a bubble.
I think you -- sure the -- is rapidly increasing the money supply interest rates are are virtually nothing and nobody sees him.
Well a lot of it's flowing into the stock market.
And maps but that -- implies a bursts -- a lot of it's being exported around the world so we're seeing.
We we we don't really have markets aren't working competitively in the sense.
Now because the Fiat money creation is is resulting into what happens is you see things right now one.
It's hard to say I'm not.
-- -- -- Truly -- risky debt make predictions about the future and I'm sort of in that category -- I'm not a it's very difficult to predict -- kind of stuff but if you keep increasing the money supply it it it.
It sets business people can make the bad calculations that can't really understand it it's.
And -- results you end up -- asset bubbles we -- that real state asset bubble.
We've had many stock market bubbles over the years.
We have would have any kind of frenzy yet but at some point particularly with trillion dollar deficits every year.
It's gonna be -- -- some challenges -- I think.
I think that's when there -- -- we -- but conscious capitalism.
Is because really do think there's a better way to do business.
Business has the potential to have a higher purpose to create more value for its all of its stake holders.
I think businesses he did -- -- today because -- just another campaign of Mitt Romney.
Business into some sort of -- for being.
So there's senator to try blow up for that that -- through the group -- money down the narrative about business has been captured by the enemies of business its critics.
Business has portrayed as selfish.
Greedy that's point eight if all about the bottom line how would you respond it's not true address that I didn't.
That's -- -- the book to address it we think about it.
Doctors are very well compensated in our society but -- purposes and to maximize their profits.
There they have a higher purpose is to heal people.
Teachers educate.
Architects design building the rap against unity got a lot more money to do what you're doing and you're not nearly as hopeful cited -- Any money or any money whole foods is made it's been done -- through voluntary exchange by creating value for other people you can't make money.
And truly competitive markets and lecture creating more value for people because people.
Don't are not forced to trade with you they trade with whole foods because they believe it's in their best interest to do so it's voluntary and we've been.
Successful and -- because we've created value for our customers from police for our suppliers.
Processors trust that is develop.
-- it was inspired Barack Obama liberals -- to do.
To not.
Holds the rich in high regard board to cool bonus sign sinister motives to their success.
We've had.
Obviously don't like it I think business is the greatest -- creator in the world it's been business in capitalism that's lifted humanity I mean.
Think about -- -- 200 years ago 85% of the people alive.
On the planet -- flip unless one dollar -- 85% today it's 16%.
If we will continue to embrace free enterprise capitalism.
We will eliminate poverty and -- -- -- first century across the whole world.
And humanity.
The average life span 200 years ago was thirty.
Today across its 68 it's seven DA in the United States it's almost eighty in Japan illiteracy rates -- 90%.
200 years ago than now 15% across the world humanities making great progress it's been due to business it's been due to capitalism.
And what's --
