Besides talking about purple shoes with Warren Buffett, Jack Welch also got into more serious matters on CNBC today. Jack Welch echoing his famous tweet from several weeks ago about the BLS job data being cooked ‘by those Chicago guys,’ said “Every fact says we don’t have a booming economy,” and “something’s wacky here. I didn’t think it was right.”
Barron’s Mailbag June 1962: Irving Kahn On False Comparisons
The following letter from Irving Kahn appeared in the June 25, 1962, issue of Barron’s. Irving Kahn wrote to Barron's criticising the publication’s comparison of the 1962 market crash to that of 1929. Irving Kahn points out that based on volume and trading data, the 1962 decline was a drop in the ocean compared to Read More
Computer generated transcript and video embedded below:
let’s get back to our guest host, jack welch. we talked about politics. i want to talk to you about sandy the storm and mayor bloomberg and the marathon. you’re a management guru. did the mayor do the right thing with the marathon? i think absolutely. i think if you’re a politician to run that marathon with scenes in staten island and breezy point and other points, it was the only decision. i think that people that run the marathon that are running the marathon and organized the marathon were quite careless in their comments about the plight of the marathon versus the plight of the people. i was stunned.eventually he did the right thing. did he get credit for changing his his view on the end? i think he did the only thing he could do. as chris christie did. he was totally right in getting funds for his state at the same time he came out and supported mitt romney from the beginning to the end. here’s a political question. should chris christie have mitt romney come to new jersey? mayor bloomberg decided not to. because he had traffic mess and everything else. he could do it easier down there. i think they both handled it just right. i really do. now, what i would like to talk about though is why i’m so pro-governor mitt romney and why i’m so partisan in this particular election. i haven’t been that way since carter and reagan to this extent. the reason why is there are four fundamental things in this country that we’re facing. one as i mentioned the fiscal cliff. one is the regulatory wall. and then we have more indirectly. the middle east from syria to egypt. we don’t know who our friends are and what the game is and europe. europe isn’t fixed yet. europe is kicking the can down. they can’t fix it without a devaluation of some kind. they can keep putting money into that. what does that mean to take the first one? the cliff. you need somebody who is a uniter and not a divider. this president proved that he’sthe class warfare divider. here’s a cliff question. some people say that if romney wins, the good news is we won’t hit the cliff at the end of the year. the bad news is we’ll have uncertainty for nine months because we’ll have to address the issue in the fall. is that a better outcome than if Barack obama is in office? i don’t know the answer. we need to bring people together. we need a uniter for that. we go to the regulatory wall that we talked about.we need somebody who understands the role of regulation in a capitalistic system. the president doesn’t have the foggiest idea a he delegates that. it’s more of the people he’s because he doesn’t have anything to bring to the party. he delegates it. then you go to the middle east, the stronger we are as a country and i believe with a romney election we’ll get a 3% to 4% gdp fairly quickly and stronger we are and stronger we are as a nation will be better at dealing with that. i want to go back. you have about a minute. let me get four and i’ll give you five. there’s a couple minutes ere. the fourth one is europe. we can’t be a broke u.s. and deal with europe. we have got to have a stable fundamentally sound financial position and romney the uniterand guy who knows business will do this. we can’t have four more years of this. what if we did? what if we do have four more years? how bad will that set us back? we would have –can you come back from that? very hard from where we’ll be in four more like this with 47 million food stamps and all of the other — 87 million. he wants to transform a great country. mitt romney wants to rebuild a great country. those are two different things. when you say you have 3% to 4% growth in this country, how quickly and how and why? in the fourth quarter of next year, housing will give us a boost no matter who is elected. you’ll get this energy issue really going and that’s going to make every u.s. industry more competitive. i’m telling you, the energy issue is a manhattan project. that’s how you got to think about it. it’s the biggest thing in the world. it changes our whole position inthe world. energy is the life blood of a society. do you believe 4% is ever possible again? i hope it’s possible. what do you think? do you think the government infrastructure investment would do it? you don’t think getting out of the way is 4%. my view is that it’s going to be a tough slog for the next four years any way. hopefully we help on margins but i don’t know. i’m not coming to tell you who is going to do this. you have never seen country unleashed. you were born in ’82. i hope he’s right. i hope we can get — i am right on energy. i am right that a uniter is necessary. you cannot keep dividing this country. you can’t do it. jack, thank you very much. great talking to you. thanks a lot.