Special Guests: Harvey Golub - Former American Express CEO
NEIL CAVUTO, HOST: All right, governor. Thank you very much.
All right. So let's say you're a Wall Street CEO. You've been bashed by all these "Occupy-ers" who say that you're up to no good. Let's say you're a former American Express CEO who's heard that as well. Harvey Golub joins us right now.
Harvey, we're a long way from Wall Street where I stand right now but the mood seems to be that there is a sort of a dislocation going on in the economy. Those very well off are doing very, very fine. Everyone else - not so fine. The one percenters versus the 99 percenters. Democrats have tried to make that the wedge. Is it working in your eye?
HARVEY GOLUB, MILLER BUCKFIRE CHAIRMAN: I don't - I don't think so. Because people don't - I don't think people look at whether or not somebody else is doing better than them by and large. What they look at is do they have an opportunity to become one of the one percent. Do they have an opportunity to increase their wealth to earn an adequate living? I think that's what they're more concerned with.
CAVUTO: So you pay attention to these sorts of things, very astute politically yourself and you were reminding me not too long ago the kind of things that would get CEOs hiring again or CEOs more inclined to spend that cash that they're sitting on - trillions by some accounts - that they're just refusing to move and not - I'm not talking about just the amount that's held offshore. What would it take? What do you think it would take?
GOLUB: I think it would take a complete reversal of the current policies. We clearly have to change our regulatory environment. We have to reduce our spending. We have to reform our entitlement program. We have to reduce the crony capitalism that exists in our - in our corporate tax code. We've got to level and make more fair our individual tax code. Those are some of the things that we've got to do to start with and then the economy would turn around and businesses would invest to grow.
CAVUTO: What if it just goes sideways? I'm talking more to the markets (INAUDIBLE). If you think about it, you know, you're up almost a (INAUDIBLE) day, you're down (INAUDIBLE). When you step back from this market from just the beginning of this year, we're a little more than (INAUDIBLE) and I'm wondering, for those - especially young people, I bumped into a lot of them here who are just saying, "You know, markets haven't been no great shakes for 10 years. So all you old farts (INAUDIBLE) are telling us to invest for the long haul. We haven't seen squat from it." How do win their confidence back? What does it take?
GOLUB: It takes - actually -- for the markets to go up. People are not going to change their point of view on that until they see that there's some change.
CAVUTO: That's exactly what -- it takes the markets to go up. That's good.
GOLUB: And if it -- if they did, then they would - they would have that kind of confidence again. But I don't see that happening in the next two years. We're clearly not going to change in any major way our political system or the way Washington is functioning which is far more dysfunctional.
CAVUTO: Even if we have a new president? Even if we have a new president elected, none of that changes?
GOLUB: That's two years away. That's two years away. And it is--.
CAVUTO: A little over a year. A little over a year.
GOLUB: Well, and it's not--.
CAVUTO: If it were - if a new one was elected.
GOLUB: If a new one was elected. And it's not - you're right now. Time has - time has passed by, Neil. And it's not at all clear that there'll be a change in Washington. It is entirely possible.
CAVUTO: So you think the president's re-elected?
GOLUB: I think there's a high probability that he is. I don't know that it's more than 50 percent but it is certainly higher, in my mind, than it was six months ago.
CAVUTO: Very interesting. Harvey, good chatting with you again. Thank you very, very much. Again, obviously, the candidates debating tonight will try to remove that notion from anyone's head that the president stands to be re-elected. Sioux City, Iowa the final big clash (INAUDIBLE) one last time before the big vote in less than three weeks and we will be there for that.
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