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Thread: Home Depot Founder on Obamanomics

  1. #1

    Home Depot Founder on Obamanomics

    Home Depot Co-Founder: Obama Is Choking Recovery
    By JOHN MERLINE, INVESTOR'S BUSINESS DAILY
    Posted 07/20/2011 06:35 PM ET
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    Bernie Marcus co-founded Home Depot (HD) in 1978 and brought it public in 1981 as the U.S. was suffering from the worst recession and unemployment in 40 years. The company thrived, creating hundreds of thousands of jobs and redefining home improvement retailing.

    But Marcus says Home Depot "would never have succeeded" if it launched today due to onerous regulation. He recently helped launch the Job Creators Alliance, a Dallas-based nonprofit of CEOs and entrepreneurs dedicated to preserving the free enterprise system. IBD recently spoke to him about jobs and the economy.

    IBD: What's the single biggest impediment to job growth today?


    Bernie Marcus: Red over rules. View Enlarged Image

    Marcus: The U.S. government. Having built a small business into a big one, I can tell you that today the impediments that the government imposes are impossible to deal with. Home Depot would never have succeeded if we'd tried to start it today. Every day you see rules and regulations from a group of Washington bureaucrats who know nothing about running a business. And I mean every day. It's become stifling.

    If you're a small businessman, the only way to deal with it is to work harder, put in more hours, and let people go. When you consider that something like 70% of the American people work for small businesses, you are talking about a big economic impact.

    IBD: President Obama has promised to streamline and eliminate regulations. What's your take?

    Marcus: His speeches are wonderful. His output is absolutely, incredibly bad. As he speaks about cutting out regulations, they are now producing thousands of pages of new ones. With just ObamaCare by itself, you have a 2,000 page bill that's probably going end up being 150,000 pages of regulations.

    IBD: Washington has been consumed with debt talks. Is this the right focus now?

    Marcus: They are all tied together. If we don't lower spending and if we don't deal with paying down the debt, we are going to have to raise taxes. Even brain-dead economists understand that when you raise taxes, you cost jobs.

    [B]IBD: If you could sit down with Obama and talk to him about job creation, what would you say?

    Marcus: I'm not sure Obama would understand anything that I'd say, because he's never really worked a day outside the political or legal area. He doesn't know how to make a payroll, he doesn't understand the problems businesses face. I would try to explain that the plight of the busi nessman is very reactive to Washington. As Washington piles on regulations and mandates, the impact is tremendous. I don't think he's a bad guy. I just think he has no knowledge of this.[/B]

  2. #2
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    [QUOTE=chiefst2000;4064995]IBD: What's the single biggest impediment to job growth today?


    Bernie Marcus: Red over rules. View Enlarged Image[/QUOTE]

    I agree. Red over rules and view enlarged image are certainly huge impediments.

  3. #3
    [QUOTE=PlumberKhan;4065001]I agree. Red over rules and view enlarged image are certainly huge impediments.[/QUOTE]

    [B]Marcus: The U.S. government. Having built a small business into a big one, I can tell you that today the impediments that the government imposes are impossible to deal with. Home Depot would never have succeeded if we'd tried to start it today. Every day you see rules and regulations from a group of Washington bureaucrats who know nothing about running a business. And I mean every day. It's become stifling.
    [/B]

  4. #4
    Wynn's Rant: One Among Many

    Posted 07/19/2011 06:50 PM ET

    Wynn: Obama backer no more. AP View Enlarged Image

    Business: Las Vegas CEO Steve Wynn drew attention for a boardroom rant denouncing the intolerable business climate fostered by the White House. He's hardly the first. What's happening is emblematic of a bigger problem.

    In a Monday conference call, the casino magnate credited with revitalizing Las Vegas blasted President Obama, declaring him "the greatest wet blanket to business, progress and job creation in my lifetime."

    The blast was remarkable for two reasons: Wynn has been a staunch supporter of the Obama administration from the beginning and still considers himself a Democrat. But even more remarkable, it's been out of character for CEOs such as Wynn to express their views in such blunt terms on political matters.

    "A lot of people don't want to say that," he said. "They'll say, 'Oh God, don't be attacking Obama.' Well, this is Obama's deal, and it's Obama that's responsible for this fear in America," said Wynn. "The guy keeps making speeches about redistribution, and maybe 'we ought to do something to businesses that don't invest or (are) holding too much money.' We haven't heard that kind of talk except from pure socialists."

    Business is being hammered, he said. "And I'm telling you that the business community in this country is frightened to death of the weird political philosophy of the president of the United States."

    Wynn's words resonate because America's weak economic growth and high unemployment can be laid in large part to the inexperience of this president and his just-as-callow advisers.

    In such a climate, it's no surprise that executive outbursts are erupting like lava from scorched earth. Wynn's remarks echo those on a lengthening list of CEOs including:

    3M's George Buckley, who blasted Obama last February as anti-business. "We know what his instincts are," Buckley said. "We've got a real choice between manufacturing in Canada or Mexico which tends to be more pro-business and America," he told the Financial Times.


    Boeing's Jim McNerney, who in the Wall Street Journal last May called Obama's handpicked National Labor Relations Board's suit against his company a "fundamental assault on the capitalist principles that have sustained America's competitiveness since it became the world's largest economy nearly 140 years ago."

    Intel's Paul Otellini, who told CNET last August that the U.S. legal environment has become so hostile to business that there is likely to be "an inevitable erosion and shift of wealth, much like we're seeing today in Europe this is the bitter truth."

    Home Depot co-founder Bernie Marcus, who observed to radio host Hugh Hewitt last month that Obama "never had to make payroll," that "nobody has ever created a job in this administration" and that the president is "surrounded by college professors."

    GE's Jeffrey Immelt, one of Obama's biggest supporters, who hit out at the president last year. "Business did not like the U.S. president and the president did not like business," the FT reported him saying. "People are in a really bad mood. We have to become an industrial powerhouse again, but you don't do this when government and entrepreneurs are not in sync."

    Berkshire Hathaway CEO Warren Buffett, another Obama backer, who blasted Obama's bank tax in January 2010 as a "guilt tax," once called Obama's carbon tax idea "regressive" and this month denounced Obama's obsession with corporate jets.

    These aren't the only ones. CEOs of battered oil companies like Chevron and Exxon Mobil, media companies like Fox News and Forbes, and business groups like the Chamber of Commerce have also spoken out. When the creators of jobs and wealth are saying the same thing, isn't it time for the White House to listen up?

  5. #5
    leaders of business complaining about regulations. Who cares? Home Depot put every mom and pop hardware store in the country out of business. lets weep for them.

    bottom line business can't be trusted to operate WITHOUT regulation, that's kinda what caused all this problems in the first place.

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    Personally, I think there's some real legitimacy to these complaints. Obama indicated that he would review all government business regulations and streamline them... haven't seen much of anything real on this. Meanwhile EPA regs and healthcare are indeed adding volumes of new regs to the table. It doesn't matter that corporate profits are up 36%... this should be a higher priority in this climate, as the 36% figure is significantly accounted for by job reductions. This is another area where Obama seems to be stuck in slow motion.

  7. #7
    [QUOTE=long island leprechaun;4065086] t doesn't matter that corporate profits are up 36%... .[/QUOTE]

    yeah corporations should be making way more than that.

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    Home Depot is a company that has made Billions while not providing many (if not most) of their employees health insurance.

    I am shocked that they are complaining.

  9. #9
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    [QUOTE=chiefst2000;4065020]Wynn's Rant: One Among Many

    Posted 07/19/2011 06:50 PM ET

    Wynn: Obama backer no more. AP View Enlarged Image

    Business: Las Vegas CEO Steve Wynn drew attention for a boardroom rant denouncing the intolerable business climate fostered by the White House. He's hardly the first. What's happening is emblematic of a bigger problem.

    In a Monday conference call, the casino magnate credited with revitalizing Las Vegas blasted President Obama, declaring him[B] "the greatest wet blanket to business, progress and job creation in my lifetime[/B]."

    The blast was remarkable for two reasons: Wynn has been a staunch supporter of the Obama administration from the beginning and still considers himself a Democrat. But even more remarkable, it's been out of character for CEOs such as Wynn to express their views in such blunt terms on political matters.

    "A lot of people don't want to say that," he said. "They'll say, 'Oh God, don't be attacking Obama.' Well, this is Obama's deal, and it's Obama that's responsible for this fear in America," said Wynn. "The guy keeps making speeches about redistribution, and maybe 'we ought to do something to businesses that don't invest or (are) holding too much money.' We haven't heard that kind of talk except from pure socialists."

    Business is being hammered, he said. "And I'm telling you that the business community in this country is frightened to death of the weird political philosophy of the president of the United States."

    Wynn's words resonate because America's weak economic growth and high unemployment can be laid in large part to the inexperience of this president and his just-as-callow advisers.

    In such a climate, it's no surprise that executive outbursts are erupting like lava from scorched earth. Wynn's remarks echo those on a lengthening list of CEOs including:

    • 3M's George Buckley, who blasted Obama last February as anti-business. "We know what his instincts are," Buckley said. "We've got a real choice between manufacturing in Canada or Mexico — which tends to be more pro-business — and America," he told the Financial Times.


    • Boeing's Jim McNerney, who in the Wall Street Journal last May called Obama's handpicked National Labor Relations Board's suit against his company a "fundamental assault on the capitalist principles that have sustained America's competitiveness since it became the world's largest economy nearly 140 years ago."

    • Intel's Paul Otellini, who told CNET last August that the U.S. legal environment has become so hostile to business that there is likely to be "an inevitable erosion and shift of wealth, much like we're seeing today in Europe — this is the bitter truth."

    Home Depot co-founder Bernie Marcus, who observed to radio host Hugh Hewitt last month that Obama "never had to make payroll," that "nobody has ever created a job in this administration" and that the president is "[B]surrounded by college professors."[/B]
    • GE's Jeffrey Immelt, one of Obama's biggest supporters, who hit out at the president last year. "Business did not like the U.S. president and the president did not like business," the FT reported him saying. "People are in a really bad mood. We have to become an industrial powerhouse again, but you don't do this when government and entrepreneurs are not in sync."

    • Berkshire Hathaway CEO Warren Buffett, another Obama backer, who blasted Obama's bank tax in January 2010 as a [B]"guilt tax," once called Obama's carbon tax idea "regressive" and this month denounced Obama's obsession with corporate jets.[/B]These aren't the only ones. CEOs of battered oil companies like Chevron and Exxon Mobil, media companies like Fox News and Forbes, and business groups like the Chamber of Commerce have also spoken out. When the creators of jobs and wealth are saying the same thing, isn't it time for the White House to listen up?[/QUOTE]

    What's the problem...these are all evil corporations and BH owns Flightsafety...a Jet training company so Buffet he must be a cokksucker too.


    [B]Cisco to axe 16% of its workers[/B] . evil, evil evil.

    Why don't these corporations behave like government and give away multitudes of barely work jobs with little accountability, life time healthcare and pensions. What a shame.

    Interestingly, HD cas created more millionaires in its first 10 years than can be counted. In 1995, when I moved to Charlotte, I met a floor manager who was wth HD since the beginning. He told me his store had at least 4 millionaires. [B]EVIL![/B]

    Vegas was basically DEAD in the early 90's....... so Wynn is clearly not worthy of opinion....hmmm.
    Last edited by southparkcpa; 07-21-2011 at 12:16 PM.

  10. #10
    [QUOTE=bitonti;4065068]leaders of business complaining about regulations. Who cares? Home Depot put every mom and pop hardware store in the country out of business. lets weep for them.

    bottom line business can't be trusted to operate WITHOUT regulation, that's kinda what caused all this problems in the first place.[/QUOTE]

    What caused it was government and business being in bed together not regulation. What gets them in bed is regulation. When I hear of new regulations I think of it as a first date at some point everyone else is going to get F.

  11. #11
    [QUOTE=Buster;4065103]Home Depot is a company that has made Billions while not providing many (if not most) of their employees health insurance.

    I am shocked that they are complaining.[/QUOTE]

    Actually Home Depot does provide benefits to employees including 401k matching and insurance benefits. Why do you lie? How does it help your nonsensical arguments?

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    [QUOTE=Buster;4065103]Home Depot is a company that has made Billions while not providing many (if not most) of their employees health insurance.

    I am shocked that they are complaining.[/QUOTE]

    I think you're confusing Home Depot with Walmart, which does indeed have a pretty dismal record re health insurance.

  13. #13
    it's very easy for a CEO to make layoffs and blame Obama for it (while the stock price goes up).

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    [QUOTE=bitonti;4065090]yeah corporations should be making way more than that.[/QUOTE]

    I quoted the number because it would be trotted out as "proof" of the greed of business, but in fact it represents retrenchment by shedding jobs which is not the basis of a recovery. Reinvestment of profits is critical to any recovery re employment. I would add that the federal government being the leading shedder of jobs right now is also not helping the economy. Pumping more unemployed into a stagnant unemployment pool is pretty stupid.

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    [QUOTE=chiefst2000;4065119]Actually Home Depot does provide benefits to employees including 401k matching and insurance benefits. Why do you lie? How does it help your nonsensical arguments?[/QUOTE]

    My ex-wife worked there for 5 years. They do everything that can to keep most employees under 38 hrs a week. She got in trouble for staying 1/2 late once to help load up generators that were bound for Buffalo after that bad October lake effect snowstorm a few years ago...they put her "under review".

    Their "staff" know nothing about the departments they run or work in. I've heard numerous times people working in their electrical department giving customers downright dangerous advice...advice that would probably burn your house down if followed. Scary sh*t.

    Nothing is funnier than people who couldn't make it in construction and high school kids giving "home improvement" advice. Mucho lolz.

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    [QUOTE=PlumberKhan;4065164]My ex-wife worked there for 5 years. [B] They do everything that can to keep most employees under 38 hrs a week. [/B] She got in trouble for staying 1/2 late once to help load up generators that were bound for Buffalo after that bad October lake effect snowstorm a few years ago...they put her "under review".


    Nothing is funnier than people who couldn't make it in construction and high school kids giving "home improvement" advice. Mucho lolz.[/QUOTE]

    That is so sad but true. A friend of mine has a brother in law that is a little "slow". He works at Target and target literally wont let him work more than X hours a week which keeps him off the benefits.

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    [QUOTE=southparkcpa;4065173]That is so sad but true. A friend of mine has a brother in law that is a little "slow". He works at Target and target literally wont let him work more than X hours a week which keeps him off the benefits.[/QUOTE]

    Thing is, I totally understand why companies do that. Most low level employees aren't reliable...so how much $$$ does a company want to invest in an employee that's probably gonna call off a lot, not put 100% into their work and will probably steal stuff at some point.

    What sucks is that it makes it hard for good employees to want to stay.

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    [QUOTE=PlumberKhan;4065185]Thing is, I totally understand why companies do that. Most low level employees aren't reliable...so how much $$$ does a company want to invest in an employee that's probably gonna call off a lot, not put 100% into their work and will probably steal stuff at some point.

    What sucks is that it makes it hard for good employees to want to stay.[/QUOTE]

    I pay 100 percent of my 2 fulltimers. They are both college grads and decent people.... I simply recognize that as a "percent" of their pay, health insurance is about 7 to 10 percent which is no big deal. Keeps them and me happy.

    Most of my clients employees are as you describe....late to work, change jobs every few years always collecting unemployment for a few months between jobs etc... so I see your point.

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