View Full Version : Home Depot Co-Founder: Obama Is Choking Recovery

07-21-2011, 06:36 AM
Seems the co-founder of Home Depot and I are on the same page.

<span style="color: #000000">By JOHN MERLINE, INVESTOR'S BUSINESS DAILY Posted 07/20/2011 06:35 PM ET

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?

<span style='font-size: 20pt'><span style="color: #660000">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. <span style='font-size: 20pt'><span style="color: #660000">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.</span></span>

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.

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

Marcus: <span style='font-size: 20pt'><span style="color: #660000">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.</span></span> 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. <span style='font-size: 26pt'><span style="color: #660000">I don't think he's a bad guy. I just think he has no knowledge of this.</span></span></span>

07-21-2011, 06:41 AM
And that is how you win the war on prosperity.

07-21-2011, 06:58 AM
Regulate and tax everything out of existence.

07-21-2011, 02:35 PM
Except those deemed "TOO BIG TO FAIL" which HD probably would be today ... which deems newer, leaner competitors as too small to succeed.

The large companies in general love a fascist economy because their existence is insured by the state and efficiency becomes a non issue and competitors are killed in the womb from being stomped on by the jackboot of regulation.

07-22-2011, 10:20 AM
So we have Home Depot and the largest casino operation talking about Obama's poor performance, but don't worry, here on the CCB gayle is telling us everything is going great. LOL, it is funny to see her in a cheer outfit as UE gets worse.


07-22-2011, 02:09 PM
The yacht club type tends to be that way ... they get their opinions from the ruling class and don't like to deal with the proletariat much.