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Langone: Biggest Threat to Democracy Is Unemployment

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    Exclusive: Home Depot co-founder on state of the economy, regulations

  • Duration 6:18
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Well he bass is the Wall Street fat cats but right now the Wall Street fat cats could be his best friend because with the Dow's gain today.

And the SP 500 and the NASDAQ.

Also doing well year to date.

Name me this is the wind that the president's back -- -- co-founder of Home Depot wanted to send his business reasons to remind us.

Would not -- around.

I think it's more than just the market -- about the people out of work.

And not the nine point one and on the -- the 15161718%.

How to work.

Kind.

But if this continues the argument is not among all but that it could be either wind it expected it.

It's gonna improve prospects for those -- I agree I think the surge of regulation these last three years.

Has dramatically changed the underlying structural job creation in America.

But look at look at Wall Street -- -- the banks and laying off left and right.

But one of my -- -- way to.

Augusta probably Dan Goldman Sachs analyst Morley analyst quarter antibody Bernie Marcus not to long ago if he could do you guys to do we couldn't today.

What you do -- -- -- we're -- on the company said but.

I don't understand what is different here.

We believe that every single person that worked with us nobody -- for us they were our associates.

Should own the stock.

Directly or indirect.

Options today.

You must expense.

So we sort of the company we had -- stores in the force that was.

Those people who got those options we would out of the meeting the expense of the black -- about 40% rank primary guess what you would never would have aren't.

Would have been and it wasn't it was foolish because.

If the options expired out of the morning.

The expense we booked I'm really happy.

Yeah but you know why don't buy that but it that you would have found another way to make it work.

And then you guys and Steve Jobs and Bill Gates the one common theme is in a very tough environment you guys.

Made it work.

Look we made it look we start of the roughest times we started in 97 -- -- -- charm I.

We probably didn't only better so that we we didn't know a few woods.

But you're asking me for -- to Begin with we could probably have succeeded but not on the scale that we did keep tomorrow so what does this president to do.

From the two things can announces yesterday right now.

He needs a sentiment transplant.

He needs to go from looking -- business as fat cats.

And say this is what brought America to the point I will tell you right now.

The biggest threat to our democracy.

In my mind is unemployment.

People who have a job people or educate me kids people who Gordon will be people who payable four hole people who -- -- Early -- -- in the game and they are happy.

Did you take people who are out of work.

And all Lacey is despair.

He talks about or whoever has talked about the widening gap between the rich and report.

The reason is not that we -- -- water made more money.

The reason is -- not bringing education into the lol.

I am where I am today because my parents were adamant about having a quality education I went to a public school -- more talent and great teachers.

And I learned and I got I was eligible for college.

It wasn't haunts me to jump into the mainstream but you see -- point about that hasn't won way to close it is -- -- guys that you weren't too it's in our.

Talk that -- you can tax 500%.

And you won't move the needle.

Why not accepted the biggest barrier to -- the closing that gap.

On the quality of teaching in the public schools.

Doesn't that look this direct correlation.

Look to see the performance of these kids and look at the -- You you bring someone home people who can -- that can read that can communicate that does a great job.

We have a guy his name is Joseph McFarland I'm so proud of he started with us at the very bottom.

He had -- run 700.

Stores.

He's right he's probably got I'm winning yes 125000.

Employees on the room who actually -- -- -- -- idea.

-- -- -- -- -- -- -- -- No -- Berrian on a walk in the store one day when was he indeed did it would be -- got fired.

And that that I was all excited that we were in Kansas City Wilmington -- -- a I own 60% of the company and I was.

Being my usual self which is like you who have played poker play we'll -- Cabrera got a great -- -- with former yeah.

And for Bernice you've got to be careful what we mean he's you know -- it is something out there that could wipe this industry out.

And we'll come to weather this season opens that is so profound I'm not going -- -- -- -- -- -- they call -- for a job.

He had no money he had family he had no assurance -- -- -- flew to new York and we met the Waldorf Astoria on a Sunday morning.

He brought a lawyer -- -- good guy Jerry glass from him I said.

Single wolf who's now did lot of soul rest in peace if you have one.

Siegel says.

I mean Bernie system you have the -- -- want to put me in jail as for why I don't know.

So I said Jerry as Jerry whatever penalties guys didn't fees typically cumulative foreign as a -- -- -- -- when he -- is released only.

But there was this thing out the of the somebody did it.

It would change the industry.

And that was it remains but.

-- -- all you weren't -- then and not really all I've got my office I've got the original plan OK before we opened the first two.

Man I want to see that they arrested at that front there's going to be joining us you're making -- point has not -- as they did remarkably Wilson.

-- the might also -- minority as Nextel show up yourself currency of more.

Of this legend six him on -- -- only in my own mind religion yes that's what -- so seriously you don't get Fox Business to see this.

Or eleven billion are on your in -- you know what you -- -- Davidson.

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