Are some corporate profits better than others?
Critics: President Obama is demonizing certain industries
- Duration 8:45
- Date Jan 28, 2012
Critics: President Obama is demonizing certain industries
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President Obama slamming bank hit oil company profits again but he's doing at the same week that he praises Microsoft's billionaire founder bill -- honors the widow of Apple's billionaire founder Steve Jobs.
And that pays a high profile visit to an Intel plant those tech giants making profits that are much greater or equal to those so called.
Villainous oil in -- company profits -- What's fair about declaring some profits good and other profits back.
Hi everybody I'm David -- welcome to Forbes are so let's go in focus whip the man himself Steve Forbes ranked -- Mike -- -- bill Baldwin Victoria Barret.
Carl guard rich first you do.
If there doesn't seem to be a fairness here in one case of profits are good and another case of -- are bad.
-- -- it shows you how far Obama has sunk.
Since four years ago when he promised to be the great uniter he can't make an economic speech today.
Without having bogey man and it's always the oil companies and the banks that used to be private aircraft I assume he still does that too.
Meanwhile -- subsidizing.
Follies like Solyndra.
You know it makes no sense at all it's dividing the country it's economically ruinous it causes CEOs that.
Like Paul Otellini of Intel you know attack half that to show Obama around is plants.
I mean it's really really it's taking one or two point south of America's GDP.
While Rick why is it that some profits are good to -- some profits -- bat.
You know rich rich and I'm -- let's listen to different speeches because I never heard the president -- anybody's profits -- don't -- don't hear your primary -- re playing a look at what it would -- about what does put up by headlines from the Washington Post.
President slams oil company profits as prices rise -- -- he's done it many times.
Because the Washington Post put that headline that that makes it actor probably -- that we don't have time to -- the cardinals' Albert what -- what the president what the president did do his speech.
Was talk about getting rid of the subsidies that I think we can all agree.
The oil companies don't need any -- look there's a very big difference between -- -- business practices.
Which lead to oil spills that take away the livelihood for -- awful lot of Americans.
And Villa fine the profits there's a big difference in -- -- profits that result.
When bankers get involved in casino gambling.
That bring our economy to the brink of disaster and -- upon the profits that they -- There is a difference it's unfortunate that you can't see the distinction.
Between -- find dangerous.
Business practices of and when and and it would greatly your -- deployed as is that this Silicon Valley folks are getting subsidies look at Solyndra had no subsidies went down the drain of course.
And -- -- subsidies are going all around -- the point is is that it's okay for one group to make profits.
But not enough.
Yeah that's right and maybe talk about a company like gap with what 700000 workers in China -- Amir forty or 50000 here.
Demagogue president could easily go after that.
And they leave out -- Obama left out when he -- Steve Jobs Steve Jobs came Tillman said you're going to be one term president he continues as Andy kind of anti business kind of tirades.
He also told the present he also told the president why is it that it's much easier to get a permanent China put in a plant.
The -- we have all these unnecessary cost and regulations here in the US do something about it the president's done nothing about it.
Well I'm bill ball when it's not just the president Dennis Kucinich a lot of other Democrats want to revive this notion of a windfall profits tax on oil companies.
Why not a windfall profits tax on apple or Intel.
Well you know of Barack Obama lesson is not -- something good here I think -- have a surtax on crony capital -- and that means that banks would pay extra because they got up bailout it would mean.
That the wind bill and the ethanol companies in the other favor seekers would have to pay extra.
That kind of leveling of the playing field could make an awful lot of sense and here's another thing maybe the next time.
That a mortgage company hired to sleazy ex congressman.
To get special treatment in the credit markets.
Did you pay assert that while well Mike the fact is is that -- it may be it's applied I think what bill saves a plague on all your houses.
Nobody should get government subsidies or government handouts right well first of all this whole thing about Exxon -- -- all companies every inning favorable treatments a lot of nonsense ExxonMobil had an effective tax rate of 40% in 2010.
Higher than most companies that in the United States.
Secondly they don't anymore -- recruited another manufacturing companies.
Look when you go to Washington to pick winners and losers and you want politicians to do that I remember when they were saying Japan was the model we should follow in the late seventies and early eighties -- because.
They're government was so successfully picking winners and losers we'll guess what that countries had two decades of stagnation Israeli government picking winners and losers you end up eating insects off the ground like they do -- The real hole and Victoria now of course the model is try to -- -- since since China's subsidizing their solar panel industry we should do the same that I think Mike's right we.
Should stick to our -- -- Now.
That argument makes my head spin but let's step back for a second and in this whole this broader issue of good profits vs bad profits.
You mentioned apple and Steve mentioned those factories in China those factories in China are we have deplorable conditions.
I mean you have workers standing.
For you know fourteen hours a day so that their feats while to the -- -- elephants.
And then they go sleep in overcrowded dorms I mean those societies are really hurting.
We got a lovely -- -- but they're also cleaning -- lovely iPad screens with.
Chemicals before they come to us so -- well deserved or are you saying that after her well but good -- -- -- argues saying that I primates are obscene Victoria.
I'm sitting there and seen -- say I mean they certainly have some issues to deal with I'm saying.
Where do you draw the line between good profits and our profits I don't know -- did -- a little better -- question.
Where do you draw the line as long as you're obeying the law all profits are good because a lot of losses out there to get those profits and terms of apple.
President Obama is creating conditions were new apples will not be able to rise up -- real travesty.
They'll you know countless hours -- -- -- according capitals and that includes the banks and it includes anyone who's making money.
Is a perversion of the free market and I think the perverts to -- -- I think the prefer to break -- I had that how about a little about the only.
Everybody gets -- realize all that Rick younger go ahead.
Let's -- alive even at those live almost take us over -- -- -- forbid we should change a lot but Steve said.
That he questioned why Obama is and isn't giving Steve Jobs a problem for taking those jobs overseas read the book.
The president specifically.
Gave Steve Jobs a hard time for taking those jobs overseas.
He called him out during a speech no he didn't discuss -- at the state of the union there were some other things to talk about I don't understand the comment.
Steve go ahead than the fact of the matter is that he now praises Steve Jobs because Steve Jobs is and I concert brings widow when -- don't leech off about politically.
The fact of the matter is Steve Jobs is appalled by the president's policies even though he didn't get involved in politics.
And the fact of the matter is today be very hard for new apple to rise up because the taxation regulation this guy wants to put in.
We need a Reagan not an Obama race Carl guard has been following -- -- from the beginning go ahead rich.
Yeah yeah out well how much shut income taxes Google pay it is it 1% or 4% or something like that Oz mentioned Exxon paying 40%.
Gosh why do you think that's true.
Is it because that Google is friendly with this administration I think so how about General Electric.
And Jeff Immelt.
Friendship with -- Obama I mean look at that crony capitalism.
Is appalling and it's driven by this did this -- president.
And my goes 81 thing which is great about your oil companies special -- that guys that Mike goes they need the oil companies pay out.
More money to the government would you look at all those gas taxes and we pay out more money the government for -- then they get a profit.
It's that we have a president who wants taxpayers to fund money losing companies like Fannie Mae and Freddie Mac.
That a losing billions of dollars here at the same time he blocks private investment private capital from building up the Keystone Pipeline which we knew which we need.
For more energy we create more jobs that's private chapel at -- at risk that he blocks.
This is a president don't think he could sit in Washington and decide what companies in one minute what industry should prosper which is why today.
This is the slowest economic recovery we've had since the depression last word for -- rose and Ian thanks guys.