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New focus on jobs as Obama, Romney go on final blitz

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    Reaction from former GE CEO Jack Welch

  • Duration 6:42
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All right we have been focusing on the aftermath of opportunity in sandy -- all and regardless of what happens at the end.

It's gonna have a big impact on the economy an economy the administration says.

Is it groove and we got the latest -- of -- I -- in the final jobs report.

Before the election that is.

A surprising as part of better than a 170000.

Jobs added plus to the economy and unemployment rate of seven point 9%.

Back -- this is Jack Welch to.

Might quibble with that rates in about the last time but you still don't mislead by these numbers.

It's -- like the real unemployment rate if -- take.

The last ten years prior to the 2009.

Recession a ten year average -- what's called the participation.

Rate.

How many -- while working temporarily full time.

And -- -- York.

If you take that number.

And you -- ten year average annual and you run it now -- just worked for us.

You have an unemployment rate postal Emerson that's what the real unemployment rate that people a feeling out there.

Now discouraged workers have walked away and all that stuff but that's the -- right not now this number of seven point eight that popped end of the day.

Just didn't make any sense.

I mean you had a number that -- we had more people added since Ronald Reagan's biggest month and you have 83 in September.

-- -- -- -- -- -- -- -- I was questioning the methodology -- to go out its 2000 people on the phone in three phone banks calling people saying.

-- -- -- -- Hey how much time you worked -- By the way the corner at home in the middle of the day they're rising not.

So -- what is your sense into the economy Jack I mean -- did the president tells people that -- the trend is our friend things are getting better.

Mitt Romney says if this is better.

Its -- so.

What what what what's your -- My god is that the economy.

In gas and oil is improving because of fracking.

-- not an awful lot of automotive because of obsolescence we've got some strength.

And housing is coming off the bottom line so there's no question of the three segments I mobile.

Capital spending is nowhere.

The economy is running along in a one -- -- -- percent.

GDP -- you might get to every now and then.

Look what just happened that third quarter.

62%.

Of American companies miss their revenue -- It doesn't bode well challenging just came out of this week of that within the announcement that the layoff announcements are up 41%.

So what is -- this dichotomy between.

Average folks one consumer confidence -- -- this week very high but their bosses guys like you.

Not nearly so confident in fact very dour.

I generally -- -- my well my bosses to protest could and I wonder why should I be -- -- industrial.

Economy right now is so uncertain look at little let's talk about the film eleven election and going fall it.

As especially -- -- as we look at 2013.

Fourteen.

We get -- really really for if you will.

Question.

The first to the fiscal cliff everybody talks about.

You know -- debt.

The taxes how we got to get a rare revenues vs costs the second -- the regulatory wall.

No and stop him.

The wall that's gonna hit -- and -- -- -- pushed back to 2013.

Grand American has a chance right there.

To -- have -- -- the American century.

Traders are three Americans -- that this gas and oil breakthrough with fracking and I think has a chance to change the world.

And we have a chance to be the most competitive country in the world.

-- low cost strategy across all businesses with a great chemical industry coming back.

But that all depends on how we can -- regulation.

And this administered more important -- have -- future Lisa Jackson Hilda Solis Steven Chu.

These people who are going to be in regulate and.

A lot of -- you the -- that's the real problem for businesses that -- and that to health care and health.

They're just gonna be regulated to death and it's going to put a crimp on everything they do that's not this is the most important election of -- We have a chance of your entire life of my entire life.

Even the whole Lincoln one -- -- -- I knew you don't go that you always wanted to go to my pop the ballot OK but but -- We have a chance to true American told -- around what would happen if it Barack Obama won there's a very I don't know the answer but I know this.

There's a high probability.

A regulatory.

-- In the whole gas fracking you know -- -- that good in it the whole big picture Jack -- sees Barack Obama reelected if it were to happen.

What happens the country.

Slow growth.

-- then we'll come back with that we have.

Among monetary policy that makes many free.

So will have a slow growth one and a half to 2%.

-- the opportunity.

For three to 4% growth rate.

Neil we talk about the middle class middle class has been hammered with four point thousand dollars low low and take -- admitted before.

The only way we're gonna get a great middle class again -- create these high paying jobs from the very competitive.

America.

That will come from energy independence.

And low cost energy that every industry we.

That's what we need.

We have a chance for the fiscal cliff.

With what would president Romney who can work across I know he's proven that didn't get some solution to the -- revenue.

Cost standpoint that we have a you shouldn't.

Do you know of American energy independence and make America.

The most competitive country in the world we have the intellectual horsepower.

And once we get the energy and have the low -- -- This can be the American century and it's not going to be the American version you get a small piece piece of this new New York.

Hate them them them I'm -- Marcellus.

The only the only state not doing anything in the Marcellus area is -- You guys that -- had another study another study there he's regulators are gonna choke off.

Quote it's always an honor and pleasure sir thanks for regular -- I'm always.

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