Tags: Langone | regulation | economic | bank

Home Depot Co-Founder Langone: Drawback for US Economy Is 'Insane Regulation'

By    |   Friday, 23 August 2013 08:16 AM

Things are looking up for the U.S. economy, except on the regulatory front, where the government is going too far, says billionaire investor Ken Langone.

"We have a great future," he told CNBC. "The drawback is insane regulation."

And what's the biggest problem on that front? "It's an attitude," Langone, co-founder of Home Depot, said. "The president of the United States says yesterday go get those guys. Go get those bankers."

Editor’s Note:
Obama Blunder Spawns Massive Profit Opportunity

He was referring to the Obama administration's announcement that more prosecutions are coming against Wall Street over the 2008-09 financial crisis.

"It's five years since we had what I consider the equivalent of a tsunami," Langone said. "They're now making noise, because they're coming up on the statute of limitations."

But bankers weren't committing crimes during the financial crisis, Langone says. They just made dumb decisions. "There's never been in the history of man a crime because of bad judgment," he said.

"Stupidity has its own punishment, which largely is failure. And you know what? These people who did dumb things, they failed."

Meanwhile, enormous opportunities exist for young people just starting their careers now, Langone says. "You have to find them."

"The American people will have to decide one day, what are we getting out of all this action out of Washington?"

Thomas Stemberg, founder of Staples Inc., also is concerned about excessive regulation.

"Chief among [the] roadblocks: the blizzard of bureaucratic red tape that buries businesses and stifles job creation," he wrote in The Wall Street Journal. The Federal Register contains 46,758 pages of rules for businesses, Stemberg argued.

"Job creators know that regulatory relief can't come soon enough."

Editor’s Note: Obama Blunder Spawns Massive Profit Opportunity

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Economy
Things are looking up for the U.S. economy, except on the regulatory front, where the government is going too far, says billionaire investor Ken Langone.
Langone,regulation,economic,bank
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2013-16-23
Friday, 23 August 2013 08:16 AM
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