The government has imposed excessive restrictions on businesses, particularly in the healthcare and financial services sectors, says Home Depot co-founder Ken Langone.
He's particularly upset with Obamacare. "This act does not have a happy ending," Langone said at a conference Wednesday, according to CNBC.com
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"The biggest risk I see is the discouragement of young people to go into the field of medicine. I believe the way it's heading now, and the way we are, there's a very good chance of a major shortage of doctors in the next 10 or 15 years."
Langone apparently doesn't think too highly of the Dodd-Frank financial reform law either. The government's harsh actions toward big banks have put the financial services industry in a bind, he said.
"One of the great challenges going forward is how do we restore the elegance of the banks that young people want to go there, want to work there to pursue their careers there," Langone said,
"The essence of business to me is great people run great companies. Mediocre people don't do a very good job."
Langone probably wasn't pleased with a speech from Federal Reserve Governor Daniel Tarullo last week. Tarullo said banks should no longer be allowed to evaluate the riskiness of their own assets and activities as part of the process for establishing capital requirements.
"The IRB [internal-ratings-based] approach has little useful role to play,” he said, according to The New York Times
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