Tags: Ross | Obama | Anger | Wealthy

Wilbur Ross: Obama Fueling Public Anger Against Wealthy, Businesses

Thursday, 05 April 2012 12:52 PM

Occupy Wall Street protesters aren't fueling broader anger against the wealthy and big business but President Barack Obama is, says Wilbur Ross, chairman and CEO of WL Ross and Co.

Obama has proposed hiking taxes on wealthy Americans, slapped regulations on the financial sector and overhauled healthcare in a manner that has the Supreme Court questioning its constitutionality.

"I frankly blame the administration for helping whip up that frenzy," Ross tells Yahoo's The Daily Ticker.

Editor's Note: Obama’s Last-Ditch Effort to ‘Fix’ America Will Cause the Unthinkable

"The president has decided it's difficult to run on his record, so he's running against the Congress, he's running against Wall Street, running against wealthy people. I think playing the class division card is going to come back and haunt our whole society."

Blaming Wall Street for the country's woes won't help, as financial institutions finance business and governments worldwide.

"The economy can't function without Wall Street. Whether anybody likes that or not that happens to be true."

Ross says he doesn't favor President Obama's Dodd-Frank financial reform bill, as its brings about regulatory uncertainty and calls for new agencies such as the Consumer Financial Protection Bureau (CFPB) to look over banks, forcing them to spend more time figuring out dos and don'ts from the government and less time lending.

"I think the regulatory uncertainty and the growing fear that this agency (CFPB) will be witch-hunting are definitely impeding bankers' willingness to make loans," Ross says.

As Romney wins more primaries, meanwhile, Democrats have been quick to pounce on the candidate's wealthy upbringing and corporate background.
"Governor Romney's a little out of touch," Vice President Joe Biden told CBS News recently.

"I can't remember a presidential candidate in the recent past who seems not to understand ... what ordinary middle class people are thinking about and are concerned about."

Editor's Note: Obama’s Last-Ditch Effort to ‘Fix’ America Will Cause the Unthinkable

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Thursday, 05 April 2012 12:52 PM
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