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| Breaking from Moneynews.com Loews CEO Tisch Rips Obama's PoliciesPresident Barack Obama’s policies are taking the economy in the wrong direction, says Jim Tisch, CEO of conglomerate Loews Corp. Those policies have led businessmen to lose confidence in the economy and will thus keep growth subdued, he told Bloomberg. Tisch specifically objects to the new laws for healthcare and financial regulation and to the moratorium on offshore drilling. Those policies are deterring business investment, he says. “The thing that business people don’t like is uncertainty.” Some corporate executives have criticized Obama for taking an adversarial stance toward business. “Part of the problem is that business has very little confidence in what’s been going on and very little visibility,” Tisch said. He was displeased with the president’s reaction to the BP oil spill, saying Obama didn’t take into account the oil industry’s interests. “That sends a strong message to American industry that if your industry gets in trouble, there’s a possibility you won’t get a fair shake,” Tisch said. Loews owns half of Diamond Offshore Drilling, the country’s biggest deep-water driller. Intel CEO Paul Otellini isn’t too pleased with Obama’s handling of the economy either. “More of the country is beginning to recognize that we are not taking the right steps as a nation to ensure that our economy is on a long-term trajectory of growth and leadership,” he said in a speech Monday. “Businesses have yet to resume broad-based hiring, and there remains a fundamental lack of confidence that is holding back our economy.” © Moneynews. All rights reserved. Editor's Note: |
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