On Fox, Jim Lacamp says Obama admin's "class warfare" helps set "the stage for social unrest"
Cavuto responds: "Although we're not making political views on this, I know where you're coming from."
From the June 10 edition of Fox News Channel's Your World with Neil Cavuto:
CAVUTO: Jim, I'm always interested in how, you know, Wall Street follows this too --
CAVUTO: -- because there were a lot of things to worry about with the economy.
CAVUTO: But I've got to tell you, to a man and woman I talked to in the business world, they all tell me, "Neil, what's going on in Washington, the shooting?" Even though we have a pay czar controversy over how much money we're doling out, this -- I always feel this is the sort of the unaddressed scab for Wall Street, that they're not quite over this, and maybe after 9-11, they never will be. What do you make of it?
LACAMP: I think you're absolutely right. We've lost a generation of buy-and-hold investors. Now, keep in mind the market, if you go back 13 years, isn't any higher than it was 13 years ago.
CAVUTO: That's true.
LACAMP: People lost a lot of money in 2000 and 2002 --
CAVUTO: And they don't need much to get off the buying pot, do they?
LACAMP: They sure don't. And they lost a lot of money in those three years, then they lost a lot of money in 2008. They're still hearing all this economic news, the housing market has not gotten any better, so I think there's a lot of skepticism about the health of the economy and the stock market as a result. And so people are still very leery of the stock market, and you can throw Washington and Wall Street into that mix because they're still leery about people on Washington and Wall Street.
CAVUTO: Well, and also we should say the last terror attack -- this was not a terror attack, I got to stress that, and nor do authorities think it was -- but it occurred in Washington and it occurred in New York, and do you think, then, Jim, had this been in any other city -- take nothing away from a Wichita or a Macon, Georgia -- that it would've gotten the attention or gripped Wall Street the way this did?
LACAMP: New York and Washington D.C., those are the two hubs, and anywhere else it would not have had the same impact. It does highlight something that I'm very concerned about economically, and that's social unrest. You have a lot of people losing their jobs, you have a lot of people losing their homes. They're angry, and as interest rates go up, foreclosures accelerate, and we're going to have a lot of resets over the next two years. The same time, municipalities are cutting back on their police forces, and we have an administration that's really done a lot of class warfare, a lot of class-baiting. And so it sets the stage for social unrest, and that's one of the things that I'm very concerned about moving forward.
CAVUTO: Although we're not making political views on this, I know where you're coming from.