EXPECTED TO SPEAK AND AS WE
STANDPOINT, PRESIDENT SHOULD BE
HAPPY.
WINNER OF A WEEK.
PILE TO COMPANIES THAT HAVE
CITED THE CORPORATE TAX CUT AS
U.S. ECONOMY OVER FIVE YEARS,
THAT INCLUDES CREATING 20,000
NEW JOBS AND NEW CAMPUS.
BUT IT'S AUTO NATION, THE AUTO
DEALER GIANT THAT HAS NOT ONLY
ANNOUNCED IT WILL DOUBLE MATCH
IN CONTRIBUTIONS TO EMPLOYEES'
401(k) PLANS.
AUTO NATION THE FIRST TO ANSWER
A CANCER BENEFITS PROGRAM FOR
EMPLOYEES DIAGNOSED WITH THE
DISEASE.
AUTO NATION'S PRESIDENT AND CEO
MIKE JACKSON WHO WAS NAMED
CHAIRMAN OF THE FEDERAL RESERVE
BANK OF ATLANTA JOINS US
EXCLUSIVELY.
MIKE, SO YOU'RE A BANKER NOW
TOO!
CONGRATULATIONS!
>> LIZ, GOOD AFTERNOON, YES,
IT'S QUITE AN HONOR, I'VE BEEN
ON THE ATLANTA FEDERAL RESERVE
BOARD FOR SEVERAL YEARS TO
BECOME CHAIRMAN.
AND ONE OF THE THINGS I ADMIRE
IN ECONOMICS.
THEY ALSO VALUE A STREET POINT
OF VIEW FROM THE REAL WORLD AS
WHAT'S HAPPENING WITH THE
ECONOMY.
SO THE 12 RESERVE BANKS THEY
HAVE BUSINESS LEADERS AND
COMMUNITY LEADERS WHO NOT ONLY
ARE THE BOARD OF THOSE
INSTITUTION BUT GET THE
OPPORTUNITY TO EXPRESS THE VIEW
OF WHAT'S HAPPENING IN THE
ECONOMY SO IT CAN MAKE A
DECISION BASED ON THE REAL
WORLD AS WELL AS ACADEMICS AND
ALL THEIR DATA.
LIZ: YOU ARE IN THE REAL WORLD
AS THE CEO OF THE LARGEST AUTO
DEALERSHIP IN AMERICA, I LOOK
AT ALL YOU CAN DO AND BRING.
WHEN YOU THINK ABOUT INTEREST
RATES, I HAVE TO ASK YOU THIS,
JEROME POWELL IS THE INCOMING
FED CHIEF, FED CHAIR, HE SEEMS
HAWKISH, WANTS TO RAISE THREE
TIMES.
THE MARTIN FELDSTEIN SAYS THIS
IS GOING TO CRASH STOCKS, THE
FED CANNOT CONTROL INFLATION
THAT, WELL, I WOULD SAY YOU ALL
NOW, BECAUSE YOU'RE PART OF, IT
BEHIND THE CURVE, SHOULD HAVE
RATES THREE TIMES THIS YEAR?
>> SO WHAT I'VE EXPRESSED IS
THERE'S MUCH MORE ROOM FOR
ROBUST ECONOMIC RECOVERY AND
THERE'S NO SIGN OF INFLATION.
HOWEVER, WE'VE HAD CRISIS RATES
IN THE U.S. FOR MANY YEARS.
LIZ: TOO LONG?
NORMALIZE RATES.
I'M NOT SAYING RAISE RATES TO
THE POINT THAT YOU'RE TRYING TO
THE OLD NORMAL WAS, BUT A
NORMALIZATION OF INTEREST RATES
AND THE BALANCE SHEET OF THE
FEDERAL RESERVE STILL BEING
SUPPORTIVE OF ECONOMIC GROWTH,
JUDGMENT, THREE RAISES, IF
THAT'S WHAT IT TURNS OUT TO BE
IN 2018 IS ALONG THAT LINE.
I DON'T THINK IT SHUTS DOWN
GROWTH IN AMERICA.
I DON'T THINK IT TURNS THE
STOCK MARKET UPSIDE DOWN AT
ALL.
LIZ: WE'LL TAKE THAT AND RUN
WITH IT.
THE CORPORATE TAX CUT IS
CERTAINLY HELPED THE STOCK
MARKET.
I NEED TO GET TO YOUR DECISION,
NOT ONLY TO UP YOUR MATCHING,
DOUBLE THE MATCHING FOR 401(k)
PLANS AND EMPLOYEES BUT ALSO
THE HEALTH SITUATION THAT
YOU'VE DONE, PUTTING TOGETHER A
BENEFITS PLAN FOR EMPLOYEES
DIAGNOSED WITH CANCER.
I PERSONALLY WATCHED YOU GUYS
AT AUTO NATION WITH THE DRIVE
PINK PLAN THAT IS SO
SUPPORTIVE.
HOW DID YOU COME TO PUT THE
MONEY IN THERE AND NOT SHARE
BUYBACKS OR BUYING OUT A
DIVIDEND.
>> WE THINK SHAREHOLDERS WILL
BENEFIT FROM US HAVING A FAIRER
TAX RATE, PARTICULARLY AS A
U.S.--BASED COMPANY.
BEEN BROKEN FOR A DECADE AND A
SHACKLE RESTRICTING ECONOMIC
THAT WE'VE GONE THROUGH.
THAT, YES, I THINK THE STOCK
MARKET REFLECTS THE FACT THAT
WE ARE MOVING TO 3% GDP GROWTH
RATHER THAN BEING STUCK IN TWO.
THAT'S 50% FASTER GROWTH THAN
BEFORE.
IT'S VERY MEANINGFUL FOR JOBS
AND ON THE ECONOMY.
NOW, OUR PURPOSE OF THE
COMPANY, YES, IS TO SELL CARS,
FIX CARS AND DO THAT QUITE
RESEARCH INSTITUTIONS FOR
CANCER AND FIND A CURE, AND IF
OUR ASSOCIATES OR FAMILIES HAVE
A CHALLENGING SITUATION AROUND
CANCER, WE ARE BOUND AND
DETERMINED TO DO EVERYTHING
POSSIBLE TO SUPPORT THEM.
WE CAN DO, YES WE'LL INVEST
YES OUR EMPLOYEES WILL BENEFIT.
WE ENHANCED OUR 401(k), WE
ENHANCED OUR COMPENSATION AND
DID MORE AROUND OUR CORE SENSE
OF PURPOSE WHICH IS FINDING A
CURE FOR CANCER, AND SO WE PUT
IN NEW BENEFITS THAT SAY IF YOU
ARE CHALLENGED WITH CANCER OR
COMPANY TO HELP WITH ANY SORT
WITH AND A NUMBER OF OTHER
BENEFITS WE ENHANCED AROUND
CANCER AND IT'S BEEN VERY WELL
THAT IS A CORPORATION WITH A
CONSCIENCE AND A HEART.
GOOD LUCK TO YOU AND
CONGRATULATIONS ON THE ATLANTA
FED POSITION, ARE YOU GOING TO
WEAR THREE PIECE SUITS NOW THAT
YOU'RE A BANKER?
>> THEY'LL BE LUCKY IF THEY CAN
GET A TIE ON ME, LIZ, YOU KNOW