Steve Forbes, Editor in Chief at Forbes Magazine, on the President being Re-Elected

Steve Forbes as the chairman and editor in chief of Forbes media and author of the new book entitled freedom manifesto wife free markets. Our moral and big government isn't. Good morning Steve welcome to the show. We appreciate your time -- Wanted to talking about the election results from last night to you and I know you're following this. Was this a vote against Mitt Romney or was it a vote against the Republican Party. I say it was -- -- vote against principles of freedom of street markets. I think you unfortunately. That Romney and a lot of work. China -- candidates. Well Romney came across as a credible alternative to pres Obama you didn't approach as a better alternative. He didn't hammer home. Backed. From I sat Monday morning he didn't hammer home those that are pro growth exciting -- in just policies. Played very straight -- cautious the last four weeks especially in that third to eight. And that turned out that mistake. You know -- -- wrote in wrote to work out but. Unfortunately we couldn't get rushed the platform and the principles and price or. Do you think he had to go too far to the right in order to get the nomination I remember when he -- up here in Massachusetts. He was very moderate Steve he eat the EU he was much more moderate than he was during the debates in order to get. The Republican nomination. Well. I am coming across status. Burst wants to. Or the tax code. And Laurie and the Burke -- people. I'm Prosser is somebody who wants to outpatient and control else Jerry. Match all the -- where I think you -- so especially in the primaries. Why is you list are elated coming out these proposals but he really hurt himself on immigration. With BO Latino community. And Hispanic voters are actually very conservative. A lot of Russian launch -- There are hurt at all by you at the tone of the debate on illegal immigration. There -- LP had to go to the far right on -- one and that it was a very -- states like sport. About Paul Ryan was that a mistake. In retrospect. I think epic could've used all right better it's very that exciting ideas. They how to build a lot of fun racing. But. Now we get Ryan it's lost BP is exciting approaches which never came crossed. On Social Security for younger people want. Having a patience and control of their health care and having that safety that's kind of act came across. So as a -- -- a good player on the team not utilized right by the coach described. What did what is your outlook now -- you know Obama's one he's -- control the senate he does he ease does not have control of the house. How does Washington. Deal with this fiscal cliff it's less than two months away you've got entitlement reform tax reform is so many issues hanging out there. I'll have more uncertainty today seemingly than there was yesterday. Well fortunately what you don't do that come out of all of this is there are going to be major tax increases. A higher income people also gets a lot of small businesses and only 30% of -- people are gonna get slammed. You're gonna nature tax increases I'm not -- capital Obama care. Pharmaceutical companies get that your church or get -- Energy companies are getting -- It's going to be a regulatory storm coming up. So up on fortunately next year you know people's self economy's getting better which helped Obama and texture we're gonna go into another recession. While that it. Is it going to be that is it going to be a bad one Steve say a year are we going back telling. Any any any any slowdown is bad. Considering we had subject at all recovery. Electric car highway should've been -- -- at least skyward on 35. Are gonna go -- about -- -- 58 people -- for a couple launched. This this is not good news for us for world. How about the stock market how the stock market respond in the in the next ninety days. It's going to be. Real terms -- -- And even if you get or just -- the price is going to be. Numerous new taxes coming on. No worst bites from -- great Tory election coming and next year obamacare. And it's so it's. -- -- -- DD think they dust off that deficit commission findings and try to implement that program that that was something that. Nobody liked and I'm wondering if maybe if it was very unpopular on both sides of the -- maybe that was the right type of legislation. Well they idea of are concerned that jumped out of the coat. Reducing tax rates across the board that's good stops. Fortunately -- hearing now stop on -- piece from my. Very important people did that Washington so lungs yes and nodding their stage -- -- Saying well we can take deduction so -- not reduce -- rate spurring much out so well now we're not gonna get the kind of out of archer formed that it would really get real -- of the economy. Now all right well Steve we appreciate your time I know this is a busy day for you thank you. And depth but just early on that note you we've been worse situations. Or including late seventies early eighties and we're gonna get back on track it's just a matter talk. A little longer than I thought these -- -- I think maybe two years to her knickers starts here. Reaction force changes. ST -- was Jimmy Carter in the late seventies he started deregulation. Regularly pushed true yeah but I was already underway so I hope for something like etiquette. All right well appreciate your time thank you -- And -- Steve Forbes chairman and editor in chief of Forbes media. Not terribly optimistic -- and neither are any of our techsters texting into the showed today. The -- -- okay this is -- suicides well no but this sort of the mood okay -- anyone says. I'm not surprised by -- winning especially after the 2010. At the -- election their very surprised by the Obama win the country has changed from valuing hard work to quell what. Are you going to give me this is very sad you have to look at the demographic changes though the you know you look Mitt Romney. One a larger percentage of the white vote than anybody in history. Which means an -- -- of that he got a very small percentage of the Hispanic in the black vote and you look at the minority voting. It. In order to get the Hispanic but why should they have to make a major shift change and why did they have to go towards the middle and they liberals don't have to bow down a little bit towards our way because the country is changed and you know he's -- the -- the numbers have had changed the demographics of the United States have changed dramatically. In a very short purity time. Read George Bush that George Bush got 4050% of the Hispanic vote Mitt Romney did not and his brother was governor of Florida I'm sure that helped him when he was in Texas now. So yeah that's it it it's just. The text that are coming in I just feel that there's a lot of really depressed people waking up this morning and saying you know. My goodness now we're trying to do and -- try to -- yep we're giving away some free stuff today we're given only to -- to three sets. -- tickets to the BS so that's two more night -- pick a lot better studio. Stay with us will be right back with more on the financial exchange.