The Chamber of Commerce President had a question for the numerous protestors outside a speech he gave in St. Louis.
Tom Donohue, the U.S. Chamber of Commerce President Tom Donohue, was visiting the St. Louis Regional Chamber and Growth Association on Friday to speak about how financial deregulation is key to job creation.
But of course for many reasons, one being one of the subjects of a recent documentary on what caused the financial crisis, deregulation has a lot of opponents. So a group of protestors showed up outside the St. Louis luncheon.
We’re not sure what his talk was about, but it appears at least some of it was about the recent regulation of some derivatives on the OTC derivative market, because when the protestors approached him, Donogue questioned why average Americans were there.
“Do you think they even know what a derivative is?”
Donohue apparently didn’t think it was possible they could know, given that they were protesting on a lawn while derivatives are located on financial markets, far beyond their comprehension level.
“When you start doing complex, financial instruments by protesting in the front yard, the point is you’re not going to get there.”
Donohue then went on his way and spoke at the luncheon, probably voicing his concerns that the “confusing and overly burdensome regulations” of financial reform are barriers to job creation.
He told CBS reporters:
“If what we’re going to do is have five-hundred or two-hundred new sets of regulations, everybody’s going to sit on their money.”
“Who’s going to lend you money? If you haven’t got a lot of money, they’re not going to lend you money. Those are the new rules.”