Former American Airlines chair and president Bob Crandall thinks the air marshal safety program simply isn't working and he wants it eliminated right away.

In a phone interview on Power Lunch Tuesday, Crandall cited the high costs of the program and insisted there was never enough added safety to justify the price. Crandall also strongly criticized the marshals and the TSA in general over the rules on who gets pre-screened security status.

On the investing side, Crandall said he believes airline stocks are oversold.