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All three segments of Loews’ business, including hotels, energy and insurance, have been hit hard by the recession, said Tisch. The policy of taxing profits at home and abroad, meanwhile, will push companies like General Electric to reincorporate in Switzerland, he said.
“Congress has done a very good job of telling people ‘don’t go to hotels,’” said Tisch. “John Kerry forgets that many Democratic constituents are bellhops and waiters and waitresses and housekeepers and front desk clerks.”
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Despite his criticisms, Tisch said the current economic crisis would have happened regardless of who was president, Treasury secretary or Federal Reserve chairman.
“Nobody would have been willing to take away the punch bowl while everyone was having such a good time,” said Tisch.
Over the last sixty years, total borrowing, as a percent of GDP surged by a factor of three from 120 to 360 percent, he said.
“Finally there was just that one little straw that broke the camel’s back,” he said.