After gathering with President Barack Obama and other CEOs to discuss the economy and the business environment, Google's CEO Eric Schmidt told CNBC that the overall message of the meeting was that the federal government must “act quickly,” and he believes Obama has a clear understanding of what's needed.
“We've got people who are losing jobs, who by virtue of the stimulus package will get jobs and as a result, they're not going to panic, they're not going to sell their houses or go bankrupt,” said Schmidt. “We have a demand problem, we need to get people working, and we need to get credit flowing.”(See the accompanying video for more.)
Schmidt said President Obama has a clear understanding of what is needed and that he is a man who is ready to act and move quickly.
“I'm happy that infrastructure is a part of this, because that's good down payment on the future of America,” he said.
Although it will be a tough year, he expects the economy to show signs of recovery around the end of the year, said Schmidt.
“It takes a while for the money to flow into the system,” he said. “They've got to get the banks lending again and they've got to get consumer confidence back up or we're going to sit here for a long time.”