WHEN: TODAY, WEDNESDAY, MARCH 3RD
WHERE: CNBC'S "SQUAWK BOX"
Following are excerpts from the unofficial transcript of Sam Zell, Equity Investments Chairman, on CNBC's "Squawk Box" today, Wednesday, March 3rd. Video excerpts can be found on CNBC.com. All references must be sourced to CNBC.
ZELL ON BUSINESS:
"BUSINESS IS ALL ABOUT THE CONFIDENCE OF THE PERSON MAKING THE RISK DECISION. THAT PERSON NEEDS A STABLE ENVIRONMENT HE OR SHE NEEDS TO BE ABLE TO LOOK FORWARD BECAUSE WHEN YOU MAKE AN INVESTMENT THE IMPLICATIONS OF THAT ARE 2 YEARS DOWN THE PIKE, 5 YEARS DOWN THE PIKE, 6 MONTHS DOWN THE PIKE, AND WHAT I THINK THIS ADMINISTRATION HAS DONE MORE THAN ANYTHING ELSE IS DESTABILIZE THAT LEVEL OF CONFIDENCE."
ZELL ON THE DEFICIT REDUCTION:
"I AM AN EMPLOYER I EMPLOY THOUSANDS OF PEOPLE WHAT ARE MY COSTS GOING TO BE TOMORROW I CERTAINLY DON'T BELIEVE THE BS, I MEAN 'THE DEFICIT REDUCTION'"
ZELL ON PREDICTABILITY:
"THE FUTURE OF THE ECONOMY IS ALL INCREMENTAL, YOU CAN'T SAY 'OH THERE IS GOING TO BE 40 BILLION RELEASED OR NOT RELEASED', IT IS INCREMENTAL, IT IS EVERYDAY BUSINESSMEN ARE MAKING DECISION. DO I HIRE SOMEBODY ELSE? DO I HIRE THIS? DO I OPEN A NEW BRANCH? DO I ENTER A NEW COUNTRY? ALL OF THOSE THINGS REQUIRE A LEVEL OF CONFIDENCE IN THE FUTURE AND MORE IMPORTANT AND OF EQUAL IMPORTANCE IS PREDICTABILITY."
ZELL ON DECISIONS:
"WE AS BUSINESS PEOPLE ARE BEING ASKED TO BET ON TOMORROW THE GOVERNMENT'S RESPONSIBILITY IS TO MAKE THE KNOWLEDGE NECESSARY TO REDUCE THE RISK TO US AND TO EVERYBODY ELSE OF HAVING MAKE THOSE DECISIONS, CLEARLY A BUSINESSMAN WOULD PREFER TO NOT MAKE ANY DECISIONS."
ZELL ON THE DOLLAR LONG:
"YOU ASK ME ME WHAT IS MY BIGGEST SINGLE FINANCIAL CONCERN IS THE LOSS OF THE DOLLAR AS THE RESERVE CURRENCY I CAN'T IMAGINE ANYTHING BEING MORE DISASTROUS TO OUR COUNTRY THAT IF THE DOLLAR LOST ITS RESERVE CURRENCY STATUS."
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