The turmoil in the markets is not due to the "uncertainty ... it's the certainty that's the problem," Harvey Golub, retired chairman and CEO of American Express , told CNBC Thursday.
"We know that until the next presidential election in this country we're going to see policies that will be different from the rhetoric," Golub said. "We will say what we want to do is grow GDP [gross domestic product] and grow jobs, and the policies that will be put in place by the [Obama] administration will do the opposite."
Therefore, the best that can happen for the economy is for the conservatives in the House of Representatives "to stop the more egregious actions from continuing," he explained.
Golub said the Dodd-Frank financial oversight law will affect financial institutions "negatively."
"If I was running any financial services today, I'm going to try to stay as flexible as I can, keep liquidity as I can and try and influence the regulations that come out of the massive and dysfunctional Dodd-Frank bill," he went on to say.
"It's going to take another five years to see what all those regs are" resulting from Dodd-Frank, concluded Golub. "They are not going to be benign ... so I'd rather keep the institutions flexible to see what will happen and then how I can best respond to it."
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