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Four well known CEOs weighed in on CNBC's Squawk Box, giving their particular insight on economic conditions one day after the Federal Reserve made yet another basis rate cut. Each of the four Chief Executives acknowledged the tough going in the economy, yet each also sought to inject a thread of optimistic patience into their commentary.Mike Jackson, CEO, Auto Nation Inc. (NYSE: AN), came to the defense of Reserve Board Chair Ben Bernanke. While admitting that the chairman may have crawled blindly into what is now mostly economic turmoil, Jackson stated: "...I think he absolutely has it right now. He's got to be on full flight recession mode, and we'll worry about the dollar, and commodities and inflation later." Personally, I think Benanke should be making moves to protect the consumers and their dollars first, and let inflation take care of itself until the consumer sector is back up to speed.
Wilbur Ross, CEO, W L Ross & Co. Played the most obtuse card stating: "My own opinion is that it's just more of the same volatility." More of the same volatility? Yeah the economy is volatile ... DUH!
Clarence Otis, CEO, Darden Restaurants Inc. (NYSE: DRI). My guess is that CEO Otis is feeling the most pressure right now. He stated: "Certainly there are some pressures on discretionary income and with what we see as a result of that is fewer restaurant visits across the board..." I think CEO Otis is optimistically hedging his bets. We'll know more when Q3 numbers come through.
John Hofmeister, CEO Shell Oil U.S. Operations Hofmeister made probably the most powerful statement of the day: "Well, actually a lot of people will hate me for saying this but gasoline is a real bargain right now give the crude price." The fact of the matter is that he's right. Gasoline prices at the pump have in no way been tracking commodity crude prices. We should be thankful we're not paying $7 for a gallon of gas.
For a better look at the interviews of these four CEOs, check out the video clips on CNBC.com.
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