Terex CEO Ron DeFeo says bailout doesn't go far enough
— -- Q: The stimulus isn't enough to create jobs and steer the economy toward recovery?
A: I'm delighted that we have $150 billion for infrastructure. But it's a reaction, and we need a broader vision for the country's prosperity. We have spent so much effort on the information superhighway that we have forgotten that what we do on the information highway in large part still has to be moved on the real highway. We tolerate congestion. If you combine technology with the hardware of an economy, the ports, waterways, roads, energy infrastructure, you are going to end up with a stronger economy.
Q: There are two arguments regarding the stimulus package. One, it's a lifeline for the economy. Two, the debt creates a long-term anchor. What's your view?
A: I don't think it's an anchor, because we have roads, bridges, highways that have been crumbling. But we've failed to make the argument that America's prosperity is dependent on its infrastructure investment, and therein lies the challenge for leadership. We need ideas like when the Erie Canal was put in place, and the railroad connected East and West. We could have commerce corridors that just move freight at high speed, a high-speed rail to move freight between California and North Carolina at 150 miles per hour. We'd (make) the Panama Canal (obsolete), with a commerce corridor between China and Europe that we could charge for. I want people to laugh at ideas because with that will come creativity and vision that will figure out how to make it work.
