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U.S. President Obama's policies criticized at New York Forum

06-23-2010 17:14 BJT

NEW YORK, June 22 (Xinhua) -- The U.S. News Corp.'s Chairman Rupert Murdoch and other people criticized U.S. President Barack Obama's policies at the New York Forum, which opened Tuesay.

At the first plenary session of the Forum: Reinvention: the Corporate Imperative, Murdoch said the United States is losing its global footing and the situation must be reversed.

"This has got to change," he said, adding that the United States has a big tax increase coming next year that will discourage growth.

The United States needs less government and less taxes, he said. "At the moment there's a committee discussing regulations in Washington and its thinking of punishing businesses in a way that has absolutely nothing to do with the financial crisis."

Murdoch, Tishman Speyer Properties Chairman and CEO Jerry Speyer, President of Hearst Magazine Cathleen Black and Chairman of Alcatel-Lucent Philippe Camus discussed a wide range of issues on a panel moderated by CNBC's noted anchor Maria Bartiromo.

"People vote with their feet," said Speyer, adding that one of the big dangers facing the United States is that people will take their businesses elsewhere if the government over-regulates banks and other industries.

Employment in the U.S. is led by small and medium-sized businesses and right now these businesses can't get a loan, he said.

Speyer lambasted the government on its regulation, saying "In 2008 to 2009 the government was doing what it should be doing, playing a protective and stimulating role. Now the government is punishing everyone in its sight."

Speaking about the relations between innovation and media, Murdock said that innovation has been "particularly disruptive" to the media business. Therefore, the media industry should adapt its business model and learn a lot more about how people want to read.

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