NEW YORK (TheStreet) --The U.K. voted to leave the European Union on Friday, and now the world seems to want to know what happens next?

"It seems too like they're making this up as they go along," CNBC's Rick Santelli said on "Squawk on the Street" this morning.

Now there are talks that they're having second thoughts on the Brexit and will wait longer to submit their Article 15 notification, Carlos Gutierrez, former U.S. Secretary of Commerce and former CEO at Kellogg (K) said on the show.

The only thing that is certain, he says, is that the U.K. economy is going to go into a dive very quickly.

Guittierez believes that those who voted to leave the EU didn't think through the economic ramifications of their emotional decision.

They need to make investing in the U.K. attractive to investors or else their economy is going to be in deep trouble.

The European Union is creating an overwhelming amount of regulations and new rules every day which is making it difficult for companies to do business.

"The European Union has been growing ever since its formation, and it's becoming a monster," Guittierez said.

Europe needs to come up with a plan to keep this from continuing to happen. It is an over reach which requires them to see Europe as a commercial project instead of a political project.

"They have to get through the next two to three years. They have to start to cut the free trade agreements around the world. Fifty percent of the exports go to the continents and that is essentially preferential treatment they get for 50% of their exports," Gutierrez continued.

Unless the EU changes, this is going to happen again.

"I think that they over shot Rick. I think that they went too far and it's a political union, and they just over played their hand," he added.