NEW YORK (TheStreet) -- President-elect Donald Trump has "an awesome responsibility" ahead of him after the Republican sweep of the House, Senate and White House last night, former General Electric (GE) CEO Jack Welch said on CNBC's "Power Lunch" on Wednesday afternoon.
"There is no one else to point the finger at. You've got to get a team together. You've got to keep the spirit we had in the last three speeches," Welch said. The three speeches are in reference to Trump's victory speech last night, Democratic candidate Hillary Clinton's speech of concession this morning and President Barack Obama's speech this afternoon.
If we can keep that spirit or "glue" together over time, which "is not a high probability," then Trump's economic plan offers "unlimited" opportunities, Welch claimed. Most importantly, his plan will include lower taxes, job creation and decreased regulation.
"We have been stuck in a terrible, overregulated economy for eight years. I mean stuck, and business stinks. And the possibilities are unshackling it," he claimed.
An example of overregulation of banks in the U.S. can be seen at Citigroup (C), where 40,000 of the 280,000 employees are dealing with regulations full-time, Welch said. "Imagine one in seven employees tied up, playing with bureaucrats across the table to be sure the Ts are crossed and the Is are dotted."
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