• This is a rush transcript from "Your World With Neil Cavuto," June 18, 2009. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST: Former President Bush defending capitalism and taking a swipe at plans for government-run health care last night.

    While he didn't take aim directly at President Obama, my next guest is. You see, Lou Pritchett is a former longtime executive a Procter & Gamble, and recently penned an open letter to the president. In it, he says that the president scares him.

    Lou, you went on to say a lot of other stuff. You said that: "You scare me because you have never run a company or met a payroll." And then it gets worse.

    You're — you're ready for bear.

    (LAUGHTER)

    LOU PRITCHETT, FORMER VICE PRESIDENT, PROCTER & GAMBLE: Neil, thank you very much.

    Let me — in your introduction, you said something about corporate legend. Let me tell you, I'm not so sure about that. But I know one thing, that I am not a political activist. In fact, my only political activity in my entire life has been voting in presidential and congressional elections, and since I was 21 years old.

    Video: Watch Neil's interview with Lou Pritchett

    I'm not even a student of politics.

    (CROSSTALK)

    CAVUTO: All right, you might not be, but you came down hard on the president on a lot of this stuff he's trying to do. Why?

    PRITCHETT: Well, I will tell you, it's because — he frightens me because of all of the sudden change with what I have seen — I feel he's not getting a lot of input from a lot of people.

    This seems to be a slam-dunk kind of operation: I have got a good idea. Here it is. We will do it. I have got another good idea. Here it is. We will do it. I have got another good idea. We will do that also.

    You know, I have spent a lot of time in the sales business. And, as a salesman, you always are trying to read what your customer or your supplier is really about, what they are thinking, what they are doing. And you want to be on your toes to make sure that you are prepared or that you're not taken.

    And when I started hearing all these words during the campaign about hope and — it really began to upset me. And then I began to see in the first 100 days that he was doing things that, in my judgment, were things that I totally disagree with.

    CAVUTO: All right, but not only disagree, but down to this character. You also say: "You scare me because you lack humility and class and always blame others."

    PRITCHETT: Yes.

    CAVUTO: Do you think he is still doing that?

    PRITCHETT: Well, every time I hear him say something to the effect that this is the mess that George Bush left us, the thing that — that makes my spine tingle is the fact that that is not a classy thing to say for the president of the United States.

    I mean, sure, maybe we inherited some problems from Bush, but we have also got to remember what Bush did during those eight years when he became focused against letting anybody come in here and kill us all again.

    So, I just don't think that is a class thing to say, coming from the president of the U.S.

    (CROSSTALK)

    CAVUTO: All right. But you — you say that, economically, it's his direction that rattles you. You say, "You scare me because you want to kill the American capitalist goose that lays the golden egg, which provides the highest standard of living in the world."

    PRITCHETT: Yes.

    CAVUTO: Now, you're a former capitalist yourself. You're a big P&G muckety-muck. And one would take that out of context and hear, well, he's part of the goose who is getting gored.

    What do you make of that?

    PRITCHETT: Well, I used to be a big P&G muckety-muck.

    (LAUGHTER)

    PRITCHETT: I have been retired 20 years. So, I'm not involved with P&G anymore.

    But one of the things that I guess — a good example would be that, when we would introduce a brand in Procter & Gamble, and it did not do well in the marketplace, we would do some surveys. We would try to figure out what was wrong. We would listen to our consumers. And then we would make some adjustments and we would try it again.

    (CROSSTALK)

    CAVUTO: But, Lou, he's reading his poll numbers, right? And they have come down a bit, but he is still very, very popular. Do you think he is misreading those?

    PRITCHETT: Yes, I do.

    Based on these thousands of e-mails I have received, there are a lot of angry, concerned and frightened people out there, Neil. And I'm not — you know, I don't how to survey all this stuff.

    CAVUTO: Yes.

    PRITCHETT: But it's amazing to me that over 53 percent of the letters I have received, e-mails I receive have been from women. And they are panicked. And they're all saying: I am frightened, Lou. What do we do? Who can we turn to?

    And this is a very scary thing for me personally. And I'm 77 years ago. I have been around a long time. Thank God I'm not 27.

    CAVUTO: Well, you say that it's the direction that bothers you, because you say that he has gone so far as to use extortion tactics against banks and corporations. Now, he says he was forced into doing a lot of things he's been doing, from taking over whole companies, and firing executives, because the government was just sort of thrust into that role, and actually thrust into originally by his predecessor.

    What do you say?