• With: Ed Rensi, former McDonald's USA CEO

    This is a rush transcript from "Your World," September 6, 2012. This copy may not be in its final form and may be updated.

    (BEGIN VIDEO CLIP)

    ELIZABETH WARREN, SENATE CANDIDATE, D-MASS.: Mitt Romney's the guy who said corporations are people.

    No, Governor Romney, corporations are not people. People have hearts, they have kids, they get jobs, they get sick, they cry, they dance. They live, they love, and they die. And that matters.

    (CHEERING AND APPLAUSE)

    (END VIDEO CLIP)

    NEIL CAVUTO, HOST OF "YOUR WORLD": All right, to Ed Rensi right now, the former McDonald's USA CEO, who begs to differ from Ms. Warren, says that corporations, are, indeed, people, they're made up of people.

    Ed Rensi, you didn't like that?

    ED RENSI, FORMER CEO, MCDONALD'S: Well, I think it's sophomoric.

    The point of view is absurd. Of course corporations aren't people. They're legal entities. But the reality of is, a corporation cannot exist, thrive and move forward without engaged hardworking people that have a sense of understanding and leadership from that corporate leadership.

    If corporations aren't people, then government certainly is not people. You know that woman is so sophomoric in that point of view, it's a bad commercial. It's absurd.

    (CROSSTALK)

    CAVUTO: You know what Mitt Romney famously said on the stump, corporations are people, they're made up of people, I'm paraphrasing here, Ed, but does that comment -- I think I know what both people -- I know what Ms. Warren was saying and I know what Mitt Romney was saying -- does this come back to bite either party?

    RENSI: I think Mitt Romney's got it right.

    We cannot succeed in this country, we cannot support our Constitution, we cannot move forward as a society without people being engaged and having leadership and understanding the future.

    Strategic leadership is the most important thing any corporation or government can have. And we have no strategic leadership at the federal level right now. And it's sophomoric people like Warren that cause the problem.

    She -- she -- she pleads for the heart and the soul of mankind. And federal government gets in the middle and in the way of everything we try to achieve. They're an obstacle, not a pathway.

    CAVUTO: It's interesting because this president, ahead of his remarks tonight, he will have a little bit of business market wind at his back, a stunningly strong performance of the S&P, the Dow today, I think S&P the highest of his presidency in four years, the Dow essentially doubling under his stewardship. So he could go right back at you, Ed, and say, well, if I'm such an anathema to business, look at that market.

    What would you say?

    RENSI: Well, first of all, there's been some big announcements out of Europe about what they will do to solve the problems of Spain, Portugal, Greece and what have you.

    CAVUTO: That's right.

    RENSI: That stimulates people to look forward. Who knows? The market moves in strange ways as far as I'm concerned. It runs on rumor. I don't know what's going to happen tomorrow. It could go the other way tomorrow. People will start taking profit. This is not about whether the market is up-or-down. It's about whether people have jobs, whether they're feeling positive about life and whether they will create and generate value in raw material and resources and take their hard labor and produce so that our country can move forward.

    And when you have as many people unemployed as we have, you've got a catastrophe, you have a tragedy. Don't tell me the market is up and people are down $4,000 in income. That is not a formula for success.

    CAVUTO: All right, Ed.

    RENSI: You know President Obama's a nice guy. Who cares?

    (LAUGHTER)

    CAVUTO: All right, Ed.

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