• With: Jack Welch

    This is a rush transcript from "Your World," November 5, 2014. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST: All right, you listened to the better part of an hour and 20 minutes of the president of the United States insisting he's not feeling mopey. But a lot of Republicans were waiting for something akin to an apology or a mea culpa.

    But, for all this time, the president might have been talking about the American people, how good they are, how good the country is, but he was also treated to a press that was not quite your usual compliant or supportive press.

    There was a lot of critical questions as to whether he was to blame for what turned out to be a Democratic rout.

    Whatever, I want you to take a very close listen to this from the president a few moments ago.

    (BEGIN VIDEO CLIP)

    PRESIDENT BARACK OBAMA: As president, I have a unique responsibility to try and make this town work.

    So to everyone who voted, I want you to know that I hear you. To the two- thirds of voters who chose not to participate in the process yesterday, I hear you, too. All of us have to give more Americans a reason to feel like the ground is stable beneath their feet, that the future is secure.

    (END VIDEO CLIP)

    CAVUTO: Now, I want you to listen to something else from 20 years ago, almost to the day.

    (BEGIN VIDEO CLIP, 1994)

    THEN-PRESIDENT BILL CLINTON: I think that I have some responsibility for it. I'm the president. I'm the leader of the efforts that we have made in the last two years.

    And to whatever extent that we didn't do what the people wanted us to do, or they were not aware of what we had done, I must certainly bear my share of responsibility. And I accept that.

    (END VIDEO CLIP)

    CAVUTO: A little different, two presidents facing what had been shellackings in the midterm election prior. That was then.

    What does Jack Welch think of this president right now?

    The man who was arguably considered one of the greatest CEOs of all time, responsible for my career, for good or ill, joins me with what to make of that.

    Now, you were listening to a lot of that. What did you think of it?

    JACK WELCH, FORMER CHAIRMAN & CEO, GENERAL ELECTRIC: Bill Clinton has got that touch. Bill Clinton has that touch. And it's a beautiful touch.

    But I like the way the president talked at the end about a great America, an extraordinary America. See, I -- I -- I haven't liked the way he's made America, not exceptional, not extraordinary, not special.

    And his policies, more importantly, are what I'm down on. I think the idea that he said in that speech today, I don't read the tea leaves on an election, come on. Come on. The last time, when he won, he was out of his mind about elections have consequences.

    CAVUTO: Those are good tea leaves.

    WELCH: Those are -- well, he read those.

    CAVUTO: Right. Right.

    WELCH: I think let's not argue about him. Let's get the policies.

    We have a wonderful chance here. This is a great day in America. We have a wonderful chance to lay out what Republicans stand for, put forth their positions, clear and articulate. And let the people see a veto or a support. But the idea we have got to get something done, I don't want Republicans compromising back on those principles.

    I want them to lay out their principles. Then, when they get laid out, we will have a vote in 2016.

    CAVUTO: So you don't really think much is going to get done over the next two years?

    WELCH: No, I think it can.

    CAVUTO: Oh, OK.

    WELCH: If in fact he wants America to be exceptional, if in fact we want to bring -- look, we have had income redistribution. The lower end got handouts. The top end got rich on the Fed.

    The middle income got squeezed. And we have got to get that group jobs, high-paying jobs. We have to have oil open up. We have got to have trade agreements. We have got to have all the good things that can happen to make this economy a 4 percent-plus economy and not be arguing whether it's 2.5 or 2.6.

    CAVUTO: Yes, it's not a great recovery. That's for sure.

    One of the things that happened today, we can take a look at this, where the Dow sprinted to a record today, S&P doing much the same, and a lot of it built on the heels that we're going to have at least a more business- friendly Washington and more constructive business developments.

    But some of the things you alluded to, Jack, I still can't see -- I can see certainly a Republican Senate pushing them. I can't see this president signing onto them.

    WELCH: Well, let's lay them out, though.

    Let's decide who is the party of no. Who are we going to demonize now? We have been demonizing the Republicans as the party of no, doesn't get anything done, need compromise, all this stuff.

    (CROSSTALK)

    CAVUTO: And we have to remind people that, when you have a Republican House, you send all that stuff to the Senate. If Harry Reid is blocking it...