Posted on 01/25/2011 3:16:15 AM PST by Scanian
The naming of General Electric CEO Jeff Immelt to head the new Council on Jobs and Competitiveness is supposed to show the country that President Obama really is serious about dealing with the nation's economic woes through the free market system, rather than the government programs and handouts that characterized his first two years in office.
Except it doesn't.
Sure, Immelt brings a lot of business experience to the post -- he's spent many years in the trenches of one of the world's biggest companies, and his last 10 as its CEO. Problem is, this isn't necessarily the kind of experience needed to deal with "jobs and competitiveness."
Rather, Immelt's selection underscores the inherent flaw in Obamanomics: It favors the crony capitalists at the banks and large corporations that feed off government bailouts and contracts at the expense of entrepreneurs and small businesses, who in the past have pulled the nation's economy out of recession and created jobs.
GE has seen some of its darkest days under Immelt. Since he replaced the iconic Jack Welch as head of the manufacturing/financial services conglomerate, the stock has fallen significantly, despite a more recent recovery.
Some of that can be attributed to timing; Immelt took over just before 9/11 and inherited a flailing stock price that never quite made it back to the highs achieved under Welch (highs undoubtedly bolstered by the late-'90s stock-market bubble).
(Excerpt) Read more at nypost.com ...
Charlie hits the nail on the head with this piece.
In the simplistic thinking of liberals, we are supposed to like this because we Republicans and conservatives are supposed to be pro-business. They think they are patronizing us. I usually correct them by telling them that I’m neither pro, nor anti, business. I’m pro freedom.
GE has seen some of its darkest days under Immelt,and Obama hires the guy.Another Obama let’s try this moment.
It favors the crony capitalists at the banks and large corporations that feed off government bailouts and contracts at the expense of entrepreneurs and small businesses
That’s not capitalism at all.
No, it is not.
Once again, the Regime insults our intelligence.
I read in the USA Today today (I know, but I was in a hotel and they gave it to me), that GE owns 51% of Comcast. Doesn’t this seem strange to you.
Indeed it does...hadn’t heard that before. I can’t believe the UAW doesn’t like the current MSNBC lineup just fine.
I was referring to Imelt’s new position with Obama.
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