Saturday, February 7, 2009
GE: The Dems' Haliburton?
Pres. Obama put Jeff Immelt, CEO of GE, on his Economic Recovery Advisory Board.
We'll all but skip over the fact that by the only measure that matters to his bosses, the shareholders of GE, Immelt is a complete failure as a businessman. GE stock is at a 14 year low. As a stock broker would say, "$10,000 invested in GE stock in 1985 would now be worth . . . . . . $10,000." Tah dah! Shoulda bought a GE washing machine instead, at least then you'd have something clean you cloths with.
The way I see this is that it's payoff for MSNBC and NBC news--GE owned businesses--being in the tank for candidate Obama throughout the campaign. And now it's time to shovel the dollars into govt support for GE products.
Prediction: this advisory board will recommend that we build nuclear plants to create jobs. Guess who's big in the nuclear business? GE. (Pres. Barry will suddenly turn pro-nuke on the advice of this commission. I'm not complaining here. Nuclear is the way to go and it makes no difference how we get there.) Guess who makes all those florescent light bulbs that, thanks to the "stimulus" bill, we will be paying former auto workers to install in govt buildings? GE. Guess who makes bajillions from making windmills and "smart grid", whatever that is? Again, GE.
Guess whose Ecomagination (and here) initiative will start getting millions of dollars in taxpayer dollars to research green technology? GE's. Just you wait and see.
Personally, no problem here with much of this. It's a rough game and as the Pres. says, he won. And so has GE. They bet on the right horse.
Don't tell me, tho, that this is change. It's the same old thing. GE is a special interest just like any other and they have a right to make a buck as does anyone else. Gettin' your guy in office is simply good business. Use that jackass Kieth Olbermann to do it. Jam that "stimulus" package through and let's start opening all those presents under the tree.
What cracks me up, tho, is the hypocrisy, intended or unintended. I 'spect very few of the people who were whining about Haliburton owning the executive branch for eight years will have much to say about this. They either can't see or won't see or simply refuse to mention that this is no different: it's just a different company.
I guess, tho, it's OK for Big Business to own the White House as long as they use it to save the planet. Instead of using it to free 24 million Iraqis.