Days after Obama's inauguration, Jeff Immelt, CEO of General Electric, wrote to shareholders: "[W]e are going through more than a cycle. The global economy, and capitalism, will be 'reset' in several important ways.
"The interaction between government and business will change forever. In a reset economy, the government will be a regulator; and also an industry policy champion, a financier, and a key partner."
General Electric is a sprawling, complex corporation with many diverse businesses. The company makes light bulbs and refrigerators, sure, but it also has a finance arm, a transportation arm, a health-care arm, a communications arm, and more. The above letter from Immelt reveals what these arms all have in common: They all reach out for government favors.
Wednesday, December 2, 2009
Obamanomics Excerpt: Obamanomics: General Electric wins big with White House
Today, the Examiner carries an excerpt from Chapter 10 of Obamanomics: