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:
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After hearing Mr. Timoth Carney talk about his book "Obamanomics" on C-Span 2 on January 10th 2010, I can only think how juvenile he is and what an echo he is for libertarian sentiments.
He obviously started with Libertarian sentiments and went about finding examples to support that position. No doubt he said many truthful things and made many good points, but everything was tainted with the scent of an idealogue.
None of us start as a blank slate when forming our opinions, so I'm not condemning Mr. Carney, but I do hope that he learns to entertain different perspectives and learns that there are equally valid, but different ways to think about things.
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