Immelt: I want you to root for me. You know, everybody in Germany roots for Siemens. Everybody in Japan roots for Toshiba. Everybody in China roots for China South Rail. I want you to say, "Win, G.E."
Stahl: Do you not see any reason that maybe the public doesn't hold American corporations up here in the highest...
Immelt: I think this notion that it's the population of the U.S. against the big companies is just wrong. It's just wrong-minded and when I walk through a factory with you or anybody, you know, our employees basically like us.
Stahl: They do. I saw it.
Immelt: They root for us, they want us to win. I don't know why you don't.You can read the transcript and watch the entire segment here.
Immelt is holding another meeting with the Jobs Council this week, and plans to give Obama some more great advice, having nothing whatever to do with jobs. Regulations, for one thing -- they are so annoying. (Immelt was among those urging Obama to scrap the EPA ozone standards last month).
More free trade -- Immelt loves the free trade deal expected to rocket through Congress this week with little to no debate, despite the fact that it will bleed even more thousands of jobs from the American economy. Repatriation of profits in exchange for another huge tax break is a must. Yeah, he admits, we tried that once and it didn't create any new jobs, but the second time might be a charm. But he can't guarantee anything.
You probably remember the big uproar when it was revealed that G.E. not only paid zero taxes this year, but it actually got a refund from the government because of all the money it loses not being able to keep its money in the United States. (Immelt's head tax lawyer used to work in Treasury and literally wrote that law in G.E.'s favor).
Then it came out that G.E. Capitol got a bailout from the U.S. treasury to help it recoup losses it "suffered" in the 2008 meltdown. We never would have found out about the last bit unless Bernie Sanders had insisted on getting the info. Sanders calls G.E. one of the 10 worst corporate tax evaders of all time: "Over the past five years", he said, "while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS."'
Last March, a petition drive called "Immelt Must Go" was launched by former Senator Russ Feingold. After garnering thousands of signatures, it was presented to Obama. He dug in his heels. Immelt Must Stay, decreed Barry. Press Secretary Jay Carney explained at the time that the president would be keeping Immelt at the helm because he enjoys hearing a "diversity of opinion."
The latest G.E. outsourcing extravaganza is the removal of its 115-year-old X-Ray business headquarters to Beijing, taking several billion dollars out of the U.S. and investing it in China. But Immelt doesn't understand why American lawmakers are making such a big deal out of China and its currency manipulation anyway. "I'm not afraid of China!" he boasted to Lesley Stahl last evening.
 |
| Body Language Says It All |
Write in Bernie Sanders for president.
ReplyDeleteI plan to write in Bernie or Pres if we are not offered someone better than Obama.
ReplyDeleteI spoke to a friend the other night whose husband works for Intel and spends a lot of time in China. He told her - and he is one of the smartest guys I know in terms of IQ and a liberal - that the reason these companies are producing their computer products in China are not because the labour is cheap. The Chinese make lots of mistakes (as a commenter stated here on Sardonicky from Boeing) which have to be ironed out here in the States and are very expensive to fix. No, the reason they produce in China and other Third World countries is they are allowed to pollute at will. Apparently, the production of semi-conductors is terribly polluting - lost of nasty things like mercury run-off.
I find Obama’s loyalty to people like Geithner and Immelt while hanging someone like Elizabeth Warren out to dry says it all. OBAMA MUST GO!
Valerie,
ReplyDeleteI've oftened wondered if getting around those pesky environmental regulations is at the heart of the love for outsourcing production. That you get to pay slave wages to workers is just a bonus! (plus it is nice to have workers with some good ol' fear over here.)
Another write-in here for Bernie Sanders, the last truly principled politician.
ReplyDeleteSomeone who says "Obama must go" has to be paid by the Republicans. As much as you knew exactly what Dick and Shrub would do upon arrival in DC, Barry has been a spineless supporter of the existing order.
ReplyDeleteBut getting rid of Barry for one of the Repubs is simply a vote for the Republican buffoonery that passes for normal these days. These fake christians think all liberals will not avail themselves of any and all tactics to win. The fake christians need to learn that the 99% has many people who realize the only way to fight a war is to win. And they are as dangerous as the Taliban.
I just LOVE people like Citizen625 who don't have the courage of his/her convictions to sign his/her name, who clearly only pop into the blog now and then - obviously don't know my positions to say I am paid by the Repubs - offering the same old yellow dog, fear of the “other” tripe. All I can say to yellow dogs like you - is YOU are the reason Obama has treated his supporters so badly. You act like you have Stockholm Syndrome! If people like you had stood for something and held Obama accountable for his anti-Democratic governance, he might have governed in a way that indicated HE wasn't being paid by the Corporatists. Face it! There is only one political party in this country. The Corporate Party and Citizen 625, you are clearly a card carrying member!
ReplyDeleteIf enough of you Yellow Dogs would tell Obama you won't just hand over your vote for NOTHING, he might be convinced to actually throw us a few bones. As it is, Obama's only loyalty is to his corporate donors.
Very well said Valerie!
ReplyDelete