« | »

Immelt Empathizes With Occupy Wall Street

From CNN’s Money.Com:

GE’s Immelt empathizes with Occupy Wall Street

By Annalyn Censky
October 17, 2011

NEW YORK (CNNMoney) — General Electric’s CEO Jeff Immelt said Monday he empathizes with the grievances of the Occupy Wall Street protesters.

"Unemployment is 9.1% and underemployment is much higher than that, particularly among young people that don’t have a college degree," he said. "It is natural to assume people are angry, and so I think we have to be empathetic and understand that people are not feeling great."

Honestly, how many of these Wall Street protesters are angry that they don’t have a job? We suspect they are more angry that they are expected to go to work.

Whenever any of the protesters have been offered work, they have run away as if they had been confronted with soap and water.

Speaking at a Thomson Reuters event in New York, Immelt went on to discuss the gap between CEO pay and average wages, one of the main sources of discontent among the Occupy Wall Street activists.

"I think the discrepancy is certainly one of the problems today in terms of why people feel the system is unfair," he said. "So let’s be honest about that. It is part of the problem."

We need to get together group of scientists to determine what the proper gap between CEO pay and average wages should be. Sort of like the way they have determined what the temperature of the earth should be.

That said, Immelt was also quick to point out that high CEO pay is not the cause of America’s job crisis or weak economic growth. "If CEO pay goes way down and unemployment is 12%, people are still going to feel bad," he said.

Not the Wall Street protesters. They want to see the ‘rich’ suffer. It would give them immense satisfaction.

According to an AFL-CIO report earlier this year, CEO pay was 343 times that of a typical American worker last year.

What is the ratio of the head of the AFL-CIO compared to one of its rank and file members?

Immelt himself received a pay package of about $15.2 million in 2010.

How much should CEOs make? And why should anyone outside of the company involved decide that? Have wage controls ever worked? Isn’t that how companies ended up getting into the healthcare racket during WWII?

Meanwhile, 14 million Americans remained unemployed, a problem Immelt is tasked with solving as the head of President Obama’s Jobs Council.

Last week, that council presented a 5-point proposal to the president, pushing for investments in infrastructure and energy, efforts to attract more foreign investment, simpler regulations, better education and more help for small businesses.

In other words, Obama’s Jobs Council just happened to recommend exactly what Obama has been pushing since he has been in the White House. (Which amounts to a permanent ‘stimulus’ for his union cronies. And a money funnel to Democrat campaign coffers.)

I sure hope they weren’t paid for that advice.

On Monday, Immelt also stressed the importance of increasing U.S. exports as a key driver of economic growth and job creation…

Immelt also said he believes the United States can compete head-on with China, the world’s largest exporter, not only globally but within China as well.

Which is why he has moved so much of GE over there.

"Now’s our time. There are 25 airports under construction in China today. There’s none under construction in the U.S." he said

Three guesses as to who is stopping airport construction in this country. (Hint: it is not Wall Street Bankers.)

GE was highly criticized this year for not having to pay any U.S. income taxes in 2010. Immelt said Monday that GE’s tax rate will be above 30% this year, and he expressed his support for tax reform that eliminates corporate loopholes.

GE’s tax rate was above 30% last year. They just found ways around paying any taxes.

Ways approved by a Democrat-controlled Congress.

This article was posted by Steve on Tuesday, October 18th, 2011. Comments are currently closed.

4 Responses to “Immelt Empathizes With Occupy Wall Street”

  1. untrainable says:

    So Immelt and the Nazi party and the Communist party, and the Socialist party all agree. Good to know.

  2. proreason says:

    Fascism has two parts: the boot and the neck.

    Immelt is the neck.

  3. tranquil.night says:

    Thank you for bringing up Immelt, Steve.

    When Liberals cite evidence of corporate tax avoidance, and sending jobs oversees, GE is their favored whipping boy lately even over BigOil, however not the banks, who will forever be loved to hate.

    What the Conservative Knights have to understand is that GE is NOT functioning as a healthy free market business, just as the banks aren’t. Immelt is a Leftist Green Ideologue, that is the direction towards which he has directed his business, and he is doing so with the full faith, credit, subsidies and partnership of the Federal Government. And DESPITE enjoying this powerful advantage, he is still choosing to invest heavily in China over at home. Does this ever not pique the Liberals’ bs meter – especially when one wonders what China has been getting of benefit out of financing our own economic suicide?

    Of course not, because Liberals don’t really have principles, nor much of a curiosity to understand facts or how institutions sustainably function. They have an objective to cut this country down to size by massively increasing the authority of the state, and being on board with that objective is a CEOs immediate reconciliation for all their capitalist impulses.

    The Conservative Knights have to be in command of these narratives. Rush and Levin are of course, but I’ve heard Sean specifically get sucked into this premise a couple times with the likes of Juan and Tamara the harpy.

    Big business in bed with Big Government is not free market capitalism, but, yes as Pro says, Fascism. The solution lies not in restricting business’ ability to succeed, but the government’s ability to define what that success is and whether they can be allowed to actually pursue it here in America.

    What’s genuinely sad is that if those in OWS were to embrace the power of their own mind for two minutes, they might understand that they are supporting politically that which they are protesting, and find in crude fundamental term that the impulses driving their anger are what are fuelling the Tea Party. But they are too collectively zombified for a cohesive breakthrough like that too ever happen.

  4. GetBackJack says:

    Pro – I know for sure you have already, but reread Whittaker Chambers’ towering classic WITNESS.

    One of the truly breath-taking short paragraphs in there is this –

    “I saw that The New Deal was only superficially a reform movement. I had to acknowledge the truth… The New Deal was a genuine revolution whose deepest purpose was not simply reform of existing traditions but a basic change in the social, and above all, the power relationships within the nation. It was not a revolution by violence but a revolution by bookkeeping and lawmaking – made by acts of Congress and decisions of the Supreme Court … insofar as it was successful, the power of politics replaced the power of business; this is the basic power shift of all the revolutions of our time.”

    Repeating – “the power of politics had replaced the power of business”

    I have to go to the bathroom now and lose lunch …..

« Front Page | To Top
« | »