There are many reasons to dislike the statist economic policies emanating from Washington, and high on the list is the way big government lures companies into mooching off taxpayers rather than earning money honestly. If CEOs at least had the dignity to be embarrassed about their plunder, that would provide a bit of solace, but that is rarely the case. The head of General Electric is parroting inaccurate left-wing talking points and trumpeting corporatist policies. It’s not clear whether he believes this nonsense or is merely trying to please his political masters. The FT reports:
Jeffrey Immelt, General Electric’s chief executive, said on Wednesday his generation of business leaders had succumbed to “meanness and greed” that had harmed the US economy and increased the gap between the rich and the poor. …“We are at the end of a difficult generation of business leadership … tough-mindedness, a good trait, was replaced by meanness and greed, both terrible traits,” said Mr Immelt… “Rewards became perverted. The richest people made the most mistakes with the least accountability.” …“The bottom 25 per cent of the American population is poorer than they were 25 years ago. That is just wrong,” he said. “Ethically, leaders do share a common responsibility to narrow the gap between the weak and the strong.” GE wants to win a large slice of the infrastructure projects funded by governments around the world in an effort to kick-start their economies. Mr Immelt said business should welcome government as “a catalyst for leadership and change”.
[…] government-guaranteed income. Or think about companies like GE that have long-standing “expertise” in manipulating the political process. Or big agribusiness interests fleecing taxpayers and […]
[…] government-guaranteed income. Or think about companies like GE that have long-standing “expertise” in manipulating the political process. Or big agribusiness interests fleecing taxpayers and […]
[…] on the topic of how government tilts the playing field in favor of big companies (at least the corrupt big companies), let’s enjoy some humor on that […]
[…] on the topic of how government tilts the playing field in favor of big companies (at least the corrupt big companies), let’s enjoy some humor on that […]
[…] GE executives presumably aren’t big fans of income redistribution (other than to themselves, of course). So Hillary’s comments were not a form of pandering. She presumably really […]
[…] the minus side, I am disgusted by corporations that get in bed with politicians to push policies that undermine competition and free markets, and I strongly oppose all forms of […]
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[…] like the fact that General Electric has escaped the fiscal hell-hole of Connecticut, but I’m not a fan of the company because it likes to feed at the public […]
[…] of the problem, as Andy explains, is that the head of the group is from a company that is notorious for favoring cronyism over free […]
[…] the way, the drug companies are just the tip of the iceberg. Companies likeGeneral Motors and General Electric also are experts at using government to tilt the playing […]
[…] the way, the drug companies are just the tip of the iceberg. Companies like General Motors and General Electric also are experts at using government to tilt the playing […]
[…] This is why I have strongly criticized subsidies and favors for the business community, whether for entire industries or for specific companies such as General Motors, Wal-Mart, and General Electric. […]
[…] Moreover, there are good ways to cut taxes and not-so-good ways to cut taxes. Special loopholes for politically powerful companies and well-connected insiders are unfair, corrupt, and inefficient.And I’ve already written about GE’s distasteful track record of getting in bed with politicians in exchange for grubby favors. […]