Tag Archives: Immelt

COZY PAYS OFF FOR IMMELT AND GENERAL ELECTRIC

First came Government Motors, now we have Government Electric.
Hugo Chavez, eat your heart out.

Ponder this:

1. In the last two election cycles GE political contributions went 63% to Democrats.

2.GE owns NBC which, in partnership with Microsoft, owns MSNBC.

3. Obama said publicly that the reason he included India in his Asian tour was to secure a turbine contract for GE.

4. GE is not a bank. But GE received 340 B dollars from the TLGP (Temporary Liquidity Guarantee Program), a bailout program for which only banks qualify. And yes, that’s a B.

5. No restrictions were put on CEO Jeffery Immelt’s salary as done with other recipients of bailout money.

6. GE paid no federal income tax in 2010, none.

7. GE received a 3.2 B dollar “tax benefit” in 2010, the year in which they paid no tax.

8. Why did GE get bailout money in the first place?

9. GE was in front of the line for a waiver of the burden of Obamacare.

GE is a leading maker of wind power turbines, solar panels and other green technologies that derive their profits from government subsidies not from market demand. Looking at Government Motors and Government Electric we get a glimpse of National Socialism. In a capitalist society, in a business, government may be your friend. In a National Socialist society government is your partner. Collusion and corruption become keys to your success. Competition is handled by selective regulation, not by superior innovation.

THE VOLT

Government Motors, Central Planning Department, Division of Collusion

From Forbes Magazine

The Chevrolet Volt is beginning to look like it was manufactured by Atlas Shrugged Motors, where the government mandates everything politically correct, rewards its cronies and produces junk steel.

This is the car that subsidies built. General Motors lobbied for a $7,500 tax refund for all buyers, under the shaky (if not false) promise that it was producing the first all-electric mass-production vehicle.

The Volt will only run 25 to 50 miles on a battery charge. Then a gasoline engine requiring premium grade fuel comes on to recharge the battery. Batteries do not last the life of the car. Replacements are exceedingly expensive and disposal presents an environmental hazard challenge. Sales were 326 in December, 321 in January, and just 281 in February.

Recently, President Obama selected General Electric CEO Jeffrey Immelt to chair his Economic Advisory Board. GE is awash in windmills waiting to be subsidized so they can provide unreliable, expensive power.

Consequently, and soon after his appointment, Immelt announced that GE will buy 50,000 Volts in the next two years, or half the total produced. Assuming the corporation qualifies for the same tax credit, we (you and me) just shelled out $375,000,000 to a company to buy cars that no one else wants so that GM will not tank and produce even more cars that no one wants. And this guy is the chair of Obama’s Economic Advisory Board?

And,

Consumer Reports got about 30 miles to the gallon of premium fuel; which, in terms of additional cost of high-test gas, drives the effective mileage closer to 27 mpg. A conventional Honda Accord, which seats 5 (instead of the Volt’s 4), gets 34 mpg on the highway, and costs less than half [the cost of a Volt] even with the tax break

Here we have a government that is building an overpriced car at a loss, paying people $7,500 to buy it and still can’t sell it. It’s the perfect example what you get when the free market system is replaced with central planning – a surplus of unwanted products, shortages elsewhere and industry/government collusion to make it all happen.

RANDOM THOTS

OLBERMANN’S FALL FROM DISGRACE
Upon reading something about a 30 million dollar contract, my thought was… hate pays, but only in money. If reports are correct, Olbermann’s personality is the same off-camera as on. When off-camera his anger radiates in all directions we’re told, not just toward the political right but to staff and management as well. Keith Olbermann, by all appearances, is an angry and hateful man. Hate eats a person from the inside out. Hate is cancer of the soul.

Bush and Palin were favorite targets of the MSNBC star. These are two obviously very happy people. Olbermann is not. Targets of hate can rise above it because it comes at them from without. Haters are stuck in their own misery because one cannot rise above that which dwells within.

IMMELT’S REWARD
President Obama chose Schenectady for his nationally broadcast “jobs” speech. Schenectady has long been a home to General Electric. Jeffrey Immelt is Chairman and CEO of GE. The company is dominant in the city because it is the largest and oldest of the major employers in the region.

As he spoke, Obama highlighted what he had done to create jobs for MSNBC. Correction – for GE, the owner of MSNBC. In fact he said, the very reason he went to India was to negotiate a contract that will bring 1200 new jobs to General Electric’s manufacturing operation in this city in upstate New York.

Why Schenectady? Why GE? One cannot help but wonder, was it Immelt’s reward?