On “60 Minutes” this week, job czar Jeff Immelt tells Lesley Stahl that lowering the corporate taxes and eliminating all tax loopholes for U.S. companies will put more Americans to work. Watch an excerpt below:
What can I say? I love business, reading the thoughts of the business giants in our world today, and realizing that our country’s greats are not spinning their wheels … but unbeknownst to most of us, they are out there working, creating, moving forward and certainly looking toward the future.
I felt Jack Welsh was a mentor to me and so many more. And now I follow Jeff Immelt – another who will never be content to rest on his laurels but intends to continue to be one of our top business leaders. As Lesley says, Jeff is not defensive at all. He believes . . . and is not afraid to try things.
He understands the competitive larger world, wise enough to know that there are niches in the foreign business world that we actually can penetrate and excel. He is the leader of GE, but he’s carefully picked those just below him with that particular expertise and high level of that wonderful word – BELIEF – that we are going to be able to excel. Good research takes time and “brains”.
In the meantime, other departments are considering placement of future manufacturing. It alone is a science. Do it right or don’t do it at all is a motto of mine — and I think that one piece of our business world is in the best of hands with Immelt at the helm. Now if we only have a thousand Immelts on track, our hope would be multiplied.
Wish this piece were longer, but it was provocative — and hopeful.
Too bad the interview did not cover the more controversial Jeff Inmelt … the CEO who closed the General Electric x-ray division in Wisconsin and moved the operation to China. The incredible loss of value in General Electric since Inmelt became CEO in 2001. There was a slight hint in the story that the failures at GE were the fault of Mr. Welch the previous CEO…. though no particular failed financial decision was highlighted. This was undoubtedly a puff piece about Mr. Inmelt and, as a consequence, the viewer was not given a more balanced picture of the man.
Jack Welch isn’t much better. One of our modern day Robin Hoods who steals from the rich aka the investors to give to himself. Joan, dear, you need to finally take off the rose-colored glasses.
It is important to remember that many hailed Ken Lay as a visionary and great man. I met him once. I told someone he reminded me of a weasel. And, well…
As for Obama and his economic czars the reality is Obama put the foxes in charge of investigating who killed the chickens and expects the foxes to protect the remaining ones.
Inevitably the foxes always tell the farmer that he merely miscounted the number of chickens he had and therefore no chickens were killed and the chicken coop is quite secure.
Baby . . . I am a true believer in differences of opinion – for that, I believe, is the only was we can learn and grow. However, when you do pull a person, a company, a political party apart, I think all of us who read those words would find that the only way we can profit by them is if
you will stop in your tracks before you write — as we know you are bright — and, being well-read and knowing “names” in the business and theatrical worlds — you would elaborate on controversial subjects in a positive way (as we know you have thought this out) and tell us what executive would be better and WHY, tell us in detail what Obama or other world leaders would be wise to do, and give expertise – just from your point of view, of course — on exactly who should lead, the essential points that they are missing in running a massive corporation and how – even in a small part – they can be rectified. I am completely open to listening to other points of view as long as they have been thought out with research used, and are persuasive.
But how about accentuating the positive — and I know you know that song — and spill out
your own POSITIVE directions for the world. In this case, you might as well start with pretending you run GE starting today. What would you do — but more important, what is your rationale that is convincing. “Throw the scoundrels out” HAS TO be followed by your next steps. Well, shouldn’t it be? That is how we run business in my world anyhow. We listen to people who offer new innovations and ideas, well backed up.
Maybe the Midwest is different.
I am positive that Jeffrey Immelt is a self serving greedy CEO who speaks out of both sides of his mouth. He and his cohorts insisted on pushing legislation that has literally outlawed everything but fluorescent and led lighting….and who is king of fluorescent lighting, some would say GE. And where did Mr Immelt take these jobs that were created as a result – overseas. Immelt has become the average American worker’s worse nightmare.
I do not have to “offer an alternative” when pointing out that the “standard model” doesn’t work well. Certainly not the “standard model” of vulture capitalism and there is absolutlely nothing positive about it unless you are doing well by it. Perhaps you are. The rest of us are not. If these “titans of industry” had been in control back in the 1950s and 1960s there never would have been a “middle-class” in this country. The “titans of industry” back then got rich. But you know what? Their employees all had “living wages” and many had profit-sharing and company retirement accounts that allowed them a piece of the American Dream. The American Dream is no more for most. It was stolen by these modern day Robin Hoods who, again, steal from the rich to give to themselves. It’s not just the employees who grumble. It’s the investors as well. As for the employees, well, most who still have jobs worry from day to day whether their job will be “terminated” durin ga “restructuring” with their job actually going to someone younger for far less money or to someone in India or China. Or in some sectors that they will be displaced by illegal iimmigrants hired by a “subcontractor” which is how major employers of illegal immigrants avoid prosecution when they’re caught. You seem to live in a different America than I do. And the America I lived in once was a really nice America. The one I’m living in now is not.
I am amazingly stlll a “glass half-filled” person. But the other half of my glass was stolen. And I would have thought someone would have been held accountable. But not in the America we now live in. Some are above the law. Free to lie, cheat, steal their way to great wealth and power. You are free to priaise them. I am free to point that most belong in prison. For the time being. That probably will be the next to go in this oligarchy we live in. Our freedom to speak out about thiings that are just wrong is the last remnant of the founding father’s dream of a true democracy. But as we are seeing in New York, well, the people must be silenced. And I have no doubt they will be.
My dad was with GE for about 10 of my first years of life. At that time Dad was pretty proud to be with GE and when he left to start his own company he was grateful for his years with them. He often talked about it long after he left and that was a long long time ago. In recent years he always said that Edison would roll over in his grave with what GE is doing now.
I don’t quite understand Mr. Immelt’s expertise in improving the economy with job’s. Just up north from me is one of their “Processing Centers”. The processing centers hire a great many people to call those who have credit cards from GE credit. Of course the people who have these credit cards probably don’t realize they are through GE because it is in very fine print on the applications they sign or are a number of different names that GE uses. Walmart is one of the users of the GE credit, there are many many. The interest rate is very high, ( last I knew it was abot 10% at the lowest and 18% highest). The people who work in the many processing centers across the country are paid near minimum wage with contests prizes of GE products and gift cards. One could argue that at least these jobs are in the USA but my understanding from the people I know that work or have worked for GE is that the conditions are pretty regimental right down to what size pencil a person can use and what brand as well and to win those prizes is near impossible. This would correlate with the running ads for employment in these processing centers. GE credit is one of the top income producers for GE! Seems to me that they are in the same seat as the banks that are running us in the ground.
I would guess that most people still think of GE in the sense of what products they used to be known the most for. When China produced the same products for less and yes GE contributed to to the imports from China by selling it’s small appliance line to Black and Decker, GE sold out part of our economy and bears some responsibility as well as many other companies. However, lest we forget that Americans were thrilled to pay less because of that move. Many of the productions from GE moved overseas as well because they saved on labor. Lightbulb division was one of the first to go. Now GE headquarters in NY is pretty much a ghost town filled with delabitated homes and buildings.
It is no surprise that of course Mr. Imlett would be pleased as punch if there were lowered corporate taxes and the elimination of loop holes because he could spend less time on getting through those loop holes and cha ching for his credit companies.
Sorry I didn’t see this interview . I can honestly say from my view and my knowledge of the old GE and the new GE this is not the man who should be leading us into a jobs recovery.
However, lest we forget that Americans were thrilled to pay less because of that move.
We as a people do bear some responsibility because of our own greed. We liked “cheaper” and of course that is how we ended up with an estimated 50 million illegal immigrants in this country including the children who often are left out of the “official” estimates who we are now educating an dprovidng medical care for at taxpayer expense. Hard to criticize the homebuilders and restaurateurs for hiring illegal immigrants when we were hiring them in hour own homes. Simply because they were cheaper. In the end, they proved not to be so cheap. Neither did all the products from China. We need to get back to “America First” but I can guarantee you the collection of crooks on Wall Street and the hookers at the bordello we call Congress will fight us. Which is why we need to close down the bordello. We need to get rid of all the incumbents. But we won’t. Because everyone still votes according to the (D) or the (R) beside the name. Not realizing that, as I like to say, the only Democrats and Republicans in this country are the fools who believe there are Democrats or Republicans on the ballot. The Congress we have does not serve the people. They all serve whoever leaves the $100 on the nightstand.