21 January 2011

GE's Jeff Immelt To Replace Paul Volcker

In case there was any question remaining in your mind as to what is really happening.

It should be noted that GE was the number one corporation in lobbying, spending $40 million on the purchase of political influence last year.

Obama is looking more like Herbert Hoover every day, but without the Great Engineer's accomplishments.

As someone said, it could have been worse, Obama could have chosen Lloyd Blankfein as his advisor. But that would have been a demotion for Lloyd, and a probable lessening of his existing impact on public policy.

Volcker Out, Immelt In on Economic Board
January 21, 2011

SCHENECTADY, N.Y. — President Obama will name Jeffrey R. Immelt, the chief executive officer and chairman of General Electric, on Friday to run his outside panel of economic advisers, replacing Paul A. Volcker, the former Federal Reserve chairman, who is stepping down, the White House said.

Mr. Immelt will chair a new Council on Jobs and Competitiveness that Mr. Obama intends to create by executive order. In a statement issued shortly after midnight, Mr. Obama said he wants the council to “focus its work on finding new ways to encourage the private sector to hire and invest in American competitiveness.”

The council will be a reconfigured version of the board Mr. Volcker chaired, the President’s Economic Recovery Advisory Board. That body, created by Mr. Obama when he took office in the thick of the worst economic crisis since the Great Depression, is set to expire on Feb. 6...

"The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group."

Franklin D. Roosevelt