Category Archives: Economy
President’s Council on Crony Capitalism
Chinese President Hu arrived in the U.S. shortly after the unveiling of a Chinese Stealth Aircraft suspiciously like our own. He left with a joint venture agreement with GE for hi tech jet engines.
Yesterday, President Obama announced the appointment of G.E. CEO Jeff Immelt (who axed 18,000 jobs) to chair the President’s Council on Jobs and Competitiveness. According to IBD, “GE has received $60 million in federal funds to build a technology center and $55 million to build a hybrid locomotive battery plant.” This is in addition to “a $139 billion bailout in the form of FDIC backing of GE Capital debt”.
Emptywheel at Firedog Lake says, Immelt’s “actions make him the poster child for everything wrong with the U.S. economy right now”.
Here’s a link to Immelt’s op-ed in yesterday’s Washington Post.
Fuel for Thought
Bloomberg says the soaring world food prices that caused riots in Algeria and Tunisia will boost American exports. Corn was up 52% last year.
The Indians got More for Manhattan
Five Ohio State football players have been suspended for the first 5 games of next season but not for the upcoming Sugar Bowl. Their offense was to trade championship rings and trinkets for tattoos.
It was tough to decide which target to fire a cartoon at. NCAA greed and hypocrisy for suspending the players, but not until after the big money Sugar Bowl? NCAA greed and hypocrisy for claiming control over the right of free people to exchange their personal property? The stupidity of the players?
It was a tough call, but I went with NCAA greed and hypocrisy number 2.
