11 August 2011 0 Comments

Big Business Is Not The Forgotten Taxpayer’s Friend: Part 1 – General Electric Jeffrey Immelt- Obama Administration BFF

The Leftists and Liberals conflate support for Free Markets and Free Trade with support for Big Business.

Big Business has a natural tendency towards Mercantilism, that is , the use of State Power to advance commercial interests of a few. This is sometimes called “rent seeking” or “corporate welfare” manifested in numerous subsidies and preferential legislation  in the vernacular and the academics call it “Corporatism”, a form of Coercive Collectivism, like fascism, communism, socialism or Islamism.

Jeffrey Immelt President Obama’s Pet CEO Weekly Standard Jan 21, 2011 and Huffington Post January 21, 2011

 

Are Not The Forgotten Taxpayer’s Friend

No company is more cozy with government, in my opinion, than General Electric. GE spends more on lobbying than any other corporation. So many of its businesses thrive on — or even depend on — Big Government: defense systems, embryonic stem-cells, smart meters, greenhouse gas offsets, wind mills, electric car components, high-tech batteries, health-care products, and more.

 

GE was a huge stimulus booster and benefactor. It’s no surprise, then, to learn from the Federal Reserve’s congressionally mandated audit that GE received $16.1 billion in aid from the Fed in the panic of 2008. Specifically, the Fed on more than a dozen occasions bought GE commercial paper — another way of saying the Fed loaned billions to GE to keep GE from collapsing.

Yet another chapter in GE’s long record of dependency on government.

 

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