Thursday, March 05, 2009

Obama Will Save GE Through Fascism!

Despite all that worrying about the 'GE Bezzle,' it's "not-to-worry" from Immelt, who is a co-conspirator with Obama in the plan to Make Home Heating Unaffordable.

GE — a member of the U.S. Climate Action Partnership, which advocates cap and trade — leads the push for greenhouse gas restrictions.

In the fourth quarter of 2008 as the company’s stock fell 30 percent, GE spent $4.26 million on lobbying — that’s $46,304 each day, including weekends, Thanksgiving and Christmas. In 2008, the company spent a grand total of $18.66 million on lobbying.

Reviewing their lobbying filings, you might think you were looking at Al Gore’s agenda. GE’s specific lobbying issues included the “Climate Stewardship Act,” “Electric Utility Cap and Trade Act,” “Global Warming Reduction Act,” “Federal Government Greenhouse Gas Registry Act,” “Low Carbon Economy Act,” and “Lieberman-Warner Climate Security Act.”

This isn’t altruism or public relations. GE has started a joint venture called Greenhouse Gas Services, which invests in — and hopes to manage the trade in — greenhouse gas credits. But these investments and this trading floor are of basically no use and nearly no value without government restrictions on greenhouse gases.


Obama’s budget includes the payoff, promising to start a multibillion-dollar greenhouse gas industry by 2012. In a letter this week, GE’S Immelt told shareholders that current events present an “opportunity of a lifetime,” because “capitalism will be ‘reset.’ ”

Immelt wrote: “The interaction between government and business will change forever. In a reset economy, the government will be a regulator; and also an industry policy champion, a financier, and a key partner.”

If you like, look up the Mussolini model of Fascism. This "reset" of which Immelt speaks happens to be part of that model.

Of course, there are some problems, as we have mentioned before.

First, restraining greenhouse gas emissions will cost Americans dearly. Gas, electricity and heating prices will all go up. The prices of manufactured and shipped goods will go up. A Clemson University report on similar cap-and-trade proposals forecast a 1 percent decline in he U.S. gross domestic product by 2015 if they were implemented.

There are environmental costs, also, to such a focus on greenhouse gases: Ethanol’s damage to water supplies, soil health and air quality are the fruit of government pushing the product as a climate-friendly fuel.

When the lobbying fingerprints of GE and other well-connected firms are considered, it’s not hard to conclude that the policy that will finally emerge won’t be the one that is best for the planet and least bad for the economy, but the one that is best for General Electric.


GE "brings good things" to GE's life--not necessarily yours.

1 comment:

Anonymous said...

It won't exactly employ many people in the booming GE Energy business either - nuclear, turbines, oil & gas, coal gassification. But I guess Immelt doesn't give a shit about employment and the economy as long as he is well-connected.

Immelt's a weasel - its time to go.