Welch on Obama: “He’s Fooling People”

“Fool me once, shame on you. Fool me twice . . . ”

Jack Welch, former CEO of General Electric scorched Barack Obama’s plans in a presentation yesterday in Boston. Welch, author of Jack, Straight From the Gut, pulled absolutely no punches. Bloomberg reports:

Jack Welch, former chief executive officer of General Electric Co., criticized the government- backed bankruptcy of Chrysler LLC for favoring unions at the expense of creditors and said President Barack Obama’s economic stimulus programs will cause budget deficits.

“I don’t particularly like where he’s taking us,” Welch said, referring to Obama, during an interview yesterday at the Boston Convention Center. Welch, 73, who led GE from 1981 to 2001, was a guest speaker at the New England Business Xpo.

“To get the money he needs, he has to have a fake budget,” Welch said. “He’s fooling people about how we’re going to have the top line support the programs in the middle without enormous taxes and some programs not going.”

Who in Washington and our mainstream media are calling Obama and team on the carpet for this charade? In order for capitalism, free markets, and ultimately democracy to thrive there needs to be accountability and transparency in the process.

We will not achieve the necessary accountability and transparency without serious questioning and rigorous debate on the issues. Given the current makeup of our legislative bodies, the risks to our country are significant. Without a legislative check, the pressure on the media to expose the massive costs – financial and otherwise – of the Obama agenda are paramount. Aside from Bloomberg and periodically the Wall Street Journal, what other outlets are holding Obama accountable?

Who will challenge Obama on his anemic cuts to his MASSIVE budget? When an administration is only able to cut one half of one per cent from a $3.5 trillion budget, you know we have problems.

I will admit I am no fan of Welch. However, he is retired and not making policy. Welch does offer faint praise to Obama. Bloomberg offers:

Welch praised Obama’s communication skills, particularly his speech at the University of Notre Dame on Sunday.

Smooth talking ’salespeople’ can sell ice to the Eskimos, but ultimately our country needs substance over style!!

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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1 Comment on Welch on Obama: “He’s Fooling People”

  1. When private citizens invest their own capital, those who invest wisely are rewarded with profits, while those who do not are punished with losses. Bad investments are therefore abandoned, with capital reallocated to more successful ventures. Conversely, when governments invest money, these checks and balances do not exist. There is nothing to correct bad investments, as losses are endlessly subsidized by taxpayers. In fact, the more a government plan fails, the more it tends to be funded in the hope that additional resources will finally achieve success. Obama himself proves this by allocating still more funds to government-run schools and student loan subsidies. Other examples, such as Amtrak, the New York MTA, the U.S. Postal Service, Fannie/Freddie, and countless others, prove this process is never-ending – until perhaps the bureaucracy collapses under its own weight.

    When it comes to government making tough choices, Obama talks a good game, but refuses to actually make any. However, once the dollar finally begins its collapse, he will have no choice but to match his rhetoric with action. It’s unfortunate that we cannot make these tough choices on our own terms, rather than waiting for our creditors to force our hand.

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