‘Communism Works’ GE CEO Jeff Immelt: ‘If you’re not willing to get off your butt and go to every corner of the world, you’re gonna get fired’

“If you’re not willing to get off your butt and go to every corner of the world, you’re gonna get fired. So we have to sell all over the place.”

Washington Free Beacon: Jeffrey Immelt, Chairman and CEO of General Electric and Chairman of the White House Council on Jobs and Competitiveness was interviewed by Charlie Rose on Bloomberg Television Monday evening. When asked about China, Immelt praised the Chinese and their centrally planned economy:

CHARLIE ROSE: China is changing. It may be being stabilized as we speak. What does that mean for China and what does it mean for the United States? Should it change expectations?

JEFF IMMELT: It is good for China. To a certain extent, Charlie, 11 percent is unsustainable. You end up getting too much stimulus or a misallocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports. The one thing that actually works, state run communism a bit– may not be your cup of tea, but their government works.

When GE moved its Wisconsin X-Ray operation  to China in 2011 120 employees lost their jobs. WSJEarly in 2011 GE signed billions of dollars in China deals “sharing its most sophisticated airplane electronics” the same week Immelt attended a state dinner for China’s president Hu Jintao, raising concerns about China’s “aggressive espionage.”

GE reaps $5 billion a year in revenue from China.  WSJ. In 2010 GE had set its sights on $10 billion.

The summer before, Immelt was reported to have said:  “I really worry about China . . . I am not sure that in the end they want any of us to win or any of us to be successful.”  Financial Times.

Tuesday, December 11, 2012 @ 9:54 AM

  • Jimbotalk

    Welcome to the future–or perhaps the present:  the “world citizen” who may have prospered because of this country, but who feels little allegiance to it.

    • http://chickaboomer.com/ Marty Davis

       Look at George Soros, for instance.

    • http://chickaboomer.com/ Marty Davis

       Jim, are you on any stations in Canada?  A reader in Calgary wants to listen Thursday night.

  • http://www.facebook.com/john.cobb.509 John Cobb

    GE traded at around 40$ four yrs ago, now it’s lucky to trade above 20$.

    Immilt had GE involved in Hedge Funds in some way that cost the co. a ton of money, it also qualified them for tarp, can you believe it. and he is still in charge.

    Immilt, all that sucking up to O-Man has garnered your share holders nothing but greef.

  • Sentinel

    I remember when China’s chief export was flip-flops, which is what it should be still if it weren’t for Richard Nixon.

    • http://chickaboomer.com/ Marty Davis

       And cheesy knick-knacks.

  • http://chickaboomer.com/ Marty Davis

    I’ll be off Wednesday traveling to DC for Jim Bohannon’s year-end show Thursday 10-1p with usual suspects:  Paul Rodriguez and David Boaz.   Paul, a Washington Times ex-investigative journalist, bills himself as “probably the only Afghan/Texan/Greek Orthodox/Cuban Lutheran anyone ever will know.”  And David Boaz is a brilliant scholar and executive vice president of DC’s Cato Institute.  http://www.cato.org/people/david-boaz 

    Ah, the three of us meet again for Jim’s nationally syndicated radio talk show with hundreds of affiliates.  Find one here. http://www.jimbotalk.net/stationfinder?programID=309

    Will shoot photos, as always!

    • http://www.facebook.com/john.cobb.509 John Cobb

      have fun!!

    • http://chickaboomer.com/ Marty Davis

       Thanks, John!

    • Jimbotalk

      Can’t wait, Marty!  We’ll do our year in review 1006P-12Midnight ET, then I’ll chat about Chickaboomer with Marty and current events in general in the midnight hour.
      1-866-50-JIMBO (1-866-505-4626) if you’d like to call in.  On 300 radio stations nationwide, or listen via streaming at http://www.jimbotalk.net