Seventeen months into the bear market, I may have lost it.
I saw that headline and the first thought that pops into my head is the title of Lynda Obst's book,
"Hello, he lied".
When GE joined the US Climate Action Partnership, with their bald-faced rent-seeking, I chalked it up to the machinations of folks not creative enough to compete without perverting the political system.
When GE lobbied for the incandescent light bulb ban (which bulbs were manufactured in the U.S.), their replacement being compact fluorescent bulbs manufactured in China, I thought "these people are scum".
When they applied for (and received) a grant from the state of Connecticut to install GE solar panels on GE headquarters, I thought "Okay, lower than scum".
When I saw this, from Mr. Immelt (via Environmental Capital):
I believe we are going through more than a cycle. The global economy, and capitalism, will be “reset” in several important ways. 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 […] I think this environment presents an opportunity of a lifetime....I realized these people are nothing but fascists and it was time to stop being charitable.
Here's the headline story from the New York Times' DealBook blog.
Here's another quote that came to mind, we last saw it in our post "10 Ways the World Could End and How to Play Them":
"He lied like a finance minister on the eve of a devaluation"I'm thinking it might be a good idea to read up on Mussolini for tips on making money off the corporativismo.
It looks like the U.S. taxpayer is going to be asked to bail out GE Capital.
Why do I think that?
GECC credit default swaps steady at 15.5 pct upfront
That's $1,550,000 upfront plus $500K/yr to insure $10 mil. for five years.
$4 to insure $10. You tell me.