Posts Tagged ‘Immelt’

Brilliant Obama Geniuses More Stuck On Stupid Than Ever

August 28, 2011

Obama is giving Spanish-owned companies “shovel-ready jobs.  But they’re GREEN shovel-ready jobs.  So apparently it’s okay if those jobs only cost the American taxpayers – well, make that the Obama administration and his massive government bureaucracy borrowing from China so that American taxpayers have to pay principal plus interest – more than two million dollars per job.

John Ransom  
Palin Thumps Harvard
August 22, 2011

If you drew a straight line between the Obama White House, Harvard and Martha’s Vineyard, you’d apparently find no real economists judging by the effluvia created through progressive economics in this country.

But would it be too much to ask if we could have a few people who could just add, subtract, multiply and divide? What exactly is an Ivy League degree worth if you can’t do lower mathematics?

I guess a lot less than Sarah Palin and a University of Idaho bachelor’s degree is worth.

Go Uof I Vandals!

In a quest for a few more “green” jobs that the administration can brag about, the Department of Energy recently announced that they have awarded a Spanish company, Abegnoa Bioenergy, $134 million in loan guarantees for an experimental biomass plant that will create- count ‘em- only 65 “permanent” jobs in Kansas.

Say what you want but Palin’s career shows she knows how to divide 65 jobs into $134 million. That skill apparently is beyond the ken of the Hallowed-Halls-of-Harvard-and-Princeton crowd. But it certainly seems like a valuable skill for a president to have.

$134,000,000 /65= $2,061,538.46 per job.

With these kinds of economies of scale, it would make more sense for the administration to make 65 people multimillionaires outright with that money. Just think: 65 more people they could tax at a higher rate.

What’s more fair than that? I mean besides not taxing everyone out of business. But, since that’s not an option….

Oh, I forgot. That makes too much sense for a liberal. They don’t like millionaires.

They only like Brazilian, Spanish and progressive billionaires.

“This project is part of the Administration’s commitment to expand our advanced domestic biofuels industry,” said Energy Secretary Chu according to BrightEnergy.org. “Investments like these will create jobs and decrease the nation’s dependency on oil by using a sustainable, home-grown transportation fuel that will help reduce greenhouse gas emissions.”

Not likely.

What it will do is help a company with $5.5 billion dollars cash in the bank, owned by Spanish millionaires and billionaires, keep $134 million in the bank. Abegnoa can then use that money in real projects that require, um, what’s technically known as a “return on investment” (ROI) to be successful. ROI is generally considered to be a good thing in the investment business if you’d like to prevent criminal proceedings. Or alternately, if you can’t produce return on investment, you can try for a government guarantee.

Obama likes to talk about investing in education, infrastructure, whatever, but if Obama were in charge of your 401k, at retirement you’d not only be broke, but you’d owe a few million. Oops, looks like Mr. Investment put some money into education and infrastructure development that wasn’t just quite as shovel ready as he thought.

That will go down so well at the retirement home when it’s time to take your medicine and eat your peas.

The problem is that Washington types have been making promises about biomass biofuels for decades now without any real progress- biomass is not shovel ready in other words, unlike the real energy projects proposed by outside Washington types, like- oh, I don’t know- Sarah Palin.

In short, biomass takes feedstock like corn leaves, wood pulp or municipal waste and turns it into a liquid fuel like ethanol or a gas, like hydrogen. It’s kind of a way of speeding up the millions-of-years process that made fossil fuels.

The clean energy crowd in DC has promised for two decades that biofuels will help break dependence on foreign sources of oil, but they always have to dial back their predictions, says Gigaom.com, a technology website and consultancy that produces green IT research.

“Originally in 2010,” writes Gigaom “the EPA estimated the industry could produce 100 million gallons, but basically it turned out to be zero. For 2011, five companies were estimated to be able to produce about 6 million cellulosic ethanol-equivalent gallons and it’s unclear if they are going to make that estimate.”

Oh, but wait, it’s worse.

“For 2012,” says Gigaom, “the EPA previously estimated that the cellulosic ethanol industry would have a capacity to be able to produce 500 million gallons. But in June the EPA quietly proposed to reduce that volume estimate to 3.5 million to 15.7 million.”

Sounds like the same government guys who estimate jobs creation for the Bureau of Labor Statistics moonlight at the EPA.

So much for the DOE’s investment in Abegnoa, a publicly-traded company with almost $9 billion dollars in sales and 26,128 employees not counting the 65 soon-to-be-hirelings in Kansas.

So much for 65 permanent jobs in Kansas. In the meantime 20,000 real energy jobs Palin created with the Nat Gas pipeline in Alaska are being held hostage to a presidential permit that Obama hasn’t signed in two-and-a-half years.

If the biomass plant made any sense at all economically the company would be able to get a loan on the strength of its balance sheet, rather than having to rely on guarantees from the Department of Energy. Because in the end, this plant won’t make money, won’t make the rent and certainly won’t make enough “green” fuel to power Kyle Orton’s Prius for a week.

Go Tebow!

Not only can’t they produce fuel from biomass economically, everyone seems to be unable to produce commercial quantities of fuel from biomass at any price.

Say what you want about the GOP’s desire to drill in ANWR and Palin’s support of it. But at least it’s bankable, as is the Palin’s Alaska-Canadian natural gas pipeline.

I know this much for sure: On day one any energy plan Palin puts forth will thump the plan the genius from Harvard has followed.

Let’s just call biomass what it is: the sub-prime market of Obama’s sub-prime “green” energy business.

And let’s call the taxpayers in this scheme what Wall Street and Washington want them to be: Shovel Ready.

Oh, and how about this little bit of brilliance from Team Obama:

GE’s Immelt Advises President on Jobs and Competiveness, Exports Jobs and Technology to China
Under Immelt, GE Cuts one-fifth of U.S. Work Force; Sells China Advanced Aerospace Tech NASA Originated

WASHINGTON – August 24 – Congressman Dennis Kucinich (D-OH) today called upon General Electric’s Chairman and CEO, Jeffrey Immelt to resign from his position as head of the President’s Council on Jobs and Competitiveness. Kucinich’s statement came in response to news reports that, in exchange for short-term profit, GE is sending advanced technology to China that was originally created by NASA.

“If he does not resign, the White House should remove him,” Kucinich said.

As 14 million Americans struggle with unemployment, General Electric, under Mr. Immelt’s leadership, is exporting highly-sophisticated technology to the Chinese in order to book short-term profits for GE. GE strives mightily to avoid paying federal income taxes, but goes ‘all in’ on a deal to transfer U.S. government-subsidized technology to the Chinese. Jeffrey Immelt has a conflict of interest. He cannot ethically advise the President on how to create American jobs and promote American competiveness, while at the same time leading a company that is exporting American technology and, along with it, American jobs,” said Kucinich.

A report in Monday’s Washington Post described the transfer of a virtual reality display system for airplane cockpits that GE is transferring to the Chinese as part of its joint venture with a Chinese state-owned company. The display system GE is transferring was originally developed using Synthetic Vision technology created by NASA in partnership with private industry. NASA has committed millions of dollars to pursue development of synthetic vision systems.

Kucinich added, “American taxpayers subsidized the development of this advanced technology, but U.S. taxpayers’ investment will end up creating jobs in China. In the short term, GE is selling products to the Chinese, which will help GE’s bottom line. In the long term, the Chinese will end up manufacturing and selling products using the same technologies that were made in America.”

“The United States has long been the leader in aerospace development and manufacturing. We have the best-trained, most skilled workers which give American-made aerospace products a natural competitive advantage. How can Mr. Immelt be the head of the President’s ‘Jobs and Competiveness Council’ while undermining the United State’s advantage in aerospace?” asked Kucinich. “In light of these revelations, Mr. Immelt should save the President the embarrassment of asking him to step down and voluntarily resign.”

GE has aggressively sought to cut the percentage of its American profits paid to the I.R.S., paying just a third of the average taxes paid by other American multinational companies. In 2000, 54% of General Electric’s employees worked in the U.S. That number dropped to 46% in 2010. Since Mr. Immelt assumed office on September 7, 2001, GE has cut one-fifth of its U.S. work force while increasing overseas employment.

“Obviously he is more qualified to be head of ‘Jobs and Competitiveness’ for a country other than the United States,” Kucinich concluded.

That’s right.  The same Obama who constantly demagogues that corporations should “pay their fair share” blah blah blah has as his top guy a CEO who paid ZERO in income taxes as his company used every single crony capitalist loophole under the sun.

That kind of hypocrisy and stupidity counts as “genius” in Obama’s America.

Apparently, Obama isn’t up to the challenge of actually creating any shovel ready jobs in America (and see also here).  So he’s creating them in China with American money instead.

Hey, I’ve got an idea.  Obama could listen to Paul Krugman and lie to the American people about a space alien invasion to fearmonger them into even MORE useless Keynesian spending.  That would be just plain brilliant.  At least if you are an utterly clueless liberal who is utterly blind to reality.

Obama And Liberal Democrat Ally General Electric Paid NO Taxes Last Year And In Fact Was GIVEN Money By Government

March 28, 2011

Before we get to our main story, let’s do a little recent historical review.

First of all, G.E.has been a key Obama ally, and GE CEO Jeffrey Immelt is basically even working for Obama:

Obama Names GE CEO Immelt As Economic Adviser
January 21, 2011

President Obama wants to cast some light on economic success stories in the shadows of a slow recovery. And he is looking to find some more.

On Friday, the president travels to Schenectady, N.Y., birthplace of the General Electric Co., to showcase a new GE deal with India and announce a restructured presidential advisory board to focus on increasing employment and competitiveness.

Obama is naming GE CEO Jeffrey Immelt as the head of a Council on Jobs and Competitiveness. The panel replaces Obama’s Economic Recovery Advisory Board, which had been chaired by former Federal Reserve Chairman Paul Volcker. Obama announced late Thursday that Volcker, as expected, was ending his tenure on the panel.

Then there’s the fact that G.E. has been a MASSIVE beneficiary of the Obama- and Democrat-imposed radical so-called “green” agenda:

Undisclosed NBC Conflict of Interest Again Arises in Annual ‘Green Week’
By Lachlan Markay | November 16, 2010 | 16:47

On Sunday, NBC Universal launched its annual “Green Week,” as part of the company’s “Green is Universal” environmental awareness campaign.

As NBC embarks on yet another week of “environmentally themed programming,” it falls to media watchdogs to point out the massive conflict presented by NBC parent company General Electric’s significant financial interests in the policies “Green Week” indirectly advances.

GE stands to make millions from Democrats’ “clean energy” agenda. The company has invested massive amounts of money in technology that can only be profitable through government intervention or subsidization.

Put these two facts together and what do you get?

Now consider this, stupid, depraved fools (i.e., anyone who calls themselves a “Democrat” and says that evil corporate greed comes from Republicans:

G.E.’s Strategies Let It Avoid Taxes Altogether
By DAVID KOCIENIEWSKI
Published: March 24, 2011

General Electric, the nation’s largest corporation, had a very good year in 2010.

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.

Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm. Indeed, the company’s slogan “Imagination at Work” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.

While General Electric is one of the most skilled at reducing its tax burden, many other companies have become better at this as well. Although the top corporate tax rate in the United States is 35 percent, one of the highest in the world, companies have been increasingly using a maze of shelters, tax credits and subsidies to pay far less.

In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back.

So we’ve got a giant mega-corporation whose top leadership is clearly in the pocket of the Democrat Party and which has clearly benefitted from the Democrat Party agenda.

And lo and behond, it turns out that not only do these piles of quivering un-American slime at GE not pay taxes, but Obama actually has the naked chutzpah to reach into the American people’s pocket and say, “We owe you this, Mr. Immelt.”

Now, this would be loathsome and indefensible enough it GE was a rightwing corporation.  But understand that Democrats are continually demonizing Republicans as being “the party of corporate greed” when in fact THEY are the real winners at the corporate greed game.

Democrats calling Republicans “corporate shills” is like Yassar Arafat calling Ronald Reagan “anti-Jew”; the label only works if you are an idiot on every level imaginable.

Want more?  Feed on this:

Here’s one among thousands of examples: Incandescent light bulbs are far more convenient and less expensive than compact fluorescent bulbs (CFL) that General Electric now produces. So how can General Electric sell its costly CFLs? They know that Congress has the power to outlaw incandescent light bulbs. General Electric was the prominent lobbyist for outlawing incandescent light bulbs and in 2008 had a $20 million lobbying budget. Also, it should come as no surprise that General Electric is a contributor to global warmers who help convince Congress that incandescent bulbs were destroying the planet.

The greater Congress’ ability to grant favors and take one American’s earnings to give to another American, the greater the value of influencing congressional decision-making. There’s no better influence than money. The generic favor sought is to get Congress, under one ruse or another, to grant a privilege or right to one group of Americans that will be denied another group of Americans.

And guess what?  As soon as Democrats took over Congress that’s exactly what they did: they criminalized incandescent light bulbs and made GE’s mercury-laden CFL bulbs the “Big Brother” alternative.

GE gave $20 million to Democrats.  But don’t worry, Democrats took money right out of your and your children and grandchildren’s pockets to pay back their corporate pals with their usual array of shennanigans.

And the only thing that is more despicable than that is that all the while they’re doing all this, Democrats are constantly demonizing Republicans.

Hypocrisy is the quintessential defining essense of liberalism.  Pure and simple.


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