G.E. CEO Jeffery Immelt was named by US CEO Barrack Obama to head the President's outside council of economic advisers, replacing Paul Volker. The new council has been renamed to President's Council on Jobs and Competitiveness. Doesn't that sound better? A rose by any other name would smell as sweet. Corporate CEO's for America's Fortune 500 sit on a board and make recommendations to the President on how he should make adjustments to the economy to benefit... someone.
When Paul Volker first took
the job he had agreed to serve on the council for only two years but
as the President announced his replacement yesterday he seemed to
forget that fact. The President said the economy is "in a different
place" from where it was during the financial crisis when Volker
was brought on, and new ideas are needed to keep the momentum going.
Obama continued, "The past two years was about moving our economy
back from the brink," He, Immelt, "understands what it takes for
America to compete in the global economy."
This charlatan
who had promised us hope and change has given the keys to the White
House to the CEO's of the Fortune 500. The President's Economic
Recovery Panel was also chaired by Immelt and recently held open
meetings in the White House with their plans for tax reform.
"The
purpose of this meeting is to continue discussion of the issues
impacting the strength and competitiveness of the Nation's economy,
including workforce development. The discussion will include an
update on the research and preparatory work conducted in the PERAB
subcommittees."
Is that the change that you were hoping for?
Other members of the PERAB include
James Owens, CEO-
Caterpillar
Robert Wolf, chairman and CEO of UBS group, a
global financial services corporation based in Zurich
Switzerland
Mark Gallogy, founder and managing partner of
Centerbridge Partners a private equity firm specializing in leveraged
buyouts and distressed securities
Penny Pritzker, owner and
CEO of Pritzker Realty Group, which operates high-end retirement
communities and is the ninth largest privately held corporation in
the country
John Doerr, partner at Kliener, Perkins, Caufield
& Byers, a venture capital firm
Monica C. Lozano, Director
of Bank of America
Martin Feldstein, former chief
economic adviser to Ronald Reagan.
But let's look at this brink we've been pulled
back from just in the nick of time. When Obama inherited the Bush
economy unemployment was 7.8 percent. No one is blaming Obama for the
economy he inherited. But with his all-star team dream team of the
best and brightest, it should come as no surprise that our economy is
foundering. Last month the Bureau of Labor Statistic reported a
gain of 103,000 new jobs while neglecting to announce the loss of
85,000 existing jobs--a net gain of 18,000 jobs in economy with 16
million long term unemployed.
Back from the brink? December's
improved 9.4 percent unemployment number was due in large part to
large numbers of workers no longer counted as unemployed. The number
of discouraged workers in December of 2009 was 8,375,200. The
number has grown significantly by nearly one half million to
8,519,900 in December 2010.
Morgan Stanley, the world's second
largest Wall Street brokerage firm, reported a 35 percent increase in
fourth quarter profits while it sales volume decreased almost 9
percent. You might ask yourself, how is that possible? Simple, the
bank is selling debt! Morgan Stanley has offered one billion
dollars in new securities that pay a higher return than treasury
notes.
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