Most Popular Choices
Share on Facebook 14 Printer Friendly Page More Sharing
Exclusive to OpEd News:
OpEdNews Op Eds   

Obama in Camelot

By       (Page 1 of 2 pages)   No comments
Message David Cox
Become a Fan
  (90 fans)
(Image by Public Domain)
  Details   DMCA

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.

Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Must Read 2   Valuable 2   Well Said 1  
Rate It | View Ratings

David Cox Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

I who am I? Born at the pinnacle of American prosperity to parents raised during the last great depression. I was the youngest child of the youngest children born almost between the generations and that in fact clouds and obscures who it is that (more...)

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Hobo's Lullaby

100 Reasons for Revolution

Guns or Butter

Taken at the Flood

When will the Economy Collapse? You're Looking at It!

In this Country at Least, The Revolution Will Not Be Televised

To View Comments or Join the Conversation:

Tell A Friend