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GE--From corporate titan to welfare recipient

Steve Milloy's Green Hell Blog makes for very interesting reading—and not only for the direct postings. The comments can be pretty cogent, as well.

Take this one from dublds...

In nearly any business or industry, when political lobbying is used as a shortcut to fair competition, innovation and sensible business practices, it is a sure sign of failure. The government has increasingly been asked to intervene with labor disputes at the airlines and auto industries, and as we know both of these industries and their corresponding unions are hanging by a thread. The film, and more so record industries have lobbied heavily for stricter anti-piracy laws. Nonetheless, anyone who has ever made a mix tape knows that piracy is nothing new or suddenly rampant. Fact is these industries have failed to remain relevant, and the Internet has offered new and better alternatives.

As for GE, I've said before and I'll say again, GE is an embarrassment. This news all but proves their new "save the world" mission statement is a front for "save our company". And their shamelessness about their inability rescue their company through any means of their own should be a HUGE warning sign for investors. For a company with a history and name like GE has built, their current position should be a disgrace to them. But instead they are talking up their new government-welfare business plan with all the adjectives usually reserved for celebrations and grand openings. It's absolutely pitiful, and I like many investors have run like hell from any long positions in GE. If nothing else, I would feel too guilty making money off a stock whose price was supported by poorly directed taxpayer funds.

The only shame is that GE was once the poster boy for American manufacturing and quality. Now that they are taking a proud place in the welfare line, what does this say about America itself. GE is one of those rich corporations who we were going to tax to pay for our social programs. Now that they look to become recipients themselves, what is the plan?



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