chilling snapshot of US economy: ''Jack Welch converted GE from primarily a manufacturing...

[yurbud]

company to a financial services company.''

Economic hitman John Perkins said this on Democracy Now.

That pretty much sums up what's wrong with Wall Street. They guy companies that actually work so they can play three card monte, artificially inflate the stock, and more obviously lately, bet on it going down then drive the company down to fix their bet.

It's a lot easier to destroy than to build.

[ProleNoMore]

1. Democracy Now Link From Today's Show

http://www.democracynow.org/2009/11/10/hoodwinked_former_economic_hit_man_john

[upi402]

2. Yep, sums it up very well and quickly too. Must see clip:

http://www.democracynow.org/2009/11/10/hoodwinked_former_economic_hit_man_john

[Cleita]

3. How do you think the BFEE made their money?n/t

[HughBeaumont]

4. And geee . . .. what HAPPENS to countries who shift from manufacturing to financials as their focus?

Oh, that's right . . . they become debt-ridden PLUTOCRACIES that have weak currencies, stagnant wages, high unemployment and giant income inequalities between the rulers and the serfs. Their economies become sodden in drugs, war, energy, financial speculation, commodities and bubble sectors. Because of stagnant wages not keeping up with the cost of living, the savings rate turns negative.

Don't get me started on Neutron Joke, Corporate America's own little pink Pol Pot. He's treated as a sage while acting like a tyrant; he torched jobs, careers and livelihoods in the quest for cheaper labor and greater profits. He set the trend for offshore outsourcing of blue and white collar work. Then he has the elephant BALLS to suggest that he "did those workers a favor; they were complacent".

[blm]

5. Jack Welch - BFEE - used his network to get Bush2 in the WH.

.

[yurbud]

6. I hope Henry Waxman asks for that election night tape again soon

the one where Welch went on a tirade in the newsroom because they called it for Gore?

Someone caught it on tape, but NBC refused to turn it over to Waxman because he didn't have subpoena powers at the time.