GE: We're Doing the Country a Service by Accepting Government Money

by: Matt Stoller

Fri Oct 24, 2008 at 14:01

Floyd Norris quotes a GE spokesperson saying something amazing.

It was yesterday that General Electric said it would borrow through the Federal Reserve's new credit facility when it opens for business next week.
Bloomberg quotes a G.E. spokesman as follows: "This is our way to demonstrate our support for what the Fed is doing, which is providing all around liquidity."

So accepting welfare is now a feature, not a bug. Got it.

Matt Stoller :: GE: We're Doing the Country a Service by Accepting Government Money

Tags: economic crisis, bailout, economy, OpenLeft, General Electric, (All Tags)

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GE: We're Doing the Country a Service by Accepting Government Money | 7 comments

Here's an idea (0.00 / 0)

Why don't we upgrade the federal government's car pool with pluggable hybrids purchased from U.S. car makers. Instead of bailing them out, place a big order that actually helps them directly and improves the environment?

by: Mark Matson @ Fri Oct 24, 2008 at 18:10:54 PM UTC

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to be fair (4.00 / 1)

this is the same sort of way i would spin it if I were them. The Fed is offering the program to stabilize the markets, which requires big corporations to take part. They are in turn helping with the Fed's express purpose, thereby being patriotic.

It's better for them to say it this way than to admit they need it. Also arguably it is better for the markets.

by: themostprogressivecorporatelawyerofalltime @ Fri Oct 24, 2008 at 18:18:57 PM UTC

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Except it is not fooling anyone .. (4.00 / 1)

other than the gullible

by: Calvin Jones and the 13th Apostle @ Fri Oct 24, 2008 at 19:31:10 PM UTC

[ Parent ]

they could solve their cash problem (4.00 / 1)

by spinning off their media properties. Just sayin'

by: AliceDem @ Fri Oct 24, 2008 at 18:22:52 PM UTC

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well, this is what they are really saying (0.00 / 0)

"We are taking government money because other companies are messed up, not us. Please, don't think we are messed up."

New Jersey politics at Blue Jersey.

by: Hopeful in NJ @ Fri Oct 24, 2008 at 18:38:23 PM UTC

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Anyone want to predict (0.00 / 0)

whether GE will be a net creator of employment for Americans over the next 2 years or a net destroyer of employment for Americans?

Detroit took some election year fiat money and promptly exposed many of its workers to penury in the Christian holiday season.

God be praised!

by: Paul Goodman @ Fri Oct 24, 2008 at 18:45:53 PM UTC

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Do you have any idea how long they've been bleeding? (0.00 / 0)

There was no magic bubble that suddently popped. For eight years, MI has been dealing with unfair trade practices without notice. Certainly Detroit could have done a lot of things better, but don't put them in the same class as GE the war profiteer and Greenspan's bubble boys.

by: dkmich @ Fri Oct 24, 2008 at 20:00:20 PM UTC

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