The current dust-up between Fox News and NBC News/MSNBC has put the focus back on GE and their historically overwhelming penchant for supporting socialism and some would say the destruction of free markets.
The so called feud between Fox News channel’s Bill O’Reilly and MSNBC’s Keith Olbermann is being intentionally over hyped, in my opinion, by other media outlets like the LA Times in an effort to legitimize MSNBC’s journalistic malpractice by doing what Gateway Pundit correctly observes to bemanufactured “vitriolic exchanges” in order to raise Olbermann to O’Reilly’s status.
Let me be clear, I’m not the biggest Bill O’Reilly fan, but the simple fact is, Bill O’Reilly and Keith Olbermann are on two very distinct and separate levels which is clearly evidenced by the following ratings charts:
TV NEWS RATINGS: 25-54 DEMOGRAPHIC (L +SD)
Data by Nielsen Media Research. Live and same day (DVR) data.
Bill O’Reilly and Fox News in general simply dominates MSNBC in every discernable way so comparing the two or hyping a rivalry is just silly. So why do it? Thats the $64,000.00 question. Some would say the answer is that the MSM will jump on any story that might have the slightest chance of showing Fox News in a bad light. Some might say focusing on MSNBC takes the heat off of it’s parent company GE. I think both answers are correct!
This so-called feud can be traced back to Bill O’Reilly covering the story of GE doing business with Iran and Syria with GE’s overpaid, under-qualified, mouth piece Keith Olbermann dispatched to attack Fox News and Bill O’Reilly in an attempt to divert attention away from the fact that GE was into some bad dealings with terrorist nations.
After researching the initial story and subsequent findings about Immelt, O’Reilly started to focus on the bigger fish…
General Electric has admitted that it has contracts in Syria and Iran for electric power plants, oil and gas, lighting, and medical equipment (that latter is humanitarian stuff not subject to sanctions and no one is citing them). GE claims that none of it is being used for military purposes by “Iranian forces” or “Syrian forces.” Here is an excerpt from GE’s response to a 2006 inquiry by the SEC, Office of Global Security Risk:
“In addition to diagnostic, monitoring and life science medical products, our products and services that are sold or otherwise distributed include power generation systems and parts, oil & gas equipment, power control/supply and lighting products in Iran, each of which is sold or distributed pursuant to legal obligations entered into prior to February 2005. We sell our products and services directly and through distributors located in Iran and elsewhere. Our customers include private companies, government-owned electrical utilities and refineries, the Ministry of Oil, public/private hospitals and universities. To the best of our knowledge, none of the products or services we provide has been, or could be, employee in any military application or used by the armed forces of Iran for strategic, tactical or training purposes.”
How about the foreign insurgents financed by Iran, flying into Damascus, being trained in Syrian camps and crossing through the Syrian-Iraq border, what our troops call the “rat line?”
Apparently, General Electric either does not get or care that Iran has been violating international law for 30 years with impunity. Iran has engaged in proxy wars through its terrorist arm Hezbollah and through its Revolutionary Guards. It has kidnapped and killed American citizens and the citizens of its neighbors. It has provided foreign fighters, arms, and money to fight the US and Coalition forces in Iraq and Afghanistan. It defies the international community in its pursuit of nuclear weapons. It declared war on the US — its enemy — and advocates its destruction, along with Israel.
The purpose of economic sanctions against Iran is to provide the world community with some leverage, to let the ayatollahs know that their murderous, outlaw conduct comes with a price, that there will be consequences. When companies like GE, an iconic American company founded by Thomas Edison, find legal loopholes to do business with the people who call America and its allies their sworn enemies, that not only gives comfort and life support to the ayatollahs, that sends a signal that America and its allies do not even have the support of their own people.
Some time ago, GE changed its corporate slogan from “We bring good things to life,” to “Imagination at work.” The latter is a good description of the mendacity of GE’s lawyers, who told the SEC Office of Global Security that GE’s old contracts were okay. Yet President Bill Clinton put US sanctions against Iran in place in 1995, more than twelve years ago.
Here’s a look at what Jeffrey Immelt has done during his time at GE:
Jeffrey Immelt on the other hand has not been able to achieve the same success as Welch in his time as CEO so far. To be fair, Immelt took over GE at an unfavorable time, just days before the 9/11 terrorist attacks, which cost GE’s insurance arm over $600 million. Along with 9/11 Immelt also had to deal with last year’s financial crisis and the prolonged economic recession in developed nations, which dealt a huge blow to GE Capital and GE’s Industrial business. Under Immelt the company lost two/thirds of its stock’s value, missed earnings estimates for the first time and has continued to miss, and lost its place as the largest company (by Market Cap) in the U.S. to Exxon Mobil. GE’s stock price has gone from $39/share when he took over to less than $12/share, underperforming the Dow Jones Industrial by nearly 60% (price return). Despite the above-mentioned environment Immelt had to deal with, it is not encouraging as an investor to see Economic Margins evaporate away while other businesses have adapted and been able to change their misfortunes. It is yet to be determined if Immelt can recover but it is certain he has yet to prove his ability to create shareholder value.
Is GE becoming Obama’s Halliburton?
It’s not really a surprise that GE would support socialism and the destruction of free markets, after all, they do have a history of doing just that…
If you haven’t read the book Wall Street & the Rise of Hitler please Click Here and get yourself a copy. In these pages you’ll discover how GE was an important player in Nazi Germany… Historian Antony Sutton Chapter Three…
“Among the early Roosevelt fascist measures was the National Industry Recovery Act (NRA) of June 16, 1933. The origins of this scheme are worth repeating. These ideas were first suggested by Gerard Swope of the General Electric Company … following this they were adopted by the United States Chamber of Commerce ….” (Herbert Hoover, The Memoirs of Herbert Hoover: The Great Depression, 1929-1941, New York: The Macmillan Company, 1952, p. 420) (emphases mine)
The multi-national giant General Electric has an unparalleled role in twentieth-century history. The General Electric Company electrified the Soviet Union in the 1920s and 1930s, and fulfilled for the Soviets Lenin’s dictum that “Socialism = electrification.”1 The Swope Plan, created by General Electric’s one-time president Gerard Swope, became Franklin D. Roosevelt’s New Deal, by a process deplored by one-time President Herbert Hoover and described in Wall Street and FDR.2 There was a long-lasting, intimate relationship between Swope and Young of General Electric Company and the Roosevelt family, as there was between General Electric and the Soviet Union. In 1936 Senator James A. Reed of Missouri, an early Roosevelt supporter, became aware of Roosevelt’s betrayal of liberal ideas and attacked the Roosevelt New Deal program as a “tyrannical” measure “leading to despotism, [and] sought by its sponsors under the communistic cry of ‘Social Justice.'” Senator Reed further charged on the floor of the Senate that Franklin D. Roosevelt was a “hired man for the economic royalists” in Wall Street and that the Roosevelt family “is one of the largest stockholders in the General Electric Company.”3
As we probe into behind-the-scenes German interwar history and the story of Hitler and Naziism, we find both Owen D. Young and Gerard Swope of General Electric tied to the rise of Hitlerism and the suppression of German democracy. That General Electric directors are to be found in each of these three distinct historical categories — i.e., the development of the Soviet Union, the creation of Roosevelt’s New Deal, and the rise of Hitlerism — suggests how elements of Big Business are keenly interested in the socialization of the world, for their own purposes and objectives, rather than the maintenance of the impartial market place in a free society.4 General Electric profited handsomely from Bolshevism, from Roosevelt’s New Deal socialism, and, as we shall see below, from national socialism in Hitler’s Germany.
With the hiring of Linda Daschle as a lobbyist to the SEC rewarding GE for Accounting Fraud to the possibility of making Billions on ObamaCare™ and Cap-N-Trade and all the other shady dealing I’ve pointed to throughout this posting, one thing is crystal clear, GE, like Goldman Sachs and others, are embracing Barack Obama’s socialist policies for profit because like minded individuals, in positions of power, like to play god by forcing Americans to participate in unrealistic social engineering experiments and abiding by a failed philosophy that has achieved success exactly zero times it’s been tried!
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