washingtonpost.com:
General Electric, the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks.
At the same time, GE has avoided many of the restrictions facing other financial giants getting help from the government.
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Hey, it's just good business, man.....................
Great idea!
Lets close the loopholes after the horses have left the barn. And who is that standing to the left of CEO Jeffrey Immelt? Ah yes, change we can count on.....
No change here. Same asinine comments.
So original.
Can't expect any change from Republicans... They want to take the country back to the good old days.
Black and white TV... Leave it to Beaver, Father Knows Best, My Three Sons...
They all went back to radio. As if the internet dint exist.
I guess that puts us ( women) back in the kitchen in high heels, girdles, jewelry, full makeup, disigner fashions and an apron to that we can snatch off any time our husband comes home with an uexpected dinner guest. ;-)
Harsh replies.....I've beem a dem since 1968, hope you can match that one..a bit tired of new dems acting like republicans......
Don't expect that to change unless you do ;-)
There was no intentional loophole 'placed' there; this is just lawyers gaming the system. This is what happens when massive bills that legislators don't read get rammed through Congress through doomsday scenario arguments. It's not Dem or Rep; its Dem AND Rep. Remember, both sides voted in favor of the bailout BS.
http://www.pbs.org/wgbh/pages/frontline/meltdown/view/
Try getting a fact... Even one would be nice.
I've already seen the show, Mr Facts. I don't recall GE being mentioned at all in it.
What specifically do you dispute about my original post? To me it's an example of the law of unintended consequences - Make something inordinately complex, ram it through with doomsday talk, correctly assume Congress and staff will not take the time to read and/or understand, the firms involved use clever experts to find ways to game it using current and past (1991 according to the Post story) law.
What was the final vote tally on the bailout bills? I was giving you guys the benefit of the doubt when I said both sides voted in favor. I recall more Rep. opposition, at least initially until they got chickensh*t.
Q: So why are those loopholes there in the first place?
A: Because Congress and the Obama administration want them there.
And if that's not the case, and it's just a big "oops", then Obama is catastrophically inept and unprepared to lead this country.
I believe those loopholes were put in place by the Bush administration, and I also believe the article says the current President is looking for ways to close them.
Yes they were, but he's had time to close them already.
I'll accept your argument when sweeping banking reform is enacted by the Obama administration, on a large scale.
But... but... Obama....banking reform? Can't happen, apparently.
Not too good with history, huh?
This legislation was drafted by Bush-Paulson back in Sept-Oct of last year, before Obama was even elected.
EIGHT YEARS of OJT produced this. I just love it when you evicerate your own guy.
Well why start using real facts now?
Eh, I don't really care at this point. He's eviscerated us, plenty.
A new GAO report [PDF] has made some news by reporting that large fractions of both U.S.-controlled and foreign-controlled corporations report no liabilities under the federal corporate income tax. In 2005, 25% of "large" U.S.-controlled corporations and 67% of all U.S.-controlled corporations reported no tax liability; foreign-controlled corporations reported no tax liability at roughly similar rates (slightly higher overall for GAO's study period).
http://www.gao.gov/new.items/d08957.pdf
http://www.smartmoney.com/investing/economy/high-corporate-tax-rate-is-misleading-22463/
http://www.boston.com/business/globe/articles/2004/04/11/most_us_firms_paid_no_income_taxes_in_90s/
Republicans want to cut taxes on business... Most American companies pay no taxes at all. So the only way Republicans could figure to cut what they are not paying... Is to give them taxpayer money.
The GOP tax movement is all a scam to move money from middle class Americans, into the pockets of the uber-rich corporate executives.
This happened because there was a bi-partisan opposition to passing reregulation when the bailout was passed, and Obama was personally responsible for killing Democratic efforts to include putting strings on the bailout money. It was at that time the financial institutions needed the bailout money that the Democratic Congress had the leverage to obtain true re-regulation and it was obvious at that time that deregulation was one of the main reasons for the financial collapse.
Once Obama took over and the money had already been authorized for the bailout, he chose as his key advisors, without exception, people who opposed and oppose reregulation and renegotiating NAFTA and its progeny and became wealthy pushing those transfer-wealth-from-the-Middle-Class-to-the-wealthy policies of deregulation and unbridled free trade that in large part caused the collapse.
So the reason there is a supposed loophole for GE to "exploit:" is because Obama, the Dems and the Repubs all support deregulation even though they speak in favor of reregulation and unbridled free trade as they support transferring wealth from the Middle Class to the wealthy. There are sufficient laws in place now for the whole GE team to be prosecuted and thrown in jail for what they are doing with the bailout money if the Obama Justice Department wanted to do so, but instead the Administration allows this talk of "loopholes".
I love the faux "Obama vs. GE: The Final Showdown" HP is touting, like there is going to be a cage match or something. Hubris.
Not much different than papers of yesteryear...
Ha! Nicely done. :)
It's like GE's media wing doesn't fawn over Obama and the Fed 24/7 on MSNBC and CNBC.
WTF? Corporations publicly play ALL sides of the equation. Witness faux entertainment versus their cable gnews. CNBC fawning LMAO!! Yep great credibility of that inclusion of your faulty logic.
"General Electric, the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks."
No they haven't....the MSM just didn't report it and chose to look the other way. Imelt is on Obamas "economic team", GE stand to make out like bandits on the Banks, Healthcare, Cap and Tax, and any other 'change' that is forced down the publics throat.
This was planned, this was deliberate and now the media is going to spin it as a "loophole". How fukcing stup1d do you think we all are?
Exactly, it's time these companies that own this country were exposed.
After reading your posts most would not have asked that last question.
General Electric has been involved in many of the underhanded weapons sells, deals, etc., that have been perpetrated throughout the world. They were there during the raygun Iran contra affair, they were in Indonesia with Bush during the East Timor affair, they are heavily involved in Nuclear weaponry and nuclear power, and of course that's not enough...they also have to be involved in financing the poor in order to be able to sell their products. I'm sure they were involved in the redlining efforts of the greater society in this country. This is a diabolicol entity, that deals in d e a th and destruction, they should not be getting cheap loans from the government while the government (we the people) suffer the loss of homes, jobs, etc., I hope the President does find a way to close the loophole, however...this is a big dog who sells weapons to many nations, he'll have to walk easy.
EXCUSE ME, I BELIEVE PRES. OBAMA'S "HEALTHCARE AIRING" WAS ON ABC !
And GE owns NBC/MSNBC, wonder if there is a correlation?
Another b lood s ucking corporation benefitting from tax payer dollars
And then using those same dollars to drain those who are providing them...is that a sweet deal or what?
Good for President Obama. These loopholes need to be closed!!
Witchitalineman : Yep.
( ... As if they don't have enough already... )
-ralph
This is just another example that illustrates that corporations are unlike people.
An obvious statement but yet the Supreme Court of the United States in their wisdom decided that corporations are people and have the same rights as people.
This has lead to the ridiculous stranglehold corporations have on our government today.
GE is not like people. They have no sense of patriotism or loyalty toward this country that people have.
They should be broken up.
this is the issue that should be brought up every time we have an election....something for the Supreme Court to change...instead of Roe vs. Wade and other legislation that the right throws out there for the unenlightened to fight over, however you notice that when they are in office none of those faux issues are dealt with, they need them to distract the public from the real issues.
Thanks for the reminder. Just one more reason to start changing the composition of the SC. Unfortunately all of the justices that will be retiring anytime soon are the more liberal ones. :(
Good point Larry. Corporations aren't American citizens. Therefore, corporations don't have constitutional rights. But corporations have taken over our government. It's been so quiet and gradual that we really didn't know the extent of the damage until recently.
GE supplies weapons and weapon technology to our Defense Department. They've become entrenched in our government. They have a lot of "say" in what happens over there.
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First Posted: 06-29-09 12:18 AM | Updated: 06-29-09 12:21 AM