Obama's Latest Economic Advisor is a Dim Bulb

If you run a company for 10 years and drive that company's stock price to less than half of what it was when you started, you could be an Obama economic advisor just like General Electric CEO Jeff Immelt:

According to Obama, the President’s Council on Jobs and Competitiveness will “focus its work on finding new ways to encourage the private sector to hire and invest in American competitiveness.” Immelt, in a January 21 Washington Post commentary boasting of his appointment, wrote: “My hope is that the council will be a sounding board for ideas and a catalyst for action on jobs and competitiveness. It will include large businesses, small businesses, labor, economists and government.”

“Obama and Immelt are mutually dependent on each other. Obama needs corporate money for his re-election campaign and Immelt needs the president’s muscle to continue the Administration’s war on cheap energy to make GE’s renewable energy products economically competitive,” said Tom Borelli, Ph.D., director of the National Center’s Free Enterprise Project. “Making energy prices skyrocket is not an economic recovery plan. It’s a recipe for economic disaster.”

As CEO of General Electric, Immelt directly participated in promoting Obama’s “cap-and-trade” energy regulations proposal. While this could increase GE’s short-term business in wind and solar technologies, the consequences of the policy is certain — by Obama’s own admission — to “skyrocket” energy costs. GE has additionally sold technology to Iran and it is planning on sharing jet engine technology with China. GE also lobbied for and received tens of millions in stimulus money and received financial support from the Federal Reserve. During Immelt’s ten-year reign as CEO, GE had to cut its dividend and its stock price has fallen to about half its previous value.

And the scam goes on...