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How rude, to show up like that without an invitation! I am so ashamed to be associated... with these WONDERFUL, BRAVE PEOPLE!!!!

Occupy Wall Street protesters took a field trip from Zuccotti Park on Saturday morning, all the way to the wealthy suburban enclave of New Canaan, Conn., where they took their anger at income and tax disparity to GE CEO Jeff Immelt’s front lawn.

“In the land of the free they tax me but not G.E.!” read the invitation to protesters to take an hour bus ride to Immelt’s family home. “General Electric made billions last year; they paid no taxes, outsourced thousands of jobs, and got over $3 billion in tax refunds! Join us on a free bus trip to G.E’s CEO’s front lawn to see how our friends in the 1% live.”

A crowd of about 100 protesters, both from New York and local offshoot Occupy New Haven, spent the afternoon standing outside Immelt’s 6-bedroom, 10-bathroom, $5.25 million home. Photos from local news site New Canaan Patch show a police officer guarding Immelt’s gates while protesters hold placards reading “Mr. Immelt, Meet the 99%” and “Jobs Not Bailouts”.

My, they do take the Big Brass Ones award! They still don't get it. This country is so close to the edge, and they've decided to take it all the way over. (Maybe they figure workers should cover potential liability from their crappy nuclear power plants?) Mike Elk at Think Progress:

Last week, the New York Times reported that, despite making $14.2 billion in profits, General Electric, the largest corporation in the United States, paid zero U.S. taxes in 2010 and actually received tax credits of $3.2 billion dollars. The article noted that GE’s tax avoidance team is comprised of “former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.”

After not paying any taxes and making huge profits, ThinkProgress has learned that General Electric is expected to ask its nearly 15,000 unionized employees in the United States to make major concessions.

This year, 14 unions representing more than 15,000 workers will negotiate a new master contract with General Electric. Among the major concessions GE has signaled that it will ask of union workers is the elimination of a defined contribution benefit pension for new employees, a move the company has already implemented for its non-union salaried employees. Likewise, GE is signaling to the union that it will ask for the elimination of current health insurance plans in favor of lower quality health saving accounts, a move the company has already implemented for non-union salaried employees as well.

In addition, General Electric may ask some workers for a wage freeze. Since the recession began in 2007, GE threatened to close plants in Schenectady, NY and Louisville, KY unless workers took wage concessions and adopted two-tier wage structure. In an interview with ThinkProgress, Mark Haller, a machinist at General Electric locomotive factory in Erie, PA, said:

The company I work for paid no federal taxes last year, but we all get these mass emails from GE asking us to call our Congressman to fund the useless, alternative GE engine for the F-35. As taxpayers, we are subsidizing the profits of this company to a huge extent and now after making the company even more profitable, they are asking us to make concessions on pensions, benefits, and perhaps even wages. You wonder why there is a jobs crisis in this country with a guy like G.E. CEO Jeff Immelt heading the President’s Jobs Commission.

In 2003, union workers at 16 different General Electric factories engaged in a strike when G.E. proposed to cut their health care. Workers are mobilizing again this year. They have planned a rally that is expected to attract 10,000 workers from all over the country at the General Electric Locomotive Factory in Erie, PA on June 4th.

Back in early 2008 when the primaries were heating up between Hillary Clinton and Barack Obama, a friend with contacts in high corporate places whispered a secret in my ear. The secret he told: Money sources will tighten and corporations will hoard cash in an effort to make whichever Democrat is elected a one-term wonder.

At the time I shook it off as wishful thinking. After all, he's one of those corporate guys, and saw the handwriting on the wall. Knowing he wouldn't get another Republican administration for awhile (If I had my way, it would be forever), he was just whispering silly scare threats in my ear to suppress any enthusiasm I might have had for a Democratic President.

Fast forward to July, 2010 and his words practically scream at me. Anyone who doubts what is happening in this country right now should go read Fareed Zakaria's column about why corporations are hoarding cash. Hoarding to the tune of nearly 2 TRILLION dollars, by the way.

Continue reading »

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Dean Baker writes a fabulous new post on the skanky tactics of the Deficit Hawks.

Jingoism and the Budget Deficit: Using Any Tactic to Advance the Budget Cutting Agenda

The deficit hawks apparently believe that their case is so weak that they must resort to crass jingoism to push their agenda. NBC apparently intends to run a piece on the evening news on Tuesday that talks about the portion of the government debt that is owned foreigners, highlighting the role of China.

This is incredibly dishonest. The extent to which foreigners hold U.S. assets is determined by the trade deficit, not the budget deficit. (Actually, the causation largely goes the other way. The decision of foreign governments and/or investors to buy dollar assets raises the value of the dollar, leading to a larger trade deficit.) Insofar as there is an issue of U.S. indebtedness, it is the holding of U.S. assets in general by foreigners. This represents claims against future U.S. output that will be paid out to foreigners rather than being available for domestic consumption. Whether foreigners hold shares of General Electric and Microsoft or U.S. government bonds makes no difference, especially since one can be readily sold to buy the other any day of the week.

A serious discussion of this issue would focus on the value of the dollar. That is the relevant factor in the story of foreign indebtedness. Given the current value of the dollar, at the same level of GDP, we would be building up just as much foreign debt if the government were running a budget surplus rather than a $1.3 trillion deficit. Economists all know this.

However, the deficit hawks are not interested in a serious discussion. They are pushing their agenda of cutting Social Security and Medicare. And they are apparently willing to appeal to crude jingoism to make their case.

Can we ever have an honest debate in this country over such a serious topic as this? The College Republicans headed by Norquist, Reed and Abramoff in the '80s, along with the rise of Newt Gingrich in 1994, rendered the political environment in America toxic, and it has never recovered.

Still same as the old boss. A fan of the site sends me this Boston Globe article, which discusses how prominent Democratic politicians pushed to get the second F-35 engine into the final DOD Appropriations bill prior to President Obama's signature. You might remember that F-35 second engine as one of those costly gold-plated things that DOD really didn't ask for and that President Obama said he wouldn't stand for. First it was gone.

The Obama administration has signaled for months that funding for a second F-35 engine in the fiscal 2010 defense bill could become veto bait. Gates spent months, most recently at the beginning of September, making the case that the Pentagon does not need the alternative engine, built by a General Electric-Rolls-Royce team.

Senate Appropriations Committee Chairman Daniel Inouye (D-Hawaii) said

Wednesday that he decided against funding the engine because he was concerned about the floor vote on the entire defense spending bill.

Now it's back.

Senator John F. Kerry, a Massachusetts Democrat, said that GE officials had told his office that 1,000 jobs in Massachusetts will be saved or maintained once full production begins on the backup engine.

"There will also be some jobs gained, but maintaining jobs right now is very important,’’ he said yesterday, defending his efforts to persuade fellow lawmakers, including the highly influential Senator Daniel Inouye of Hawaii and Representative John Murtha of Pennsylvania, to overturn Obama’s proposal in a final vote on Saturday.

Inouye chairs the Senate Appropriations Committee, while Murtha oversees a House panel with jurisdiction over defense spending.

Kerry also used his influence with the White House to get it to back off a threatened presidential veto. He told the Globe that he ultimately got assurances from Rahm Emanuel, Obama’s chief of staff, that the president would not veto the fiscal year 2010 defense appropriations bill if the money for the engine was included. Obama signed the bill which totals $626 billion, on Monday.

What utter bullshit. This is just unjustified crap, and it doesn't smell any better coming from a Democratic politician than a Republican. In talking about defense acquisition with a colleague, he said that he might believe in Santa Claus, but he didn't believe in acquisition reform. With clowns like this in the Senate and White House, it's no wonder that the Defense Department can't get clear of its huge funding bills and massively overpriced, behind schedule programs.

The VH-71 presidential helicopter program also got $85 million to "wind down" its efforts. Must be a big office. The USMC's Expeditionary Fighting Vehicle is getting $293.5 million, despite its many troubles. I'm severely disappointed.

You think you've seen conflicts of interest with Disney owning ABC? You ain't seen nothing yet. Imagine the same people who brought you Comcast just sort of ... massaging the media message in favor of their own corporate strategy. Yes, the same people who charge you for service calls for their unreliable cable will be in charge of the news coverage. Oh boy, what could be better?

NBC Universal executives declined to deny a report Wednesday night that Comcast, the cable giant, is in talks to buy the television and movie company from General Electric.

Comcast also did not deny the report that bankers for the two sides discussed a possible deal Tuesday in New York.

Such talks often lead nowhere, but rumors have circulated for months that GE might be looking to unload the news and entertainment company. NBC is stuck in fourth place among broadcast networks, and Universal Studios is enduring a rough movie season.

"We have no comment," NBC Executive Vice President Allison Gollust said.

Comcast spokeswoman D'Arcy Rudnay also would not address the reported talks. "While we don't comment on M&A [mergers and acquisitions] rumors, the report that Comcast has a deal to purchase NBC Universal is inaccurate," Rudnay told Bloomberg News.

That, however, was not what was reported by TheWrap.com, a Hollywood-based Web site founded by former Washington Post and New York Times reporter Sharon Waxman. That account cited sources who have knowledge of the talks.

[...] TheWrap's report comes as merger talks on Wall Street have heated up in recent weeks, after nearly coming to a standstill amid the global financial crisis.

If the reported discussions lead to a sale, it will give Comcast an enormous amount of content for its distribution pipeline. The takeover also would mean a new owner for NBC News, MSNBC and CNBC, as well as the Spanish-language Telemundo network and USA and Bravo cable channels. In 2004, Comcast tried to buy the Walt Disney Co., which owns ABC, but eventually withdrew its unsolicited, $56 billion bid.

From the New York Times:

It was a media cage fight, televised every weeknight at 8 p.m. But the match was halted when the blood started to spray executives in the high-priced seats.

For years Keith Olbermann of MSNBC had savaged his prime-time nemesis Bill O’Reilly of the Fox News Channel and accused Fox of journalistic malpractice almost nightly. Mr. O’Reilly in turn criticized Mr. Olbermann’s bosses and led an exceptional campaign against General Electric, the parent company of MSNBC.

It was perhaps the fiercest media feud of the decade and by this year, their bosses had had enough. But it took a fellow television personality with a neutral perspective to bring it to an end.

Come to think of it, Keith did announce he was dropping his signature "BillO" voice -- but it's not clear that he's going to play ball:

Mr. Olbermann, who is on vacation, said by e-mail message, “I am party to no deal,” adding that he would not have been included in any conversations between G.E. and the News Corporation. Fox News said it would not comment. Read on...

Here's the conundrum for Keith Olbermann -- Does he obey the corporate bigwigs and ignore O'Reilly, or does he continue to expose and publicly humiliate a lunatic, right wing bully who picks on kidnapped and sick children, and played a very public role in the murder of Dr. George Tiller? Keith...what say you?

I have to watch Congress dither over withholding money that would bring much-needed health care to the uninsured, and then I get to watch things like this. Compare and contrast!

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.

The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE.

As a result, GE has joined major banks collectively saving billions of dollars by raising money for their operations at lower interest rates. Public records show that GE Capital, the company's massive financing arm, has issued nearly a quarter of the $340 billion in debt backed by the program, which is known as the Temporary Liquidity Guarantee Program, or TLGP. The government's actions have been "powerful and helpful" to the company, GE chief executive Jeffrey Immelt acknowledged in December.

GE's finance arm is not classified as a bank. Rather, it worked its way into the rescue program by owning two relatively small Utah banking institutions, illustrating how the loopholes in the U.S. regulatory system are manifest in the government's historic intervention in the financial crisis.

The Obama administration now wants to close such loopholes as it works to overhaul the financial system. The plan would reaffirm and strengthen the wall between banking and commerce, forcing companies like GE to essentially choose one or the other.

"We'd like to regulate companies according to what they do, rather than what they call themselves or how they charter themselves," said Andrew Williams, a Treasury spokesman.

Yeah, Andrew, that would be nice.

I know C&L is blocked from a bunch of sites, but this is beyond the pale.

An internal ABC Radio Networks memo obtained by Media Matters for America, originally from a listener to The Peter B. Collins Show, indicates that nearly 100 ABC advertisers insist that their commercials be blacked out on Air America Radio affiliates. According to the memo, the adverstisers insist that "NONE of their commercials air during AIR AMERICA programming." Among the advertisers listed are Bank of America, Exxon Mobil, Federal Express, General Electric, McDonald's, Microsoft, Wal-Mart, and the U.S. Navy...read on