Obama jobs czar says their system works

GE chief upholds China reds

Communist domination of Chinese business is an effective system, according to the chief of General Electric and top adviser to President Obama.

 

"It works," said Jeff Immelt, chief operating officer of GE and chairman of the White House jobs council.

 

Immelt, who said nothing whatsoever critical of communist rule in an interview with Charlie Rose broadcast yesterday, said he tells his managers to read the Communist five-year plan in order to keep abreast of business opportunities.

 

ROSE: China is changing. It may be being stabilized as we speak. What does that mean for China and what does it mean for the United States? Should it change expectations?

 

IMMELT: It is good for China. To a certain extent, Charlie, 11 percent is unsustainable. You end up getting too much stimulus or a mis-allocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports. The one thing that actually works, state run communism a bit– may not be your cup of tea, but their government works

 

Immelt had no such high praises for the U.S. political-economic system, however.