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Reporting and analysis from ABC News Chief Washington Correspondent and "This Week" Host George Stephanopoulos
George Stephanopoulos reports on events in politics, Congress and the White House for ABCNews, on the air and online. He interviews top newsmakers, discusses the events of the week and looks to the week ahead each Sunday on 'This Week.'
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Jack Welch on 'French-Style' Socialism and the Future of G.E.
October 26, 2008 11:55 AM
"I'm comfortable that the government has to step in when the free market gets off rail," Former General Electric CEO Jack Welch said this morning on federal intervention in the financial crisis. "The nice thing about our government, compared with France -- everyone says we're going to be France. We're not going to be France. We go in and go out," he said in a "This Week" interview.
On the government bailout, Welch explained that "every instrument that we have put in, in this troubled time, we have put in onerous terms for banks if they don't get out. So they're going to work like hell... to get the government out of there."
He also rebuked reports that the future of General Electric is under siege. "Oh, my God, no," he responded. "Anything with the word 'finance' in it, right now, is part of this fear element. This fear element will be taken out of the country as the country sees all the actions that are going to be taken over the next nine months, and have been taken."
-George Stephanopoulos
October 26, 2008 in This Week with George Stephanopoulos | Permalink | User Comments (5)
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Obama bring redistribution of wealth, global redistribution of wealth. George please explain that.
Posted by: me | Oct 27, 2008 9:10:12 AM
Very few people are talking about AMERICAN jobs creation and tax cuts. Jack Welch claims he's all about jobs, but much of corporate America (and GE is right in there) has been damned slack about creating jobs for Americans with their tax breaks. They are much more concerned about cutting costs and they see jobs as the first and deepest place to cut. I noticed Mr. Welch tap danced away from that when George mentioned it. So, when are they going to learn Americans can't buy any of their crap when we're all - as Wilbur Ross so eloquently put it recently - flipping burgers and selling each other insurance and suing one another? When all we have is a service economy, there will be no innovation, no productivity, no money for anything but the barest necessities. Some future we have to look forward to.
Posted by: Sandi Campbell | Oct 27, 2008 4:02:03 PM
I really enjoyed you making that Greed Machine {Jack Welch} sqirm a bit. He sputtered when you asked him if the government is making the right choice getting involved with free markets.You could see his aging mind is rattled as he started talking about some French type model. I nearly rolled out of my chair when he proclaimed "I'm a job voter" How did he get his name "Nuetron Jack" not by saving jobs. He was known for cutting hundreds of thousands of job
at General Electric. What a pathetic individual who was mistakenly honored for ruthlessness. Have more interviews with him and let him just talk.
The old fool will simply self destruct.
Posted by: Danny Seaman | Oct 27, 2008 5:36:28 PM
I recall that Jack also warned against higher taxes and was implicit of his advocacy of McCain.
I know Mr Welch from growing up and he is the least greed machine type of person. He knows how to make money and make money for stock holders. it's hopefully people like D. Seaman who will self destruct. WIthout industy leaders we'd all be praising Osama--or is it Obama? mmmm, sounds suspiciously alike.... Thank goodness for capitalism and leaders like Jack Welch. Read one of his books, you might just adopt a good work ethic!
Posted by: kate | Oct 28, 2008 3:45:02 PM
I agree with the observation that the more Mr. Jack Welch speaks the less sense he makes. He made a lot of money for himself and GE shareholders while he ruled GE. Since then, I continue to be stunned by how pointless his public pronouncements truly are. Jack Welch is the living embodiment of incoherence. Please have him on your show every week.
Posted by: Paul Harington | Nov 1, 2008 12:18:44 AM
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