Jack Welch

jack welch

jack welch (Photo credit: challengefuture)

Jack Welch was CEO and later chairman of GE from 1981 to 2001. His primary claim to fame is that he increased GE’s stock valuation by 4000%, making GE the world’s most valuable company at one point. For most of his career he was unknown by the general public, but he was toasted by Wall Street and GE stock owners as the world’s greatest businessman. He also was a pioneer in job outsourcing and offshoring, and his accomplishments in that area make Mitt Romney look like a piker. GE insisted that its suppliers also outsource and offshore jobs passing the savings along to GE. GE even offered to teach its suppliers how to outsource and offshore.

Early in his career, Jack Welch won the nickname “Neutron Jack” for his ability to empty GE factories of employees and leave the buildings standing empty. During the cold war, the US added  enhanced radiation nuclear weapons to our arsenal. Those nuclear devices were nicknamed “neutron bombs.” Their purpose was to stop invading Soviet armies in Europe with minimal damage to the countryside. The bombs killed and left structures largely undamaged. We intended to not repeat the lesson of Vietnam where we destroyed villages with bombs in order to save them.

When the jobs report was issued yesterday, Jack Welch questioned the numbers. Just a question he said, having no basis in fact to question the numbers. I think that Jack Welch is not a reliable source when it comes to challenging the results of BLS jobs numbers. In the longer article above, you can read about how GE cooked the books in order to sustain its stock price and was caught and fined.

Please see Casting doubt


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