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Perhaps We Can Call it “The Crony Capitalist Council”

I was going to post on this subject but Dave beat me to it:

Theodore Vail’s America

….Among the greatest barriers to innovation are the industrial giants like GE which have shed jobs at an alarming rate over the last 30 years while wielding intellectual property laws and political clout to crush upstart competitors which are hiring. One way of spurring innovation would be to get dinosaurs like GE, grown huge through rent-seeking, the hell out of the way. I doubt we’ll see suggestions in that vein from Jeffrey Immelt.

The only jobs Immelt will create in America are for K Street lobbyists to secure yet more government contracts for GE. Expect a blizzard of proposed agency regs and executive orders this year as the Oligarchy tries to lock in as much of a permanent rentier economy as they can before the next election cycle.

3 Responses to “Perhaps We Can Call it “The Crony Capitalist Council””

  1. Dave Schuler Says:

    Worth mentioning is that GE’s effective rate of taxation (per Martin Sullivan’s testimony last week) is 3.6%.  That compares with Cisco’s 19.8%, Disney’s 36.5%, and Wal-Mart’s 33.6%..That looks to me as though GE has been aggressively moving its production and earnings overseas to avoid taxation.

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