I feel Immelt's pain but Obama is hopeless. All we can do with him is neutralize him until we get rid of him. China on the other hand is something else again. Everybody is sick of the way they operate, but how about a strategy?
Immelt suggests something that makes a lot of sense. The US should target countries with resources and establish joint ventures with US firms that add value at the extraction sites. The neocolonialist Chinese have made some very sweet deals for themselves and take raw materials to China for conversion. Why not pursue a policy with value added at the extraction point and create an industrial base that is partially in Latin America and the balance in the US.
Everyone wins with that plan except the Chinese.
Immelt hits out at China and Obama
By Guy Dinmore in Rome and Geoff Dyer in Beijing
Published: July 1 2010 15:19 | Last updated: July 1 2010 20:33
Jeffrey Immelt, General Electric’s chief executive, has launched a rare broadside against the Chinese government, which he accused of being increasingly hostile to foreign multinationals.
He warned that the world’s largest manufacturing company was exploring better prospects elsewhere in resource-rich countries, which did not want to be “colonised” by Chinese investors. “I really worry about China,” Mr Immelt told an audience of top Italian executives in Rome, accusing the Chinese government of becoming increasingly protectionist. “I am not sure that in the end they want any of us to win, or any of us to be successful.”
Mr Immelt also had harsh words for Barack Obama, US president, lamenting what he called a “terrible” national mood and expressing concern that over-regulation in response to the global financial crisis would damp a “tepid” US economic recovery. Business did not like the US president, and the president did not like business, he said, making a point of praising Angela Merkel, Germany’s chancellor, for her defence of German industry. Financial Times