Monday, March 9, 2009

Being General Electric

In a recent post, Being a Pundit, Newscaster and Analyst , Jon Stewart eviscerates the CNBC financial "geniuses" in a classic clip. I guess Joe Scarborough needs to be added to the clip. He does what the CNBC "geniuses" have done just before the collapse of major banks. Scarborough talks GE up in what Jason Linkins of the Huffington Post called an "infomercial." The clip can be seen above, but here is the transcript:

SCARBOROUGH: The thing is, while Jack's children and grandchildren are disappointed in GE's stock level, I'm actually excited for my children and grandchildren. This is how recessions work and this is how the market turns recessions around, into rallies, because I'm going to start investing heavily in General Electric because they've actually created things over the past twenty-five years. It is not some Wall Street organization that just shuffled around money and played shall games. And Mike, we know the future for General Electric, it's our parent company, I know. I'm just saying, that's the type of company I can build an economy on over the next twenty-five years. There are so many other companies that are collapsing because they don't have the fundamentals right.

BARNICLE: You know what the key to what you just said is? GE makes things.

SCARBOROUGH: They make things. America has stopped making things, for the most part. GE makes things.

Look closely at Jack Welch's face, as he buries it is his coffee cup. He doesn't even believe Scarborough's sales pitch. Scarborough appears as a shameless storytelling idiot. It is obvious that GE is tanking and the fact this once great company became the likes of a big investment bank that produces products on the side is precisely the reason their stock is down to $7.41 and rapidly decreasing.

Joe Scarborough conveniently leaves out the fact that GE essentially became a financial institution. GE, in fact, became a "Wall Street organization that just shuffled around money and played shall games." This is a very crucial detail; instead Scarborough focuses on the lesser fact of the production of GE. The production aspect has been a secondary gig for years, as they made fat fees with GE Capital.

Scarborough just might be what Zbigniew Brzezinski said of him. Perhaps he is "stunningly superficial" or just plain stupid. If not, little is more distasteful than using your platform to pitch favors. The only problem is we don't believe the seemingly "stunningly superficial" Scarborough. Come to think of it, maybe he isn't. GE owns NBC Universal, including MSNBC.


allen said...

Cramer was on Morning Joe today complaining about the John Stewart video. Joe stood up for Cramer saying all John Stewart does is take cheap shots as if what Cramer said about Obama destroying the wealth of the nation was not a cheap shot. Then they both agreed that the left needs to get a sense of humor. Don't they realize John Stewart is a Comedian!

judith ellis said...

allen - Please remember that these guys have a vested interested in GE, which is essentially, their investment in themselves. It used to be that what Now, these pundits and newscasters try to convince us what is....isn't.

Yes, Jon Stewart is a comedian, but he has been brilliant at getting to the facade which is many politicians, pundits, newscasters, and big business executives who were propped up by bogus earnings via derivates that reaped big benefits for individuals and not for their shareholders or workers.

I'm getting really annoyed at a great many people in politics, on TV and those who run big business. Yuck! Cramer is coming off like a big time whiner! The problem is what Stewart said about these guys, Cramer included, was the ABSOLTE TRUTH, funny or not and this is what's got their goat. Let's be honest!!!! Can we?????

It's also ironic that these are the same guys who talk about welfare mothers and able bodied men who are caught in a fix and need assistance to temporarily care for their family, pulling themselves up by their own bootstraps when they are using their platform to boost sales not from any work that these companies have done themselves. Fool me once shame on you; fool me twice shame on me. Whether it is or not, it feel like a BIG SCAM! WAKE UP PEOPLE!

By the way, I haven't even turned my TV on this morning. Many of these men, and most are men, are simply sickening! You will please pardon me, this morning, eh?