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Author Topic:   Can O'Bomber Pick Em...or What?
jwhop
Knowflake

Posts: 4578
From: Madeira Beach, FL USA
Registered: Apr 2009

posted January 05, 2012 08:01 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
First O'Bomber picks the head of GE...which received bail-out money from taxpayers...Jeffery Immelt to head his nonsensical Council on Jobs and Competitiveness.

One of Immelt's first actions was to send American jobs to China. Wow, maybe Immelt..and O'Bomber didn't know Americans wanted jobs created in America to be filled by Americans.

O'Bomber also paid off one of his big campaign contributors with more than half a BILLION in taxpayer money to build electric cars...in Finland...Fisker!

There's been a lot of DUH moments in the O'Bomber White House.

Now, we find another of O'Bomber's appointees to his...so called "Jobs Council"...Antonio M. Perez, has driven Eastman Kodak Company to the edge of bankruptcy.

Kodak Teeters on the Brink


Eastman Kodak Co. is preparing to seek bankruptcy protection in the coming weeks, people familiar with the matter said, a move that would cap a stunning comedown for a company that once ranked among America's corporate titans.

http://online.wsj.com/article/SB10001424052970203471004577140841495542 810.html?mod=WSJ_hp_LEFTTopStories

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katatonic
Knowflake

Posts: 7382
From:
Registered: Apr 2009

posted January 05, 2012 03:08 PM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
yes the fact that FILM is no longer being made is obviously irrelevant to the demise of eastman kodak...

and the times they keep on changin'

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AcousticGod
Knowflake

Posts: 5703
From: Pleasanton, CA
Registered: Apr 2009

posted January 05, 2012 09:30 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
Another system Jwhop doesn't understand, nor convey understanding of.

Did GE receive taxpayer money? GE is allowed to sell it's invoices to a bank for collection. By doing so GE gets it's money upfront before the clients have necessarily paid. What the Obama administration did, which is an extension of Bush-era policy, is guarantee payment to the bank in the case that GE's client defaulted. This was all a process designed to keep the banks in the game continuing their historical role in this factoring practice. If no default occurred, then no "taxpayer" money would be expended. GE also owns a bank (GE Finance) that qualifies for these government guarantees when they engage in factoring for businesses.

Now, who would fault the administration for taking this action during the greatest recession since the Great Depression? Only someone who didn't want to see American industry succeed. America needs it's export business to maintain it's place in the global economy.

Also a false notion is the idea that Mr. Perez drove Kodak to bankruptcy. Kodak invented the digital camera. They were never behind the curve where their market is concerned. It's just not a very lucrative market. They've been living off their intellectual property rights for years now. Kodak is still in litigation with Blackberry's Research in Motion as well as Apple over the digital cameras included in their phones. Attempting to make Kodak's failure an Obama issue is a non-starter. Japanese Olympus, which is also a camera industry titan, has been making headlines for a $1.7 billion accounting fraud suit. I can't say that it appears that the camera industry is doing very well these days. Before long the only cameras made available to us may be from companies with sufficient diversification in income streams to afford those companies the luxury of creating cameras.

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