General Electric (NYSE:GE) is the parent company of the major media conglomerate NBC Universal, which owns media outlets NBC, MSNBC and CNBC. At times that has led to the lines between corporate advocacy and journalism being blurred.
That was certainly the case when GE's CEO Jeff Immelt appeared on CNBC's "Squawk Box" May 20 to discuss the White House meeting of President Barack Obama's 16-member Economic Recovery Advisory Board headed by former Federal Reserve chief Paul Volcker.
Immelt used his platform at CNBC to make the case for a cap-and-trade program to curb emissions - something Obama has called for and one Congressional committee is debating this week.
"There's going to have to be a price for carbon," Immelt said. "In some way, shape of form, you're going to have to create some certainty. You have to make technology your friend in this debate. But we sit here today Becky, I think about things like global warming. We've been on this for four or five years."
Immelt contended he wasn't an environmentalist, despite criticism that his networks' have patterns of promoting the green agenda. Immelt told "Squawk Box" the science surrounding man-caused global warming was "compelling" and that it was only a matter of time before something will be done about carbon emissions.
"I think the science, as a CEO I'm not an environmentalist - just purely as a CEO that has to make a payroll - things like that," Immelt continued. "The science is compelling, so it's a question of when and not if there's going to be something done on carbon. Give us some certainty and let's go."
The General Electric CEO said he favored a cap-and-trade system to regulate carbon emissions versus a carbon tax.
"Look, I've said it - there's got to be a price for carbon," Immelt said. "I've come to the conclusion that cap-and-trade is the most effective way to create a market and go. There's going to be people that argue for taxes. But, I - I just think cap-and-trade is the more practical approach. But let's debate all that stuff, but let's get it done."
"Squawk Box" co-host Becky Quick cited a May 19 op-ed by David Sokol that appeared in The Washington Post. Sokol warned a cap-and-trade system would create a complex system of derivatives susceptible to the same sort of asset bubble blamed for the current economic malaise. Immelt argued cap-and-trade could work effectively based on the system in place regulating sulfur dioxide stemming from the Clean Air Act.
"Look, we uh, we had in a smaller scale, we had a market for sulfur dioxide that worked fairly effectively," Immelt argued. "Uh, you know again, I think it is the one thing that can gel NGO's business together is a cap-and-trade system to create a market. Is it going to be perfect? No."
Immelt also maintained that with current obstacles to building coal plants in the United States, U.S. energy policy needs revamping anyway.
"But let's - let's be really honest with each other right now," Immelt said. "We have a policy, we just don't know it. The last 40 coal plants haven't been permitted in this country. We're not leading in the core technologies. You know, we're the worst of all worlds. So, let's have the debate, create certainty. The one thing business guys hate is uncertainty. And in energy today, that ought to be the market we stake out to lead, create certainty, to create incentives for small business, big business, wherever you want to and let's go."
Austan Goolsbee, a former campaign flack now serving on the Council of Economic Advisers and staff director and chief economist of Obama's Economic Recovery Advisory Board, joined Immelt in the CNBC segment. Goolsbee called for cooperation between the private sector and the federal government for the sake of the green agenda.
"Here's a case where government policy with the private sector working together is the only way that it really can get done," Goolsbee said. "And looking at it internationally too, it's got to be done in an international context, so the U.S. isn't the only one passing these rules. But we've fallen behind in this. This is a place where the government's energy policy could be used in a way that would help American business and thus far you know, has been less so we're trying to push that today in this meeting."
Editor at Large
Comments Policy
Remind me to boycott GE from
May 20, 2009 - 14:26 ET by mattmRemind me to boycott GE from now on.
Immelt is synonymous with ...
May 20, 2009 - 14:32 ET by SentryDanImmelt is synonymous with looser. He destroyed GE and now he wants to bury what remains of the company. I have yet to figure out how these liberal money grabbing scum are going to control something created by God. Men, especially liberals, are so arrogant they think that they can do things better than the Creator. Isn't it great when the Creator puts man in his place. The Titanic, nuff said.
Remember folks, Freedom isn't Free. It was bought with the blood and sacrifice of the men and women who are serving and who have served in the U.S. Armed Forces.
For those who fought for it, Freedom has a flavor that the protected will never know.
Also remember folks, that the way to SUPPORT THE TROOPS is to support their mission. Anyone who says that they support the troops but don't support their mission is lying about supporting the troops. And if you want to know, yes I do have a dog in the fight, he is a United States Marine
HEAR HEAR!
May 20, 2009 - 14:56 ET by boomerconPerfect, Dan.
As one of many who've "been there, done that" freedom does indeed taste sweet, and those who never have, will never truly savor that taste.
God Bless your Marine, and all the other Freedom Fighters!
SentryDan, I want to thank
May 20, 2009 - 16:33 ET by jdhawkSentryDan, I want to thank your Marine for his service to our country. Sempre Fi!
Cap-and-trade will destroy what little is left of our economy...
May 20, 2009 - 14:35 ET by R D Helm...that Obama doesn't manage to destroy by other means.
-Dave
immelt is a deceiver.
May 20, 2009 - 14:52 ET by sevenGE stands to peddle a lot of electrical equipment for wind farms and peddle a lot of equipment for obamacare to do MRI's and xrays instead of colonoscopies etc. He also is in the first billions to automate information for the obamacare central Operations with Intel.
Of course he is in a good mood. Then he will sell spots to promote the socialist/health care progress reports.
How much did GE finance get? TARP?
this piece of goat dung-
May 20, 2009 - 14:51 ET by JIMMY1660must prove to all of us, who are going to pay dearly for this cap&trade nonsense,that co2 is a bad thing. i want a 100% certainty,man made co2 should be worth the demise of America. .
The trees and plants love CO2-it's a natural
element. we starve the plants and we die.
if not we hang this guy.
BHO- the one term DIMOCRAT
→ Strictly speaking
May 20, 2009 - 15:01 ET by Cool ArrowIt's more a combination of elements, or molecule. (I 'm not a scientist and I don't play one on TV)
But you're right in your assessment. Man-made CO2 is the same in its makeup as that which issues forth from Mount Pinatubo. The plants love it, and I fail to see how more green is a bad thing.
"I was fighting a war in Iraq!" - Nancy Lugosi
This should be the new
May 20, 2009 - 15:06 ET by RogerCfromSDThis should be the new environwhacko motto:
"Help Gaia Go GREEN - Pump Up the CO2!"
A nation cannot be free without a free, unbiased media. We are not free.
Immelt is stupid
May 22, 2009 - 21:23 ET by sevenFor what they pay him and the billions of bailout they gave GE Capital, he needs to work on truth.
All Greenhouse supply catalogues sell CO2 generators. They boost greenhouse plant growth enormously. In fact they shorten the spring growing season.
GE is the shady remnants of Enron Wind in California. It is a scheme that creeates novelty electricity and requires a lot of government subsidy to produce juice.
Enron 10 years ago wanted to corner wind, water and natural fgas markets with their divisions. Now GE wants the same.
GE and Immelt
May 20, 2009 - 15:20 ET by trhugT.R. Huggins This humanoid in no way should be allowed to influence any "green" agenda if NBC, MSNBC, and CNBC are his doings. In actuality, GE should be tried on charges because of its trading with Iran. Besides , GE is a monopoly and congress or the judicial department should take action accordingly. Any conglomerate as deeply religious as GE (moneymania)
will soon destruct for lack of morality.....
My favorite part:
May 20, 2009 - 15:31 ET by FuzzlenutterMy favorite part:
"But let's - let's be really honest with each other right now," Immelt said.
Just think about that statement for a second...
Anytime some one says to
May 20, 2009 - 15:42 ET by Chris NormanAnytime some one says to me, "Let's be really honest with each other...", I check to make sure my wallet's still there.
The "Mainstream" Media: By liberals. For liberals.
→ Right on Chris
May 20, 2009 - 15:48 ET by Cool ArrowAnd when they begin a statement with "basically", they're saying "You're too stupid to understand this, so I'll explain it in a light most favorable to you getting screwed"
"I was fighting a war in Iraq!" - Nancy Lugosi
CA, Now, beginning a
May 20, 2009 - 15:55 ET by Chris NormanCA,
Now, beginning a sentence with "basically" really gripes me. I thought it was a temporary thing four or five years ago, but it seems to have settled permanently into our vernacular. When someone says, "Basically, I went to the store...", I want to respond, "You mean to say you went to the store? Because it doesn't get more basic than that." Grrrrrr.
The "Mainstream" Media: By liberals. For liberals.
→ GMTA Chris
May 20, 2009 - 16:03 ET by Cool ArrowI'll use the term if I'm trying to encapsulate a belief into some witty unanticipated event. (So basically, you hate plants and want to starve them of CO2?)
Otherwise, I have a low opinion of "basically". It ranks down there with the never ending reference "At the end of the day"
"I was fighting a war in Iraq!" - Nancy Lugosi
Ah, Buzz Phrase Golden
May 20, 2009 - 16:09 ET by Chris NormanAh, Buzz Phrase Golden Oldies. In the sixties/seventies how many heroes in TV shows were "Laying their careers on the line"? :)
By the way, "It is what it is" is threatening to become shop worn.
The "Mainstream" Media: By liberals. For liberals.
→ And the athlete
May 20, 2009 - 16:09 ET by Cool ArrowThe athlete who goes out there and gives 110%.
"I was fighting a war in Iraq!" - Nancy Lugosi
Aieeeee! What I want to
May 20, 2009 - 16:13 ET by Chris NormanAieeeee! What I want to know is what do sportcasters mean exactly when they refer to a college player as "a true freshman" or "a true sophomore"? What, are some of them ringers?
The "Mainstream" Media: By liberals. For liberals.
I propose we rename "Cap
May 20, 2009 - 15:44 ET by Chris NormanI propose we rename "Cap and Trade", borrowing from the thug vocabulary, to "Knee Cap" and Trade.
The "Mainstream" Media: By liberals. For liberals.
Knee Cap and Tax
May 22, 2009 - 21:27 ET by sevenIt is what it is. In the campaign the expression Obama leaked out was "exaction pricing".
If a company does what He opposes, there will be a price to pay. Revengefull taxation.
These enviro weenie facilitator's
May 20, 2009 - 15:57 ET by ahusserremind me of the zombies in the movie "The Mummy" of course all chanting "imhotep" while trying to kill Brendan Fraser and company. Just substitute "cap and trade" for Imhotep. This stuff is creepy. Kind of a hive mind thing.
"Somehow, I told you so, just doesn't quite say it." Will Smith in 'I, Robot.'
Jeff Immelt is a fraud.
May 20, 2009 - 16:22 ET by fitzfongJeff Immelt is a fraud. He took over a well-run run company from Jack Welch and has turned it into nothing short of a laughingstock. His incompetence put GE in the position of requiring a huge taxpayer bailout...and he's improperly using the funds from that gift to underwrite the staggeringly bloated costs of the poorly-run propaganda unit of GE: NBC/MSNBC/CNBC/Universal. And he's employing the propaganda unit to cannibalize the energy sector as a means of manipulating the market to promote GE's market irrelevant product initiatives. Who gets screwed? The taxpayer and the consumer. GE under Jeff Immelt has become an insider trading criminal enterprise.
"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery." -Winston Churchill
Is his name "Icemelt" or "Immelt"?
May 20, 2009 - 16:42 ET by allanf.. well whatever it is, he spells loses.
I understand Imdolt's
May 20, 2009 - 16:49 ET by jdhawkI understand Imdolt's shamless opportunistic play here. GE stands to make big money with the ridiculous energy policy that this administration is formenting.
GE makes the wind, the storage, distribution, and control equipment that will stand up these overpriced and under performing "alternative" energy forms.
The untold waste of resources that this administration will commit the American people to is unbelievable. The worst of it is that after all the money is spent we will still need actual proven systems that deliver energy to our factories and homes at an ever increasing number as our economy grows. This plans do not get us there. So, we will put our country behind the rest of the world on the alter of enviro wachos.
To recap, we are spending money we don't have to create energy systems that don't work so that people that don't know what they are talking about and don't know what they are doing can feel good about themselves because they "saved" the planet.
I'm sure
May 20, 2009 - 18:31 ET by 10ksnookerGE wouldn't mind offering up some concrete proof would they? Let's start with the truth...
Well what a surprise!!!
May 20, 2009 - 18:35 ET by c5thenCouldn't have anything to do with GE setting up their carbon credit trading division now could it?
Pssst... Immelt... compelling is an emotional word. Says nothing about right or wrong. Columbus' idea that he could sail west to get to the "Indies" where all the spices were was "compelling". He turned out to be wrong,
Hey, I got the wrong "CHANGE"!
www.loyaltoliberty.com
Thomas Alva Edison would be
May 20, 2009 - 19:06 ET by eaglewingz08Thomas Alva Edison would be appaled to see what a freak is occupying the head of his once great company.
Assume the warmers are
May 20, 2009 - 19:26 ET by danboAssume the warmers are right. (A big assumption I know, but let's assume.)
If they were right, we should invade China and India and force them to go back to a a preindustrial age. Then burn our own industries.
But what do these self appointed experts tell us. Cap and trade.
Climate has nothing to do with this. It's about money. Money for certain indiustries that can't make it unless you get rid of their competition. And money for government. And power.
Limited Disclosure: I used to belong to the Sierra Club untill they went crazier. Worse of all, I was bribed by Exxon with free New Orleans Saints glasses with fill ups in the 70's.
Jeffrey Immelt
May 20, 2009 - 20:16 ET by BourbeauMr. Immelt is one of the more dishonest corporate executives in America. He's failed as a leader in word and deed; he's failed as a corporate custodian in terms of his destruction of GE value as a company; he's failed as an innovator unable to steer GE thru this crisis that has gripped it these past two year; he's failed his employees, investors and retirees by continuing to lie regarding the financial condition of the company, being ill prepared for the crisis that ensued; and he failed his shareholders by his continuous assurances regarding their dividend for the current year, only to slash it 60 plus percent.
Other than that, he's a perfect fit for the Society of Obama Butt Kissers.
Damn you trees! Damn you to hell!
May 20, 2009 - 23:44 ET by JWFLook, I've said it - there's got to be a price for carbon," Immelt said.
Damn you trees for stripping the carbon out of Carbon Dioxide. Damn you to hell. You will pay for this!
Damn you mother earth for your natural processes that lock up ocean bottoms and forests and compress and heat them for millions of years until we get coal and oil. You WILL pay the price for your evil I say!
Sincerely,
a Veteran of a 1000 psychic wars.
Calm down
May 21, 2009 - 00:04 ET by general companyGeez, the wind will blow, trust me bro. : ]
My Gov. thinks I am dangerous, so be careful
"Television is a freak show" Bernie Goldberg
gc... Geez, the wind will
May 21, 2009 - 00:12 ET by bigtimergc...
Geez, the wind will blow, trust me bro. : ]
Those Windmills have to move somehow...they do so just by the wind alone ....right?
I'm having too much fun here...time for me to exit.
Doubling down on stupid is not a particularly good idea. ~Andrew Breitbart
Be good
May 21, 2009 - 00:27 ET by general companyHere comes the wrecking ball
My Gov. thinks I am dangerous, so be careful
"Television is a freak show" Bernie Goldberg
Oust Dumbfelt
May 21, 2009 - 00:03 ET by Fred GregoryAs a stockholder in GE I would like for Obama to fire him. He can, right ?
Sure he can
May 21, 2009 - 00:19 ET by general companyBut until he quits using nbc as his mouth piece, I would not count on it.
But we can Dreams
My Gov. thinks I am dangerous, so be careful
"Television is a freak show" Bernie Goldberg
More than than...
May 21, 2009 - 18:21 ET by retroconI heard that GE is in line to handle the carbon credit and financial management of the cap-and-trade system for the feds... it will get a percentage... huge dollars...
oops...
May 21, 2009 - 18:22 ET by retroconMissed an earlier post on this... but still merits a reminder ;-)