GE's Obama champion Jeff Immelt took its bonds from AAA to one notch above junk, just like its products

From the story here, which never once mentions the problem of declining product quality:

It’s a bad day for a CEO when he announces he’s retiring and the stock goes up. That was Jeff Immelt’s day on June 12, 2017. ... Its bonds, rated triple-A when Immelt became chief, are now rated five tiers lower at A2 and trade at prices more consistent with a Baa rating, one notch above junk.

Did Immelt run GE into the ground?

Look no further than its light bulb business. While GE-branded lightbulbs shifted to compact-fluorescent technology and then to LED with big promises of longevity which never panned out (trust me, I have BAGS FULL of expensive, failed examples of each), it somehow stopped knowing how to make incandescent lightbulbs which worked, too.

I discovered this with its appliance bulbs. A couple of years ago I had to replace an oven bulb after a few years of service from the original one. None of the GE replacement bulbs lasted more than a day. When I went online I discovered the problem wasn't mine alone. Customers all over the country were having the same problem.

I've had a similar experience with another GE appliance component: gas oven igniters. The OEM part lasted just six years. The OEM replacement? Less than two.

Additionally, GE's long-term care insurance business appears to be tracking the same history. It sold off some of that business not long after 911, and what business it has kept in that line has been in the (bad) news lately as well. GE over-promised on some plans it issued and undercharged for them, not realizing that claims would exceed expectations, making the plans unprofitable. I'm sure that's unsettling to policy holders who trusted GE. How long before the long-term care plans of older customers stop working altogether?

And is it just a coincidence that the Fukushima nuclear reactors were of GE design?

Yeah, sure. Just a coincidence.

The Ignorant Statement Of The Day Comes From Jeff Immelt, Chairman Of GE

The ignorant statement of the day comes from Jeff Immelt, chairman of GE, here:

"The one thing that actually works, state run communism a bit– may not be your cup of tea, but their [Chinese] government works."

Communism is nothing if not "state-run", as in, run by the Communist Party. As it stands, the statement is meaningless.

Actually China's Communist Party practices a form of state capitalism, just like we do, which in the good old days was called fascism. And it only works until it doesn't, at the price of human repression, which goes unreported in the west. You know, like how many abortions were performed this week in Peoria or Shanghai. Still, I don't see a lot of people flocking to China. I see Chinese who have gotten rich trying to get out.

And whereas we build things that actually get used, using fiat currency, China builds things using fiat currency which don't get used, including massive numbers of buildings and highways. Of course, the grandmothers of Bolshevism in our country do the same thing as the Chinese. They build massive numbers of churches which are for the most part vacant all week.

You say socialism, I say national socialism, but let's call the whole thing off.

ObamaCare's Long Term Care Insurance Provision Bites The Dust Already

Because its costs were too high to attract participation, as reported here:

Monthly premiums would have ranged from $235 to $391, even as high as $3,000 under some scenarios, the administration said. At those prices, healthy people were unlikely to sign up.

Well duh! Healthy people who signed up at age 50 not long ago could get excellent coverage for two people for less than $60 a month through Barack Obama's favorite fascist, Jeff Immelt of GE.

Government does very little well, and never cheaper than the private sector.

Fascist Obama's Fascist General Electric Shill Lectures Business on Jobs

GE's Jeff Immelt lectures business on taking the lead on jobs here while cutting his own workforce 11 percent between 2009 and 2011 (here), from 323,000 to 287,000.

"Our motto shall be: Moronica for Morons!"

Aging US Nuke Plants: 48 of 65 Sites With Tritium Leaks, Rusting Underground Systems

The AP has a long and detailed accounting here of its investigation of radioactive contamination of groundwater from leaks at 75 percent of the US nuclear power sites where 104 aging reactors routinely get re-licensed by an industry-compliant US Nuclear Regulatory Commission, despite mounting evidence of problems associated with deteriorating underground infrastructure.

Perhaps most troubling is the fact that much of what is rusting underground would be depended upon to bring critical cooling water to the plants in an emergency, but they don't routinely test it or inspect it.

Meanwhile, 110,000 tons of cooling water contaminated with radioactivity has piled up at Fukushima in Japan and threatens to go to sea unless operators can get a de-contamination facility working properly.

Neither this nor our own problems with nuclear power have done much to move our feckless leaders in either party, while Barack Obama enjoys a very cozy relationship with GE head Jeff Immelt, whose company built many of the units in question, including the ones which have melted down in Japan. 

Too busy golfing.

Obama Refuses to Secure America's Dangerous Nuclear Waste

For The Associated Press Jonathan Fahey and Ray Henry have an excellent story here about the problem America shares with Japan: "US Spent-Fuel Storage Sites Are Packed".

Nearly 72,000 tons of dangerous waste is being stored all over the US at reactor sites, 75 percent of it in vulnerable cooling pools just like Japan's.

We could have started moving it to Yucca Mountain long ago, but an unholy alliance between Nevada's people, its Senator Harry Reid of Obamacare fame, and President Obama himself keep the radioactive waste exposed to misfortune, mayhem and mischief in places like Illinois, Pennsylvania, South Carolina, New York and North Carolina, the top five states storing spent nuclear fuel totaling over 27,000 tons:

For long-term storage, the government had looked to Yucca Mountain. It was designed to hold 77,160 tons - 69,444 tons designated for commercial waste and 7,716 for military waste. That means the current inventory already exceeds Yucca's original planned capacity.

A 1982 law gave the federal government responsibility for the long-term storage of nuclear waste and promised to start accepting waste in 1998. After 20 years of study, Congress passed a law in 2002 to build a nuclear waste repository deep in Yucca Mountain.

The federal government spent $9 billion developing the project, but the Obama administration has cut funding and recalled the license application to build it. Nevadans have fiercely opposed Yucca Mountain, though a collection of state governments and others are taking legal action to reverse the decision.

Despite his Yucca Mountain decision, President Barack Obama wants to expand nuclear power. He created a commission last year to come up with a long-term nuclear waste plan. Initial findings are expected this summer, with a final plan expected in January.

Obama the feckless simply kicks that can down the road while he globe trots with GE's chairman Jeff Immelt in search of deals for GE's nuclear reactor business, for example in India which has had plans to spend tens of billions of dollars on nuclear, and most recently in Brazil.

In exchange look for Obama to get GE to finance his presidential library and millions in walking around money for his future "charitable" foundation which will rival Bill Clinton's.

For every operational 1000 megawatt nuclear plant a year, another 25-30 tons of the stuff piles up with no place to go.

And with Obama in charge, nowhere is where it's at.

Jeff Immelt: Obama's Crony Nuclear Capitalist

Rachel Layne for Bloomberg has a lengthy article about GE's nuclear business, which its chairman Jeff Immelt, was hoping to expand dramatically in India:

General Electric Co. (GE)’s goal of broadening its $1 billion nuclear service-and-parts business with sales of new reactors risks stalling as world leaders reconsider the future of atomic energy.

Governments from Germany, which halted 25 percent of its nuclear-generated electricity, to India, with $175 billion in planned spending by 2030, are reassessing the technology after Japan’s March 11 earthquake and tsunami crippled a power plant and raised the threat of a meltdown.

Immelt is the new head of Obama's team of economic advisers, on which he also sat before he replaced Paul Volcker.

He was among numerous American corporate figures who accompanied Obama on his lavish trip to India after the November elections in 2010.

Watch for GE to make a huge contribution after Obama is out of office to his presidential library.

GE Chairman Jeff Immelt Should Resign His Presidential Appointment

GE designed the Mark I containment vessel used by reactors at Fukushima One, as reported here, one of which appears to be leaking water underneath due to an explosion.

GE's current chairman, Jeff Immelt, defends the nuclear industry here, even with what is happening. He recently replaced Paul Volcker as the head of Obama's outside team of economic advisers, and is said to be close to the president.

GE's containment design has been challenged from the beginning, as reported here and here, including by three of its designers who quit rather than lend their names to it.

President Obama, who should be bothered by the appearance of impropriety but isn't, is carrying on with what are in comparison mere frivolities while our most important ally in East Asia is experiencing its worst crisis since the second world war.

Is it because he doesn't want to spoil GE's efforts to win new reactor business in India?

Jeff Immelt should resign immediately from Obama's team.

And so should Obama. He is a disgrace.

Fascist pigs.