President Barack Obama named Jeffrey Immelt, General Electric Co.’s chief executive officer, to head his outside panel of economic advisers, replacing former Federal Reserve Chairman Paul Volcker. He said Immelt “understands what it takes for America to compete in the global economy.”
The other members are:
Robert Wolf, head of UBS AG’s Americas unit, Jim Owens, former chairman of Caterpillar Inc., and Richard Trumka, president of the AFL-CIO labor union federation.
THE CHALLENGE:
These Four Men should be forced to form small companies without any money from anyone other than a credit card with a credit limit of $50,000. They must start, operate and finish a year with a profit and have 5 legal employees. No trading stocks, financial management, or help from anyone. In fact it should be an "Undercover Boss" kind of event.
I am convinced NONE of them are capable of founding and operating a company in the USA successfully hiring people and the whole thing. I don't care what they do, mow lawns, paint houses, build boat docks, raise pidgeons. It doesn't matter.
BUT if at the end of a year:
1. They don't have 5 full time employees
2. They can't pay on the 50 grand Credit Card
3. They aren't breaking even or profitable
THEN, they should be shown for the empty suits they are. I am convinced NONE of these so called Economic Advisers knows a thing about small business.
Yet this is what we in the small business community must do every day and we do it with no help at all.
Sometimes without even a line of credit.
I wish they would be forced to put their money where their mouth is.
1 comment:
I don't think they could do it legitimately. They would get help from one of their connections.
Being a small business, they wouldn't be able to tap into the immense tax loopholes corporations like GE enjoys. GE had no tax liability last year.
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