Like Obama, The Stimulus Was A Fraud: GE Announces Net Profits Down 47%

July 17th, 2009 (25) Posted By Pat Dollard.

obama_snake_oil

BOSTON (Reuters) – General Electric Co (GE.N) said profit fell by almost half, on a deeper drop in revenue than Wall Street expected, as the slump that has gripped its finance and media businesses took hold of its heavy industrial units.

The largest U.S. conglomerate said on Friday second quarter net income came to $2.67 billion, or 24 cents per share, compared with profit of $5.07 billion, or 51 cents per share, a year earlier. Profit from continuing operations came to 26 cents per share.

Revenue fell 17 percent, more than the 10 percent slump analysts had forecast. Factoring out fluctuations in exchange rates, revenue would have been down 12 percent.

The world’s largest maker of electricity-producing turbines and jet engines has been dragged down by deteriorating profit at its GE Capital arm, which has been hurt by heavy investments in commercial real estate and a weaker credit environment.

GE shares have fallen about 24 percent so far this year, a much sharper decline than the 1 percent slide of the Dow Jones industrial average (.DJI).

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  • bill-tb

    Hat and Cane act — A tall tale told with lies.

  • tlk

    This one isn’t getting any sympathy from me. Immelt can kiss my ass!

  • Mike Mose

    They support Obama the Marxist, they are devastated. Great job boys!

    Two bit brains running one of the largest companies in the world.

  • Hawkerdriver (Pisson the Koran

    Immelt should be in the treason trial with all the rest of’em!

    • Scoot

      He should already be tried and convicted, with the sentence carried out.

  • JCD

    Did you guys cath this yet? Sorry, it’s off-topic but interesting just the same. Apparently the 1016 page Pelosi health care bill has aprovision in it on page 16 that would make private insurance illegal.

    Just goes to show you, this “competing alongside private industry” is all nonsense.

    http://www.ibdeditorials.com/IBDArticles.aspx?id=332548165656854

    • tlk

      thanks for the info!

  • JCD

    cath = catch

  • Lock and Load

    I guess this might not be the “hope and change” that GE was expecting with their wonder-chump Obambi at the wheel :roll: :???:

  • Scoot

    This will get your blood boiling also. Goldman Sachs and our government caused this economic depression, and now they are laughing all the way to the bank with our money, and the thanks we get is loss of jobs, reduction of wealth, and a nazi regime to rule over us (I have a funny feeling that Glenn is getting his info about Goldman Sachs from this guy):

    The real price of Goldman’s giganto-profits

    http://trueslant.com/matttaibbi/2009/07/16/on-goldmans-giganto-profits/

    “Taken altogether, what all of this means is that Goldman’s profit announcement is a giant “fuck you” to the rest of the country. It is a statement of supreme privilege, an announcement that it feels no shame in taking subsidies and funneling them directly into their pockets, and moreover feels no fear of any public response. It knows that it’s untouchable and it’s not going to change its behavior for anyone. And it doesn’t matter who knows it.

    There are going to be some people who say that some of this stuff isn’t government subsidy so much as ordinary government contracting. After all, do we criticize Boeing for making airplanes or Electric Boat for making submarines during a war? If we don’t do that, then why should we be pissed about Goldman making a profit underwriting TARP repayment stock issuances, or Treasuries?

    The difference is that Boeing and Electric Boat didn’t start the war. But these guys on Wall Street causesd this crisis, and now they’re raking in money on the infrastructure their buddies in government have devised to bail them out. It’s a self-fulfilling cycle — beautiful, in a way, but at the same time sort of uniquely disgusting. That they’re going to get away with it is bad enough — that they’re getting praised for it, for being such smart guys, is damn near intolerable.”

    • Scoot

      The reason why the stimulus isn’t being dolled out like they told us it would be, is because all the money is in the British banker’s pockets right now. Grand larceny that is not even being prosecuted by our government.

    • USNA1985

      Scoot, the reason that that the stimulus isn’t being dolled out is because there was no stimulus in that bill, end of story!!!

    • USNA1985

      Just think about this…if the Demon-rat idiots would have had some sense and passed a 6 month tax holiday (which would have cost half what the stim bill costs) Do you think people would have had some cash to get their mortgages and other bills in shape?; Do you think that maybe they would have purchased some cars/trucks and other capital goods? What shape do you think the economy would be in now? These guys are so freakin ideologically stupid – this was a pure NO-BRAINER!!!!

  • Storm 0311

    It seems to me that if GE tanks lets say 30% more..

    That we as conservatives should buy up the shares until we have a ruling vote in the stock then force a conservative change on the company…….

    How is that for unconventional warfare?

    I would be game for this type of attack.

    We pick a figure head company like GE.
    One that we really disagree with and turn it legally by buying a controlling interest.

    Immelt would melt.

  • NoParty

    This is merely act 1 of the government’s takeover of GE.

    • Scoot

      You are so right, it’s scary.

      With the government owning GE, they will have a monopoly over a lot of businesses.

  • NoParty

    Be in DC on September 12th. Time to start forcing regime change.

  • Scoot

    Here’s another fraud that needs to be sitting in a jail cell:

    Paulson Threatened Great Depression, Food Riots To Get Bailout Bill Passed

    http://www.prisonplanet.com/paulson-threatened-great-depression-food-riots-to-get-bailout-bill-passed.html

    “The origin of the threat was later revealed by Senator James Inhofe to have been Treasury Secretary Henry Paulson.

    Asked by KFAQ radio host Pat Campbell where the threat came from regarding martial law and civil unrest, Inhofe responded, “That’s Henry Paulson,” responded Inhofe, “We had a conference call early on, it was on a Friday I think – a week and half before the vote on Oct. 1. So it would have been the middle … what was it – the 19th of September, we had a conference call. In this conference call – and I guess there’s no reason for me not to repeat what he said, but he said – he painted this picture you just described. He said, ‘This is serious. This is the most serious thing that we faced.’”

    Inhofe said that Paulson told members of Congress the crisis would be “far worse than the great depression” if Congress didn’t authorize the bill to buy out toxic debt, a proposal “which he abandoned the day after he got the money,” added Inhofe.”

  • unkaglen

    The whole damned economy will be down to nothing if this great immposter is allowed to continue with his dog and pony show.. :mad: :gun:

  • Bill

    Once Cap and Tax passes GE will be raking in billions with their carbon credits……….this is all bullshit smoke and mirrors :roll:

  • Cridhe Saorsa

    The Democrats are so used to telling their lies until people believe them that they have bitten themselves in their own asses.

    These clowns are just stupid and scary. I have never seen a dumber looking person than Nancy Pelosi. All one has to do is look at her eyes and it is evident she has no clue about anything but nails and hair.

  • Jim Doolittle

    I will never buy anything GE again, I had to replace water heater a couple weeks ago and had a hell of a time finding one not made by GE. Three stores, 3 hours and 180$ higher in price for same size I found a whirlpool at lowes. I know lowes is bad but what can I say I’m a stubborn fuck. I also dug out all my old GE lightbulbs and me and the boy used them for target practice! Was fun and grattifying

    • GRIZZ

      The last 3 ge products I bought SUCKED.One damn near caught on fire.I will NEVER buy another POS from those cocksuckers……..unless they make a cock sucker.My luck it would catch on fire

  • kitkat

    Obama wouldn’t give CIT Bank another bailout. CIT is GE’s biggest competitor and CIT provides loans to many small businesses. When they go bankrupt, small businesses will go down; more unemployment. Why do I see GE ads on TV and on the radio all the time now; they have their hands into everything–going ‘green’, health, building train cars (sorry truckers),etc. Big corporations and government are combining and taking everyone else down. I boycotted GE along time ago, but if their profits are down, they’re getting a bailout from the king.

    Well, there should be huge numbers supporting Nov 4, they won’t have to strike as they are unemployed.

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