CEOs in the (White) House
December 15, 2010
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President Obama met with twenty-some CEOs at the White House today. Good for them, I guess. But I’m wondering when the President will meet with someone from the millions of working class folks who voted for him in 2008. Big corporations aren’t having a recession. In fact, they are swimming in huge profits, a record horde of cash and, of course, massive bonuses. So the tax cut “compromise” gives both the companies and the super wealthy CEOs most of the breaks. Just more of the White House focus on Wall Street while dissing Main Street.
Several of the CEOs interviewed after the meeting noted that they are poised to hire more workers and make capital investments once demand improves. Very little of the tax cut bill helps that side of the equation. Others mentioned that they are paralyzed due to many regulatory and economic uncertainties. In an NPR interview UPS chairman, Scott Davis, explained that companies plan ten, twenty, even thirty years out. What a bunch of hooey! One of the causes of the economic meltdown was companies doing everything, anything, to maximize profits for Wall Street quarterly reports.