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« Ron Paul - 'End The Stimulus NOW! Stop Wasting Money On Pretend Make-Work Government Programs' | Main | Taleb Says Obama's Stimulus 'Made Economic Crisis Worse' »
Monday
Sep192011

STIMULUS TRUTH -- Intel CEO Smacks Down Obama & Democrats: They Don't Get It! The Stimulus Won't Work! Stop Trying! (VIDEO)

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This is meaningful for several reasons.  Otellini is a Democrat.  And he is not by nature an Obama basher.  He mentions having been invited to the White House for policy discussions more often in 20 months under Obama, than during the entire 8 years under Bush. 

So the criticism is NOT politically based.  Further, Otellini is on the front lines of U.S. manufacturing and job creation as CEO of Intel.  He speaks with C-level executives on a regular basis.  In the clip above, he emphatically states the stimulus isn't working, and that Obama should cancel his new $350 billion infrastructure package and replace it with a cut in the corporate tax rate, which at 38% is over twice that found in semi-Socialist France. 

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More detail from CNN:

Intel CEO Paul Otellini doesn't buy into the idea that the White House is anti-business, but he does believe the administration "just doesn't get it" when it comes to creating jobs.

Otellini, in an exclusive interview with CNN Money at the Intel Developers Forum in San Francisco on Tuesday, said the U.S. should not only forgo spending the second half of Obama's $787 billion stimulus package, but completely axe Obama's newly proposed $350 billion economic recovery plan.

"The decisions so far have not resulted in either job growth or increased confidence. When what you're doing isn't working, you rethink it and I think we need to rethink some plans," Otellini told CNN Money. "Swimming pools in Mississippi are not going to create lasting jobs," he added.

Companies can't invest because they don't know what their health care, energy or tax costs will be in the coming years, Otellini said.

Otellini insisted the U.S. business world needs more certainty, but most of all, he said, the administration needs to take the first major step in attracting foreign investment and increasing the flow of capital back into the United States by reducing corporate taxes. "To attract a global-scale set of investments, you need to have globally competitive infrastructure -- and tax rates," argued Otellini.

In short, Otellini said America faces a cost problem. "As a global businessman, particularly if you're not based in the U.S., why would you come here?" Otellini said.

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Reader Comments (9)

Tax credits for homebuyers: the downside of stimulus

Tax credits for homebuyers have IRS scrambling to correct mistakes and contain fraud, according to a new report.

http://www.csmonitor.com/Business/new-economy/2010/0910/Tax-credits-for-homebuyers-the-downside-of-stimulus?source=patrick.net#mainColumn
Sep 14, 2010 at 4:12 PM | Registered CommenterDailyBail
When my fiancée and I bought a house in St Petersburg, Florida, in 2003, my business was strong. We had sales of between $4m and $6m, and we employed 22 people. We could easily afford our three-bedroom home. But in 2007, my business took a downturn. My company specialises in bio-hazardous waste removal: when a house is infested with nuisance wildlife – such as raccoons, possums or bats – a trapping company gets rid of the pests and we clean up the disease they leave behind. It can be anything from tuberculosis to anthrax. We relied on wildlife trappers to recommend us, but during the downturn people chose to save money and just live with raccoons in the attic.

http://www.ft.com/cms/s/2/3177d00e-baeb-11df-9e1d-00144feab49a.html?source=patrick.net
Sep 14, 2010 at 4:14 PM | Registered CommenterDailyBail
In 2006, Arthur Brito, a self-employed Bay Area landscape designer, and his wife were prequalified for a $625,000 home loan. After being priced out of the housing market by inflated values, they started looking again last year, but quickly learned that the mortgage crisis had changed their fortunes: They now qualified for a loan of only $280,000.

http://www.sfgate.com/cgi-bin/article.cgi?source=patrick.net&f=/c/a/2010/09/12/BUFP1FBTJD.DTL&tsp=1#divider#ixzz0zXLnbbX0

Excellent story...
Sep 14, 2010 at 4:15 PM | Registered CommenterDailyBail
But for the last two years, Mr. Bove has been engaged in a lonely legal battle to retain his ability to say whatever he likes, an ordeal that he says has been anything but fun. BankAtlantic, a Florida bank, sued him, accusing him of defamation after he wrote a report about the banking industry in July 2008, just as the financial crisis was starting to boil over. The bank contended that the report falsely suggested that the institution was in trouble.

The case was settled three months ago , and Mr. Bove didn’t pay a dime to BankAtlantic. Still, it was hardly a resounding victory for Mr. Bove or, for that matter, freedom of speech on Wall Street, where some say the need for independent, probing voices has never been more apparent.

http://www.nytimes.com/2010/09/12/business/12suit.html?_r=1&source=patrick.net

Excellent story on Dick Bove's battle to tell the truth about a bank...
Sep 14, 2010 at 4:17 PM | Registered CommenterDailyBail
Sep 15, 2010 at 1:30 AM | Unregistered CommenterDB's Ghost
Deficit "stimulus" is not the road to economic recovery. It's the problem, not the solution, writes Nobel laureate economist Vernon L. Smith, who grew up in Depression-era Kansas. Plus, read the original manifesto to reboot America produced by top economists and read the complete list of manifesto backers.

http://www.thedailybeast.com/blogs-and-stories/2010-07-19/please-no-more-government-spending/?cid=gallerieslanding:mostrecent2
Sep 15, 2010 at 1:31 AM | Unregistered CommenterDB's Ghost
FRANCE is not conducting multiple[le WARS that BENEFIT the corporations. Do you think INTEL is not selling lots of chips to the US Military?! To the PITS with these trashy "executives" who think, COMMUNISTICLY, that the Workers should support them. End the WAR PROFITEERING, and the tax rates can come down.
Sep 20, 2011 at 8:06 AM | Unregistered CommenterVladimir
America has been infected with a PSEUDO-conservative view that the Rich and Corporations are PURE and VIRTUOUS. This COMMUNISTIC infection was injected by Irving Kristol and his fellow LEFTWING TROTSKITE neconsFRAUDS. The Rich and Corporations are "accumulators" with no concern for America and America's best interests. If they do not care to contribute to this Society, let them forsake the BENEFITS and PROTECTIONS of this Society, and go where they will be happy. North Korea might suit them.
Sep 20, 2011 at 8:15 AM | Unregistered CommenterVladimir

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