So General Electric gets billions from Uncle Sam, and then seeks to wiggle out of contracts. Here are the details from Paul Glader, writing in The Wall Street Journal:
Congress's involvement in the dispute highlights a consequence of the government's growing role in the economy. GE has said it hopes to generate up to $100 billion in revenue from the economic-stimulus package, and it has issued U.S.-backed bonds with lower interest rates than other GE debt. Now, Greenbrier is trying to use that against GE.
And so there go 3000 jobs, according to the WSJ, in Ohio, Pennsylvania, and Michigan.
And it's part of a larger phenomenon: GE, being so favored by the government, is now in a position to do everything cheaper than its competitors. That's not fair, it's just politics. And the reason why MSNBC, along with NBC and CNBC, are the most valuable rent-seeking rainmakers that GE has in its corporate arsenal.
