The outcome of General Electric (NYSE:GE) Chief Executive Jeffrey Immelt being named to head up an Obama-created business and labor panel was predictable, and the bizarre assertion he doesn't see core inflation at this time undermines Immelt even more. It's like he took it right from the notes of Obama's handlers.
Of course you can always use the term core inflation to bypass the very real inflation generated from high energy and food prices, which aren't included in the CPI.
So while they're soaring, the government, and now Obama mouthpiece Immelt, can parrot the same assertion.
Immelt said, "There's not a lot of core inflation even today and I would say in general the economy is getting better every day as a backdrop."
Sure it is Jeff. General Electric is probably entangled in more government contracts than any other company, or at least is way up there on the list. Immelt will consequently say whatever needs to be said in order to keep that going.
General Electric closed Thursday at $20.58, gaining $0.35, or 1.73 percent.
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