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Hey Obama make sure you understand the CEO's point of view next time

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EAST PEORIA, ILL. -- President Obama today repeated the claim we asked about yesterday at the press briefing that Jim Owens, the CEO of Caterpillar, Inc., "said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off."

 

 

Caterpillar announced 22,000 layoffs last month.

 

 

But after the president left the event, Owens said the exact opposite.

Asked if the stimulus package would be able to stop the 22,000 layoffs or not, Owens said, "I think realistically no. The truth is we're going to have more layoffs before we start hiring again"

 

 

"It is going to take some time before that stimulus bill" means re-hiring, he said.

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Obama has to sell the stimulus, That's 50% of the stimulus "effect". Obviously, he isn't selling it to half this country.... Same idea when Bush was saying how solid our economic foundation is/was. We've found out that isn't very true at all but I think for me atleast I am understanding why Bush tried to paint the picture as rosy as possible. Consumer confidence is about 50% of our problem right now.

 

As for Jim Owens, He can't make false or misleading statements in public simply because he's a CEO of a huge corp and is held to FCC standards. Nobody is going to be hiring until we we can see more than 2 feet into this fog bank......

 

Even if we gave corps tax cuts they would hold onto that money for capital preservation right now. It's more important that the company exists than trying to keep more people on than needed. Once through this downturn is when those tax cuts would be beneficial.

 

John

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