Jack Welch: ‘We’re Playing Politics, Not Country’
“There’s a lot of blame to go around and both sides get their credit,” former General Electric (NYSE:GE) CEO Jack Welch told Bloomberg Television on Tuesday. “The relationships have just broken down.”
Welch was speaking, of course, about the partial shutdown of the U.S. government, which is now in its second day. U.S. equities, which advanced on Tuesday, edged lower on Wednesday as it became clear that Congress and the White House were making little to no progress on resolving the issue. President Obama met with the top four congressional leaders at the White House this afternoon, but it’s unclear if talks ended on a positive note.
For his part, Welch described the Republican strategy — that of trying to use the budget as leverage to defund or postpone the Affordable Care Act — as a “bonehead play … You’re not going to defund his signature legislation,” Welch said, referring to Obama.