what we're talking about essentially is even the president's own jobs council led by jeffrey immelt and the advisor board and sim so much bowles said lower the corporate rate. the president agreed to that. when you have a high tax rate, that invites all sorts of cronyism where congress throws in loopholes to favor their political cronies at companies that donate to them. >> morgan, the president has said he wants to lower the corporate tax rate down to 28%, but even at 28%, it is above all the others, maybe with the exception of spain. >> i don't think taxes alone are the reason that companies are goin to offshore or even going to offshore jobs in the next year or two. i think we're seeing an interesting trend of companies that are in shoring jobs now. >> bringg them back is this. >> bringing them back home, including general electric, ford motors, air bus, google. i think we're going to see more of this regardless of the t situation. boston consulting group said overt next decade we'll see as many as 5 million manufacturing jobs come back. >> steve, isn't it very simple? compans will g

the if the likes jeffrey immelt.r your theory. >> bill: who ran nbc and nbc news for all those years while they -- >> took care of him. >> bill: g.e. and took care of barak obama very, very well. and in addition they hired assassins to go and besmirch people who were opposed to the president. he was like -- immelt was like his pray torian guard and he's being rewarded now. >> it seems like a skinny reward to be the head of the jobs council. it's like they could do something a little more. >> bill: he gets to go to the white house. he gets to have canapes and has his picture taken. you know the game. of course they don't do anything. isn't it nervy to invite the guy who pays no income tax? >> it's a little tough, i have to admit. it's a little tough not to invite the folks who create jobs and tough to not invite the folks who pay taxes. >> bill: i might go to chris' party. all right. since the vote, ladies and gentlemen, the dow is down 700 points. that's a lot. >> that is a lot, particularly since it's just a matter

jeffrey immelt, somewhat interesting in the sense that behind the scenes he told friends and we were first to report this that he was actually supporting mitt romney. as you know ge gets a lot of perks if the obama administration wins, solar, green energy and stuff, he's the chairman of president jobs council, he's going to be at this thing. sort of the leader of wall street if we had a spokesman would obviously be dimon. dimon was extremely critical of the president, particularly behind the scenes. he basically told people because he's on the federal reserve board, he does not give, you know, in kind contributions but i mean all his body movement was like do whatever you can to elect mitt romney. this guy is bad for business based on dodd frank and some of the other things that the president has done. so jamie is not on the list. like i said the closest you've got is the gentleman from american express. this thing is going to occur wednesday. as we know, there's what, how many days left before the fiscal cliff hits, i thought i saw some graphic that said -- cheryl: there's a countdo