jack welch jack welch the nine hundred ninety s. was on a t.v. show had an interview said what i really like would i like to have my factory it's on a barge and i could float them around from whatever country to whatever country wherever the cost so low it's not that labor is one cost to shore but you might want to avoid regulation costs you might want to void environmental protection costs you might want to take advantage of a devalued currency so you put your. factor in a budget you floated around and you can have a global race to the bottom in every dimension not just labor markets environmental regulation everything. this is jack welch's brilliant idea and that's what all this globalization is about it's about creating the environment for bodge economics and that's what we've got we've got to really pull back in that barge put america on it and given today it's kind of making economies dependent on bubbles for growth now given what we're living in today the model well that's what do you do once you start to undermine income distribution you've got to find some way of filling the demand gap that gets bigger and bigger and bigger and that's by the way what happened between one thousand nine hundred and two thousand and eight we took on board these ideas that we're going to flexible as a labor economy was going to make us all super super rich didn't it undercut the middle class it sent them on the way well they're not to extinction but really weakened their position and so how do we filled a demand gap well that's where wall street. came in that's why we. regulation to allow wall street to. the economy make peopl

jack welch. also, the executive director of the jack welch management institution. >> good morning. >> lots to talk about. jack, i'm sure you know we are in the midst of earnings season. wells fargo and jpmorgan reported yesterday. bank of america reported this morning. and the $13rgan billion settlement with the doj a couple of months ago. going into this quarter with bank of america, everyone was expecting brian moynihan would have to take a big litigation reserve. it does not appear that was the case. why do you think that is happening? moynihan spentan time in washington meeting with people. >> i do not think his story is over yet. >> why is that? idea, anyt have any facts, but i would doubt they get off that lightly. you look at how much jpmorgan has been targeted, and it seems like we are in an environment where the government is out for blood. it is bank of america next. who knows, but i think brian moynihan has been a hell of a job. these guys will go as far as they can go. jpmorgan i thought was done, and then they came after them on madoff. there is never an end to this ticky bank attack -- piggy ban

jack welch. also, the executive director of the jack welch management institution. >> good morning. >> lots to talk about. jackre in the midst of earnings season. wells fargo and jpmorgan reported yesterday. bank of america reported this morning. and the $13rgan billion settlement with the doj a couple of months ago. going into this quarter with bank of america, everyone was expecting brian moynihan would have to take a big litigation reserve. it does not appear that was the case. why do you think that

jack welch, it was a privilege to work in an organization. we say it is all about disruptive information. hasn't always been -- disruptive innovation. hasn't it always been? we say that about jack welch. >> he was not thought about as an innovator. he was not about as a business leader. i think we put that tag on there. jack was well ahead of his time as far as innovation, cultural change, having a strong, deep a collegiateating competitiveness. we would go to those quarterly meetings and it was as fierce as the championship playoff the other night. >> how did your division do, right? >> but not as cold. >> it got cold sometimes in that room. ofn i stepped into some those power systems we went from last to first and there is a tremendous amount of pride and competitiveness, you know, in a positive way. no one was throwing anybody under the best, but we were all -- under the bus, but we were all aspiring to be the best. >> then do we need more business leaders in washington? d.c.ook at the gridlock in and in some instances, they are not even speaking. they are not playing a game. there is nothing. >> we need more jobs. >> you've got to have people running the country the know-how to sign the front of a check, not the back of a check. >> there you go. about jobs,alk unemployment benefits, minimum with all o