>> stahl: jeff immelt talked about his czarship at a recent gathering of g.e. ou know, i grew up in cincinnati, ohio, and my parents are really right- wingers. my dad watches, like, five or six hours of fox news every day and stuff like that. so i called home and said, "hey, just to give you a heads-up," you know, "i'm going to be with the president and he's asked me to lead this jobs council." and my mother said, "well, you said no, of course, didn't you?" ( laughter ) i said, "no, mom, that's not what i said." thank you. >> stahl: when you were chosen, there was a lot of criticism. i saw a headline that said "the job czar from hell" because of how many jobs g.e. has outside the u.s. >> immelt: i've taken heat from the right and heat from the left. and it's been uncomfortable, sometimes, for me personally to be... to work with the president on this. and i'm proud to do it. >> stahl: what he's doing is heading a council of c.e.o.s, wall streeters, and labor leaders to help the president come up with ideas for immediate and long-term job growth. we need to create

but if they're creating jobs abroad following along with jeff immelt school of thought he says that's what allows him to create and sustain the jobs that he has in the united states to have us djimi ten billion dollars worth of profits last year they could easily afford to create jobs this is about making you know what a billion more i mean isn't a profit pretty good well it might be but as he said in his interview he doesn't work for anybody but shareholders and he has to deliver profits so is the bigger issue is that system where these public companies are constantly having to deliver for shareholders i think that's the bigger issue is that public companies are having to deal with shareholders we don't have any type of policy to keep these jobs from leaving like you have and germany countries like germany actually workers make more than american workers make and they have to treat sure plus from china so we don't have any type of policy like that to keep jobs in the country and we were at an event where michael moore was talking and he was talking about germany and their requirement

g-e c-e-o, jeff immelt, also supportt the idea."phink people sit and say, look we've gotta trillion dollars of cash overseaa. what posssble gooddcan that do us?? not behind it is billionaire a - businessman warren buffet. he told c-n-n'' poppy harlow this..."there's aacertain irony involvee here because if you let them repatriate money at a very loo rate, what's their incentive? thhir incentive is to keep making money ovee there at very low rates, hinking they'll get it back here without paying much tax."the idea is one that's been tried before."we tried the same kind of repatriation holidaa ii 2004. firmm brought home a lot of money, but they &pdidn't do much additional investment. instead, tey aid larger dividends to their stock holders, hey bought back stock tooboost their do much new investment."both a conservative think tankkand a out agreeing on one thing, that they don't support this idea. they say it didn't produce domestic investment sii years ago. but-lobbyists behind the taa breek are getting support from both -3 ttat a s

. >> well, the president put this in place in january, jeff immelt, c.e.o. of ge chairs it and it is a great group of folks, 24 people that are reay focused on trying to recommend things to the president all over the country. >> ros all c.e.o.s. >> many current c.e.o.s and then labor andthen some folks from educational institutions. it's a pretty good mix. but there is a recognition that whave a js problem. and to the credit the white house, he said l's get some outside advice. it's very nonpartisan. people bring a lot of different perspectives and the recommendations that were made i think really cover the gamut. but i was particularly focused on the recommendations related to high-growth companies because entrepreneurship is really the secret sauce that built america and we have to redouble our commitment to our nation's entrepreneurs. >> rose: how do you go out and find the ideas? what is the mechanism and process for a commission like this with such high profile people to get the kind of information to make the kind of decisions so it can make recommenda

mean this guy's terms in office i mean i mean this is ministration such a joke the have sealed jeff immelt the c.e.o. of g.e. the head of the jobs ship he's in factories overseas and so bombs come and so they haven't been much change in the way. you know and we also we heard some reaction from the presidential candidate mitt romney called these protests dangerous class warfare with your reaction to these movements getting these kinds of labels. well i mean it is class warfare. perhaps it is dangerous i hope corporate c.e.o. see this is dangerous it's not clear certainly we haven't seen anything this esteemed against wall street since the thirty's we've had people camped out for weeks and the question is how much does a rogue room in the thirty's we have the bonus armies we have hoovervilles some of kind of encampments so does this go on for months at a time and if so how is that going to change the public narrative and how is how are they going to reach out to other groups to create change in specific actions and that's the real mission right you know and ultimately ultimately do you think

move to pressure republicans, the president got the report of his jobs council shared by ge's ceo jeff immelt. >> i think on infrastructure we're in agreement. >> reporter: the council recommending more spending on roads, bridges, airports, ports, electric grids and water systems. cutting red tape to streamline approval. relaxing immigration laws for the highly skilled to keep job creators in the u.s. plus, business friendly tax changes. controversial moves. but 25 million reasons to make them. >> those are the 25 million americans who would like to have a full-time job and do not have one. >> reporter: president obama buys the plan. >> there's no doubt about the fact that it would have a significant marked impact on job growth right now. >> reporter: his jobs bill is a similar plan. senate republicans are set to block it. >> passing another stimulus and tax hike is a lousy idea. >> reporter: republicans called the obama jobs bill, his jobs panel and his red tape cutting all stunts. the president calls this a moment of truth and says every senator who votes no ought to explain why. i'm steve

. >> jeff immelt is the chairman of the jobs council and he's also chairman and ceo of general electric. ge is a part owner of nbc 4. as for the president's jobs plan, the senate is expected to vote in about an hour on whether to move the bill forward as a whole. if it fails to gain 60 votes, senate democrats may try to break it up and vote on individual parts. house republican leaders have already said they do not intend to take up the bill as a whole, but may vote on some parts of it. >>> republican candidates for the white house are preparing for their big debate tonight in new hampshire. it will focus primarily on the economy and fiscal issues. since the previous debate, both sarah palin and chris christie have announced they aren't running. godfather's pizza's ceo, herman cain, has surged in the polls. meanwhile, a big nod today in the world of politics. new jersey governor christie has endorsed mitt romney for the republican nomination. in a news conference this morning up in new hampshire christie says romney has the perfect mix of private sector and political expience. >>> kind

to pressure republicans, the president got the report of his jobs council chaired by ge's ceo, jeff immeltink on infrastructure we're in agreement. >> the council recommends more spending on roads, bridges, airports, ports, grids, electric systems. cutting red tape. relaxing immigration laws for the highly skilled to keep job creators in the u.s. plus business friendly tax changes. controversial moves, but 25 million reasons to make them. >> and those are the 25 million americans who would like to have a full-time job and do not have one. >> reporter: president obama buys the plan. >> there's no doubt about the fact that it would have a significant market impact on job growth right now. >> reporter: his jobs bill is a similar plan. senate republicans are set to block it. >> passing another stimulus and tax hike is a lousy idea. >> reporter: republicans called the obama jobs bill, his jobs panel and red tape countrying all stunts. the president calls this a moment of truth and says every senator who votes no ought to explain why. i'm steve handelsman, news 4, capitol hill. >>> nj governor c

>> well, the chairman of the president's jobs committee, the chairman of general election, jeff immelt, you know, his company is a major outsourcer and doesn't want to upset the chinese regime. caterpillar, another one, a major player in this town. china doesn't need an embassy, they've got caterpillar's government affairs office. but most importantly, wall street does not compete with chinese imports. they're most interested in locating banks in china. and as a consequence, tooth and nail, they oppose this so are we surprised that both the president and the speaker of the house are opposed to the china trade bill working its way through the senate? >> both the republicans and democrats are opposed to it. >> that's not quite right. the president yesterday in his press conference did not come out against china currency. and i think that's actually notable. peter may be right in the final analysis, but the president said, absolutely, they managed their currency. it was as strong a statement you're going to get from a president. >> what's he willing to do, jim? what's he willing to do? >>

and jeff immelt, who is the chairman of ge and also the chairman of the president's council on jobs andompetitiveness is a prime example. you know, president obama is assuming, when he makes immelt the chairman of his council on jobs and competitiveness, that immelt's interest, and the interest of ge, is the same as that of the united states. but it's not. and so the result is that ge makes decisions, and i'm not criticizing ge necessarily for making these decisions, but it makes decisions that maybe good for ge in terms of gaining more access to korea, but are not necessarily good for the united states. >> thanks for the conversation, guys. congressman miller, thank you for your time this afternoon. clyde, it's a pleasure to have the conversation, like all of our major issues, banking, trade, taxes, health care, education, this is a conversation that's certainly not going to go away anytime soon, although i kind of wish it would if we could just solve it, but i don't have my hopes up. >> i wish it would. >> have a good weekend, guys. >> you too. >> thank you. the debate we deserve on t

>> if you're angry at crony capitalism, you might start with jeff immelt from ge. >> clayton: they didlly. >> here we are headed in the right direction, might look at the committee chairman who bailed out fannie and freddie. you might look at the insurance companies that colluded with the obama administration to enforce an individual mandate that forced everyone to buy their health insurance product. there are opportunities here to challenge crony capitalism and i hope they do that and if they do it right. >> clayton: yeah. >> i'll be with them. >> clayton: they stood on the front of jeff immelt's lawn yesterday. >> dave: about a hundred. >> clayton: i want to ask you this, because it's interesting. the tea party has often said over the past few years they do not an i line themselves with republicans. they don't speak for us, and also we've heard the same thing from the occupy wall street folks, democrats don't stand for us, we're an independent voice. is there a voice that's represented by the tea party and occupy wall street and both parties are talking away from them. >> good questi

is it jeff immelt who doesn't have the right view or perhaps people protesting down on wall street? >> well, mr. immelt is not recognizing that you root for corporations when corporations are making sure your jobs stay here in the united states. his corporation has had more to do with shipping jobs overseas than almost any corporation in the world. and so the deal here is we root for corporations and we support them if they are fair to us. but these people who are protesting are recognizing that just about everything that has happened to working people has been unfair in recent years. you have the greed on wall street. you have the very wealthy insisting they not contribute at all to solving our deficit and our debt problems. you have corporations buying up the political process through secret donations. people have had it. and it's time to say not we hate corporations, but people have to acknowledge the pain and the suffering that is going on throughout this country. >> a lot of people would acknowledge that pain and suffering and feeling it firsthand every single day. when people