Intel CEO Bashes Obama

( – promoted by Rob “EaBo Clipper” Eno)

Has big business finally seen the light on the Obama agenda?  This week Intel CEO Paul Otellini cuts loose on Obama’s hyper-Keynesian agenda.  http://finance.yahoo.com/tech-…

This week, Intel CEO Paul Otellini and Jim Tisch, CEO of Loews Corp. both blamed the President’s policies for creating an environment of “uncertainty” that is crippling America’s economy.

The Obama administration is “flummoxed by their experiment in Keynesian economics not working,” Otellini said Monday in a speech in Aspen.

Higher taxes and more regulation add an additional $1 billion to building a semiconductor manufacturing plant in the U.S. vs. overseas, the CEO said.

As a result, “the next big thing will not be invented here. Jobs will not be created here,” Otellini said, warning of “an inevitable erosion and shift of wealth, much like we’re seeing today in Europe…this is the bitter truth

This follows on comments earlier this summer by GE CEO Jeffrey Immelt:  http://www.businessinsider.com…

Mr Immelt also had harsh words for Barack Obama, US president,  lamenting what he called a “terrible” national mood and expressing concern that over-regulation in response to the global financial crisis would damp a “tepid” US economic recovery. Business did not like the US president, and the president did not like business, he said, making a point of praising Angela Merkel, Germany’s chancellor, for her defence of German industry.

Shortly after the election I attended an event at Harvard Business School in which HBS faculty members and the former CEO of Medtronic opined on the Obama presidency.  To a man, they had nothing but praise for Obama.  I wonder what they are thinking now.  Come to think of it, I wonder what they were thinking then.  

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  • Intel itself has had some very anti-competitive business practices over the past decade which surely hurt innovation.  The EU recently fined them a billion dollars for it and the FTC also slapped them with some sort of regulation.  If this is the regulation that the CEO is referring to then it’s really his own fault because it comes as a result of their anti-competitive business practices.

  • It was so long ago I forget the year Intel announced the establishment of two major wafer fabs in carbon/EPA/union/toxic substances regulation free China.  I do recall it was like a captialist investor type sexual thing.  Back in the 80’s I think, well maybe even later than that.