The chairman of the President Barack Obama's Council on Jobs and Competitiveness, Jeffrey Immelt, the CEO of GE, praised China this morning on CBS:
"China is changing," said CBS host Charlie Rose. "It may be being stabilized as we speak. What does that mean for China and what does it mean for the United States? Should it change expectations?"
"It is good for China," said Immelt. "To a certain extent, Charlie, 11 percent is unsustainable. You end up getting too much stimulus or a misallocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports. The one thing that actually works, state run communism a bit– may not be your cup of tea, but their government works."