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trackfan 
LSU Fan
Baton Rouge
Member since Sep 2010
10842 posts
| Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:36 pm)
As the saying goes, if you can't stand the heat, get out of the kitchen.
quote:
Welch apparently ended up at odds with various journalistic institutions that placed a higher premium on providing readers with objectively rational information about the economy, as opposed to flattering an old executive who sows derangement on the Internet. According to Gandel, Welch did not take kindly to a CNN Money piece that criticized Welch's original tweet, and was further angered by a Fortune piece, "detailing Welch's record as a job destroyer."
Gandel goes on to report that after these stories were published, "Welch sent an e-mail to Reuters' Steve Adler and [Fortune managing editor Andy] Serwer saying that he and his wife Suzy, who have jointly written for Reuters and Fortune in the past, were 'terminating our contract' and will no longer be sending our 'material to Fortune.'"
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LSUnKaty
LSU Fan
Katy, TX
Member since Dec 2008
2267 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:40 pm to trackfan)
I don't appreciate the significance of this.
Surely, he free to send (or not send) his "material" anywhere he likes.
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buddhavista
Member since Jul 2012
3543 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:41 pm to trackfan)
its not like he needs the money. I will say I thought his comment was very bizarre, and his follow up was even more bizarre. I have great respect for him as a business leader, and his managerial style was about managing performance and was heavily data driven. his reaction seemed to be more emotional.
whatever, he is right, the gov't cooks the book but considering how inefficient the gov't is, its not like they could take an order on thursday for a great job reports and then deliver on friday. this would have to be planned months in advance.
And finally, if they do cook the books (which I believe they do), its an incumbent advantage, not aan ideological one.
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Interception
Providence Fan
Member since Nov 2008
8559 posts
 Online
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:43 pm to trackfan)
First, Jack Welch is a great American. I've read 3 of his books and have as much respect for him as any CEO that has ever lived.
But, he was out of line because he didn't give specifics to his accusations about the jobs report.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63134 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:43 pm to trackfan)
From your link...
quote:
Jack Welch, the strongest and most capable CEO in the history of the world,
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NHTIGER
LSU Fan
Central New Hampshire
Member since Nov 2003
6472 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:49 pm to buddhavista)
quote:
whatever, he is right, the gov't cooks the book but considering how inefficient the gov't is, its not like they could take an order on thursday for a great job reports and then deliver on friday. this would have to be planned months in advance.
That report was completed no later than Monday of last week.It's always completed by the last business day of the month, even though it's not released until the first Friday, which is sometimes the first day of the month.
quote:
And finally, if they do cook the books (which I believe they do)
I don't believe they cooked the books in the conventional sense of the term. They simply altered one step in the process which guaranteed a significantly-improved set of Schedule A (unemployment) results. There are no "lies" in those results - just a temporary "adjustment" in the information-gathering process.
No one in the Labor Department was involved in that adjustment.
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NC_Tigah
LSU Fan
Member since Sep 2003
40059 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:49 pm to trackfan)
quote:
trackfan
You're on a roll today.
That may well be the worst piece ever written in the HuffPo.
You believe this country has just experienced one of the greatest 30-day employment performance improvements in our nation's history? Is that what you believe? Seriously? Because therein lies the profound intellection BLS forwards with these numbers.
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trackfan
LSU Fan
Baton Rouge
Member since Sep 2010
10842 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:49 pm to LSURussian)
quote:
From your link...
I don't think that anyone is disputing his business acumen. As a matter of fact it was because of it that his tweet was taken so seriously. If Donald Trump had tweeted the same thing, folks would have written it off as a circus clown acting like a circus clown.
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Interception
Providence Fan
Member since Nov 2008
8559 posts
Online
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:50 pm to trackfan)
quote:
As the saying goes, if you can't stand the heat, get out of the kitchen
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buddhavista
Member since Jul 2012
3543 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:55 pm to NHTIGER)
quote:
I don't believe they cooked the books in the conventional sense of the term......here are no "lies" in those results - just a temporary "adjustment" in the information-gathering process.
i doubt they downright lie, i.e. go in and change numbers. But they can play around with sampling and execution.
And more importantly, they do things like re-define terms (unemployment to exclude u6 for instance).
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NC_Tigah
LSU Fan
Member since Sep 2003
40059 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 3:58 pm to NHTIGER)
quote:
I don't believe they cooked the books in the conventional sense of the term. They simply altered one step in the process which guaranteed a significantly-improved set of Schedule A (unemployment) results.
The 7.8% number is being touted by BLS as equivalently derived compared with previous U3's. In historic terms, it really does equate to cooking the books.
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BlackHelicopterPilot
LSU Fan
Top secret lab
Member since Feb 2004
26426 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 4:00 pm to trackfan)
quote:
As the saying goes, if you can't stand the heat, get out of the kitchen.
Or, if you have more money than GAWD...why the hell would you do something you no longer enjoy?
He did not like something. He removed himself from it.
Sounds like a good idea. I wish I had the money to simply say GFY to jobs / situations that weren't fun any longer.
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NC_Tigah
LSU Fan
Member since Sep 2003
40059 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 4:01 pm to trackfan)
quote:
I don't think that anyone is disputing his business acumen.
Good God Almighty, WTF are you talking about?
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RTR America 
Alabama Fan
Memphis, TN
Member since Aug 2012
3590 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 4:19 pm to NC_Tigah)
The sickly, stagnant september jobs report
But keep pimping this number
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NHTIGER
LSU Fan
Central New Hampshire
Member since Nov 2003
6472 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 4:26 pm to buddhavista)
quote:
But they can play around with sampling
THAT is what I was referring to.
The Commerce Dept., not the Labor Dept., manipulated the outcome.
They gave the Labor Dept. the raw material from which the A tables and all six unemployment rates were constructed.
No lies, no padding of numbers - just an "adjustment" by an agency of the Commerce Dept. that has long been thought of as the most potentially corrupt of all govt. agencies.
Incredibly easy to do, and only a very few individuals would even know.
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trackfan
LSU Fan
Baton Rouge
Member since Sep 2010
10842 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 4:27 pm to NC_Tigah)
quote:
Good God Almighty, WTF are you talking about?
Read before you post. Come on man.
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NC_Tigah
LSU Fan
Member since Sep 2003
40059 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 4:53 pm to trackfan)
quote:
Read before you post. Come on man.
quote:
I don't think that anyone is disputing his business acumen.
Jason Linkins, a disgraceful twit previously sinking so low in his musings as to be disciplined by HuffPo, was doing just that. Following Linkins' sarcastic proclamation, "Jack Welch, the strongest and most capable CEO in the history of the world," Welch is described as "an old executive who sows derangement on the Internet." Sounds fairly dismissive of his business acumen to me.
FWIW, a litany of CEO's, Bankers, and Wall Street Executives have since expressed total disbelief not only at the numbers, but at the audacity of BLS to promote them.
So I asked a question of you earlier in the thread regarding believability of these BLS numbers implying we just enjoyed one of the greatest employment months in our country's history.
I don't expect you to respond.
I do expect you to think.
This post was edited on 10/9 at 5:00 pm
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CptBengal 
USA Fan
BR Baby
Member since Dec 2007
30450 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 4:56 pm to NC_Tigah)
quote:
I don't expect you to respond.
I do expect you to think.
the man still thinks W had no idea NOLA was underwater for days.
He still believes that there is nothing to F&F or Benghazi.
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91TIGER
LSU Fan
Lafayette
Member since Aug 2006
5449 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 5:05 pm to BlackHelicopterPilot)
quote:
He did not like something. He removed himself from it.
Sounds like a good idea. I wish I had the money to simply say GFY to jobs / situations that weren't fun any longer.
I hear you BHP ! I wish I was in that position too. Why take bull shite when you can walk and enjoy yourself ?
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Tigah in the ATL
LSU Fan
Atlanta
Member since Feb 2005
20589 posts
| re: Jack Welch Quits Fortume Magazine and Reuters (Posted on 10/9/12 at 5:08 pm to trackfan)
Jack Welch was a product of GE just like a gas turbine. Dozens more of him where he came from.
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