By Thomas Grillo
Jack Welch, the former CEO of General Electric, blasted the Obama administration and Congressman Barney Frank this morning telling a banking audience that the Democrats’ actions to restructure the entire economy are “insane.”
“I hope that the New Jersey and Virginia governor’s race will put some realism into this administration,” Welch told an enthusiastic crowd at the Bank Administration Institute convention at Boston’s Convention and Exhibition Center. “I hope it will cause them to pause and not just jump into anything they encounter.”
Welch was referring to the races on Tuesday where Republicans bested Democrats, a sign some say that voters are unhappy with President Barack Obama’s handling of the country.
“I desperately want more thought so we don’t throw out some of the great things we have in this country,” Welch said to more than 1,000 bankers who watched the 73-year-old via video hookup. “Right now, Barney Frank has the floor. He can send us down paths that might be bad for us. That’s frightening. I hope the elections in those two states will slow the speed at which we are attacking climate change, financial regulations and health care. We can’t just pile up deficits and restructure the entire economy in 12-18 months. It’s not doable. It’s insane.” [emphasis mine]