"Germany is the model."
General Electric Chief Executive Officer Jeff Immelt, opening for President Obama at the annual conference of the federal export-subsidy agency, phrased Obama's industrial policy in terms that were not quite as focus-grouped as the president's.
Immelt was at the Export-Import Bank's conference rallying the troops behind Obama's National Export Initiative, aimed at doubling U.S. exports in five years. Immelt praised Germany and Japan's policies of "government and business working as a pack."
The GE CEO lamented that "for so long, we've said, 'It just doesn't matter. Let whatever happens happen.' "
But in Germany, Immelt pointed out, Chancellor Angela Merkel huddles with corporate leaders and says, "Let's kick some rear." The Germans exhibit stronger "public will" and national "vision," Immelt says. "The companies roam as a pack. They stick together. And the government supports the companies to be exporters."
France and Japan are also better at economic team play. And Immelt flashed an envious smile when he said, "China pays all the bills." "What you see in China," Immelt added, "is an incredible unanimity of purpose from top to bottom."
