Monday, June 28, 2010
US industry passes out
I won't knock Plugs here, but this is almost like a Bush 1 moment.
"A country that doesn't innovate, stagnates." (plop)
Maybe companies like GE should quit financial innovations and instead spend their resources innovating actual products? There are plenty of tangible goods left to be invented and sold. In fact, I'll wager there are an infinite amount of goods yet to be invented and sold profitably.
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3 comments:
Joe Biden's hair is an innovative, man-made product. :)
GE is a bank which happens to manufacture stuff. It is knee deep in politics with leadership which thinks itself smarter than the "little people".
Sorry to see this CEO pass out, but he was saved from listening to Biden...who seems to be in the news a lot recently while his boss is less so...hummm.
Major US businesses are no longer interested in innovating to create new product lines. They are interested in protecting income from old product lines. But that doesn't work either.
Remember how 25 years ago you had to go to a special appliance store to buy a GE microwave? And it was several hundred dollars? Now you can buy a much superior model, even one of theirs, for well under $100 ($50 inflation adjusted?) at any corner drugstore. They retain a market share but at zip margin.
Let this be a first rule for manufacturers trying to make a profit - if they sell it at Walmart, it's time to get out of that business.
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