All Rich Guys Think They are Infallible….

via Jack Welch: I was right about jobs report – Oct. 9, 2012.

Welch, the former CEO of General Electric, had previously contributed content to Fortune, but following critical coverage of his comments on the jobs report and tenure at GE, Welch said in an e-mail Tuesday that he was terminating his contract with Fortune.

In his WSJ op-ed, Welch suggests that the reaction to his criticism of “the ruling authorities” was something he would expect in Soviet Russia or Communist China. “Nope,” he wrote, “that would be the United States right now, when a person (like me, for instance) suggests that a certain government datum (like the September unemployment rate of 7.8%) doesn’t make sense.”

I am using the source above to give you an example of the fact that all rich guys think they are infallible. It seems that once a person has managed to collect a few million bucks they come to the conclusion that they know everything. While Jack Welch definitely had some successes at running General Electric in the 1980s he really didn’t do anything more than listen to what his people told him and then choose a profitable path.

I am going to give you a technical term for the reason people who have success in one area then think they know everything in all areas. It is call having a “big-head” 🙂  Of course Jack Welch is not the only person to show symptoms of having a big-head. There are many others. The most obvious one right now is Mitt Romney. He thinks he know everything since he was successful at buying companies and stripping them down and selling their parts for a profit. He thinks that since he made a few bucks doing that he is somehow infallible.

Another symptom of having a big-head is that you think that everyone will believe whatever comes out of your mouth.  Mr. Welch says he doesn’t need any proof that somehow the unemployment numbers were fixed; he just knows its true and we are supposed to believe him. Mr. Romney is also much like that even when he says exactly opposite things. He thinks everyone believes whatever he says.  The trouble with this is that there are some people who actually do believe everything he says.  How else can you explain why so many say they will vote for him even after flip-flop after flip-flop 😉

Whenever I think I might be getting a big head I go to visit my hero Will Rogers to see what he says about the subject I think I know all about. Now don’t get me wrong, I’m not saying that I made a bunch of money like the yahoos I am talking about here. It is just that sometimes I come to the grandiose conclusion that I got it right about this or that and others just can’t for some reason understand. Whenever my head starts swelling I read Will’s words:

Everybody is ignorant, only on different subjects – Will Rogers

There is nothing so stupid as an educated man, if you get him off the thing he was educated in. – Will Rogers

Thanks Will for keeping me level-headed. Now if only Mr. Romney, Mr. Welch and so many others would just heed your words of wisdom and realize they too are not perfect.

5 comments

  1. I can’t help but think of the biggest jerk there is…Donald Trump. He continues to try to influence the election (and other issue that suits him) with his nonsensical demands for documentations from Obama and then throws money around like a potentate. I don’t care how successful a businessman he is, he is also a pompous blowhard. Sorry to start the day with a rant but he really sets me off.

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  2. It is amazing when a man who was the child of a rail conductor and a housewife, gains a Phd in Chemical Engineering from U of Illinois, starts at the bottom and goes to run one of the largest companies in the US – to a 4000% profit change in 10 years (which means he probably knows a bit about hiring and firing numbers— just kidding)- is considered a head that had nothing to offer. (The world’s longest run on sentence:>)
    I heard him that day on Squawk Box when the numbers came out—–AND the entire news crew on every channel was amazed, he just said what was written on every face….
    Then again- maybe you jest.

    Just because you disagree with someone does not make them a “talking head” or an idiot.

    On Donald Trump- I could not agree more.

    I do love reading your blog in the morning—gets me awake enough to teach 130 students at a 940 student school that is about 70% free and reduced lunch (that translates to just under or under the poverty line). I tell them every day that this is still a bootstraps up country and education and hard work are major keys. A political blog like this one helps get me out the door!

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    • Don’t mean to gang up on you, R.J., but I kind of agree with Janette on Jack Welch. I haven’t studied his positions on everything, and probably wouldn’t always agree with him, but when I have heard him speak on a panel or interview I thought he was a pretty sharp cookie. Mind you, he may not be a nice guy, but he’s not dumb.

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      • I do feel ganged up here but that is ok considering it comes from two of my favorite viewers. 🙂

        Being that I follow my hero Will Rogers in most of my posts, yes there is always a hint of jest in almost everything I say. But I will stand by Will’s words that just because you have success in one area does not make you an expert in ALL areas. Yes, I admire Mr. Welsh in what he accomplished and he deserves much of the millions he was paid. But he doesn’t know everything!!

        I almost brought up Henry Ford as another example. I very much admired him in giving his workers a “living wage” and giving all of us a reasonably priced car. But I don’t admire him for his very radical anti-Jewish stands. He just got it wrong in that area just as Jack got it wrong here.

        “Everybody is ignorant, only on different subjects” – Will Rogers

        But now I know I have gone too far when my blog is labeled a “political one”. That tells me I have got to fight my way out of the dark side or it will engulf me. My blog is supposed to be about life. Of course politics is a part of that but…. Starting a week from today I will try my best to boycott everything political for a while. There is a lot more in this world than politics that I can poke fun at 🙂

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