Jack Welch: I Was Right, and I’m Done with Fortune & Reuters

The Liberal Death Star reports that Jack Welch has had enough. As you know if you listened to last Sunday’s edition of the Teri O’Brien Show, Mr. Welch tweeted that he suspected it was a tad too coincidental that about 48 hours after the One fell flat on his face in the first presidential debate, suddenly the unemployment rate fell .1% below where it was when he took office. Shazam!! After he expressed his healthy skepticism, he went on Chris “The Screamer” Matthews’ show last Friday. The audio from that exchange is hilarious, so if you missed it, please check it out by listening to last Sunday’s show in the sidebar at the right, or downloading it from iTunes or Blog Talk Radio.

After Fortune’s Managing Editor Andy Serwer went on the 24/7 nuthouse’s “Morning Joe” yesterday, and disagreed with Mr. Welch’s stating of the obvious last Friday, the legendary CEO penned a terrific op-ed that appears in today’s Wall Street Journal. Here’s a little of that to give you the flavor of that:

The Obama campaign and its supporters, including bigwigs like David Axelrod and Robert Gibbs, along with several cable TV anchors, would like you to believe that BLS data are handled like the gold in Fort Knox, with gun-carrying guards watching their every move, and highly trained, white-gloved super-agents counting and recounting hourly.

Let’s get real. The unemployment data reported each month are gathered over a one-week period by census workers, by phone in 70% of the cases, and the rest through home visits. In sum, they try to contact 60,000 households, asking a list of questions and recording the responses.

Some questions allow for unambiguous answers, but others less so. For instance, the range for part-time work falls between one hour and 34 hours a week. So, if an out-of-work accountant tells a census worker, “I got one baby-sitting job this week just to cover my kid’s bus fare, but I haven’t been able to find anything else,” that could be recorded as being employed part-time.

This piece is terrific, and well worth your time, so please check it out.

One paragraph in the New York Times article caught my attention:

In an article that Fortune posted online Tuesday afternoon, Stephen Gandel wrote that on Monday morning Mr. Serwer went on MSNBC’s “Morning Joe” and disputed Mr. Welch’s contention about job manipulation. In a phone interview Tuesday, Mr. Serwer said that he tried to get comment from Mr. Welch, who had written seven columns for Fortune with his wife, Suzy. Mr. Serwer said he never heard back from Mr. Welch, but said he heard from readers complaining (emphasis mine) that a contributor to Fortune would make a statement like that on Twitter.

Do you suppose any of those angry readers work in the White House?

The Teri O'Brien Show

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