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Jack Welch hooked the American economy on predictable profits every quarter. He invested in nothing, preferring to grow revenue by acquisition and contain losses through layoffs and selling businesses. He saw employees as expenses, not assets, and brutally minimized that expense.

The split GE is trumpeting today is actually just GE selling itself for parts. Welch's focus on the market at the expense of all other stakeholders is an abject long-term failure, and we should stop emulating it.