GE's Deal With China Good or Bad for American Business?

GE makes employment deal with world's second largest economy


This is a rush transcript from "The Five," August 23, 2011. This copy may not be in its final form and may be updated.

ERIC BOLLING, CO-HOST: Who says President Obama doesn't create jobs? This week alone, he created jobs for several hundred thousand illegal immigrants by instructing the Immigration and Customs Enforcement agency to look the other way with arrested illegals.

And today, GE announced that they are creating thousands of jobs in China.

Greg, I saw this story in The Washington Post and said we have to talk about this tonight. G.E. creating jobs, airline jobs no less, building airliners, in China. Meanwhile, the NLRB in South Carolina are trying to make sure we lose the jobs, making it almost impossible for Boeing to build in South Carolina.

GREG GUTFELD, CO-HOST: I am outraged!

Not really. Look, I'm for trade. I think it's a good idea. I know we have like a $270 billion trade deficit. But whenever we work with other countries, they get to know us more. We get to know them. And business is good all around. So, I can't get worked up about it.

BOLLING: Robert, Jeff Immelt heads GE Here's a guy who shipped more than 20,000 jobs over his decade heading GE, over to China. Closing jobs here, opening them up in China, who happens to be job "czar" for Obama.

BOB BECKEL, CO-HOST: Just so our audience understands this, we have a phone call every morning at 10:00 talk to what we're going to talk about. And this morning, what did Eric want to talk about? Coca-Cola is going to put a bottling plant -- and we dropped that. I noticed we dropped that. Why? Because they informed you that they make Coca-Cola in the places where they sell it.

Now, in this case, they are using flight simulators which are built in the United States by American workers, to train Chinese pilots. Now, is there anything wrong with that?


BECKEL: It's built in the United States --

BOLLING: The part where you said Chinese workers. See? I prefer, Dana, American workers.

BECKEL: No, no! I said -- what are you, deaf?

BOLLING: I heard exactly what you said.

BECKEL: I said they build it here with American workers.

BOLLING: You said Chinese workers.

BECKEL: No, I didn't. I've had enough trouble with Chinese --

GUTFELD: Bob, apologize to deaf people.

DANA PERINO, CO-HOST: I was wondering what that worrying was if it was the black helicopter swirling.

BOLLING: Oh, come on, Dana Perino. Are you kidding me? Really?

PERINO: Yes. I think on the immigration thing, I think everybody should take a step back. That was -- we should not oversimplify that situation.

I also think when it comes to supply and demand, Americans need to learn a little bit of something. Companies go where the jobs are.

I don't disagree with you on the NLRB issue and Boeing. And I think the Obama administration, by being silent from the White House on it, has a significant problem in that if you have a company that wants to build planes in America, they should be allowed to do that without union influence telling them that they can't. But I just can't get worked up about this.

And on the Coca-Cola thing, if you look at some -- a company like G.E., even though I think the job "czar" idea was a bad idea, Coca-Cola is a really -- it's good for our diplomacy.


PERINO: It's the second most recognized word in the world after of OK.

BOLLING: Andrea, I know you want to get in here but before we go, we have to stay on China a little bit.

Joe Biden spent the last couple of days throughout China, Japan, et cetera. But he -- at one point, he said quote -- this is a quote from Joe Biden -- your policy has been one which I fully understand. And he is talking about the one child in China policy.

Boy, you know, off-base, delusional. This guy is a Catholic. How can he come and say something like that?

ANDREA TANTAROS, CO-HOST: Right. Well, there's always been the cognitive dissonance between the Catholic Democrats and abortion. But I do think that -- we've seen this before when Hillary Clinton goes to China, they are hamstrung in a lot of things that they can actually say, because they hold a lot of our debt. And so, yes, he gaffed when he said this one child policy. He agrees with it.

I would say though, this is a real issue for China. I mean, they are heading to serious unchartered demographic territory. They have 32 million more boys than women under the age of 20. How are they going to take care of the aging population?


TANTAROS: You look at the cultural impacts of this, too. There's going to be prostitution on the rise. I mean, you have 32 million Chinese men and not substantial women.

And a quick point just on this, on the companies. I will say I actually do agree with Bob on this one, too. I think it's good when we export our stuff. It doesn't look good for the White House.

BOLLING: Export stuff. Don't export jobs.

TANTAROS: Let me tell you something -- piracy is the real issue, because if they start to steal our sensitive technology, we are screwed.

GUTFELD: Let me go back to Biden thing. I think that he was trying to be polite, but it's hard to be polite about policy that basically kills millions of unborn females. But I don't think he meant it that way. He was just -- you shouldn't even address that.


GUTFELD: I think -- I think he was trying to be polite and he was trying to get by. The big problem here American feminists who somehow think pro-lifers are more of a threat than this kind of practice.

BECKEL: Just for a second, I'm sure Andrea doesn't -- I think she wasn't -- she misread that a little bit. He never said he supported, he said I understand it.

But he said -- just what you said, he said you have a real problem here because you have many too young people. Can I go back and tell you a little bit, just a little history on China on this thing? This goes back decades. Why? Because China was overpopulated and could not feed its own people. The one child policy was there because kids were dying in rural areas. They couldn't feed them.

BOLLING: Pull up the Obama administration quote. The Obama administration today making I guess amends for Mr. Biden. They say, "The Obama administration strongly opposes all aspects of China's birth limitation policy. The vice president believes such practices are repugnant."

BECKEL: Would you guys stop apologizing for everything?

PERINO: I wish the White House didn't feel like they had to put out that statement. I think Joe Biden didn't mean it to come across the way he did. I think that the media and others have run with this in the wrong direction. There is a difference between saying I can understand it, just like as Bob -- you look back and say I understand what they were thinking. I don't agree with it, but I can understand it. There is a big difference there.

BECKEL: It's a much bigger difference.

PERINO: I just think we should ought to let it all go.

BECKEL: I don't understand why the White House feels compelled for Joe Biden to explain himself. He said I understand it but it's going to get you in a lot of trouble. It was a policy to that was instituted to save lives --


BOLLING: Clearly the White House felt they needed to clarify Joe's thoughts.

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