“I’m comfortable that the government has to step in when the free market gets off rail. The nice thing about our government, compared with France — everyone says we’re going to be France. We’re not going to be France. We go in and go out.”
– Jack Welch on ABC’s This Week this morning

And why is Welch comfortable with government intervention? Because he’s realistic. He knows what would have happened had the government not intervened.

Look, Republicans do themselves no favors by trying to redefine what socialism is and suggesting before Obama has taken office that he’ll be a liberal boogeyman who’ll take away our freedoms. Because that’s a bar set so low he’ll be able to walk right over it to solidify a very moderate, reasonable image.

Business Jack Welch On “Socialism”