Welch: Administration Has Scary Grip On Economy


The Obama administration has taken advantage of the economic crisis to get a tighter grip on the US economy, and this does not bode well for business, Jack Welch, former GE CEO and author of "Straight from the Gut," told CNBC Friday.

"There are so many things that bother me right now. Over the last couple of weeks, things have really gone south in the government relationships," Welch said. He added that it's as if the administration was thinking, "there's a crisis and now we can get in here and do all the things that we dreamed about when we were at Harvard."

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