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NEW YORK (Reuters) - Former General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) Chairman and Chief Executive Officer Jack Welch said the U.S. economy faces a deep downturn in coming quarters, and he supports a proposed $700 billion government rescue package for the financial sector.
"I now believe we are in for one hell of a deep downturn," Welch told the World Business Forum in New York on Wednesday, adding that the first quarter of 2009 will likely be "brutal."
Until recently, Welch said, he had believed the U.S. economy could avoid recession, but he has changed his mind.
"I am now caving," he said. "Get ready for real tough times. They're coming. There is no credit available."
NSS - I have lived with very few, except for the mortgage, loans. Why are businesses so different? They and the government should live within their means just like everyone else. If you want a huge TV save up the money. If you want to build a new factory sell more stock. If you want more government wars then raise the taxes.
Why do businesses expect to get a loan for everything they do instead of using investor money? The mass of the US population has been shown by the example of the business community and the government that savings are for chumps. We were taught that we could “borrow and borrow and spend and spend” and never have to pay it back. We only had to pay the interest. Well the lenders want their money and we do not have the wealth to pay the piper. He has gone home and the dance has ended. This is going to be one H**l of a hangover.
Last edited by GregW; 09-25-2008 at 07:09 AM..
Reason: grammer
Psss . TPTB know full well that the end of the 1st Quarter of 2009 the economy will be in DEEP KIMCHI . That is why the plans for martial law are being finalized.
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