This morning at a Wall Street Journal Executive Breakfast event in New York Jeff Immelt, CEO of GE made the statement that:
The U.S. economy is in its worst shape since the deep recession of 1974 and 1975, and if it deteriorates further the most meaningful comparisons will be to the Great Depression
Government actions taken since the crisis accelerated in September 2008 have "stabilized the credit markets as best as they can be, but financial services remains a really difficult place to be. Behind that comes a global recession that has yet to unfold. the mood is really tough."
The governments are all in, and my own view is that the government always wins.
Oddly similar to Obama's Op-Ed this morning in the Washington Post:
Every day, our economy gets sicker -- and the time for a remedy that puts Americans back to work, jump-starts our economy and invests in lasting growth is now.
So we have a choice to make. We can once again let Washington's bad habits stand in the way of progress. Or we can pull together and say that in America, our destiny isn't written for us but by us.
I think it's time to ask what GE stands to gain from the Stimulus Bill and the immense pork spending that will undoubtedly require contracts with GE. I suspect that Brian Faughnan has caught the deer in the headlights, if you will.
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