GE chief expects ‘negative growth’
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The U.S. economy will have two or three quarters of “negative growth” once global financial systems stabilize, General Electric Co. Chief Executive Jeffrey Immelt said.
“You might have a two- or three-quarter negative growth and then a slow pullout,” Immelt said at New York University’s Stern School of Business.
GE, the biggest U.S. issuer of commercial paper, said it planned to use a new short-term funding facility from the Federal Reserve when the program starts next week, throwing its weight behind Fed efforts to unfreeze the credit markets.
“I’ve already seen 20 things I never thought I’d see in a lifetime, and I’ve already done 10 things I never thought I’d have to do,” Immelt said. “And I’ve got the next 10 lined up.”
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