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BUSINESS BRIEFING / THE ECONOMY

GE chief expects 'negative growth'

October 25, 2008|Times Wire Reports

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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