GE chief warns on US depression threat

The US economy is suffering its steepest downturn since at least the 1970s and could descend into a depression, Jeff Immelt, General Electric’s chief executive, warned on Thursday.

I can't figure out why this guy has a job. Clearly his board does not believe in his management, within the last six months they dumped a net of 199,257 shares of GE stock, and before that they dumped a net of 525,891,000 shares.

Lets look at an abbreviated look at GE corporate follies. Their financial arm bet long on the real estate bubble, which is probably why they needed a government bail out.

Back in 2002 Bill Gross of PIMCO was quoted in the Financial Times worrying about GE paying dividends, but borrowing heavily in short term bonds. Shortly afterwards GE agreed to longer term/higher interest bonds, gave Gross his on show on CNBC, and bought serious advertising on the FT website. Problem solved, at least the PR problem solved.

GE makes a lot of medical equipment, that it can charge the American market an obscene price for. Don't expect any honest coverage of the health care debate from NBC/CNBC/MSNBC.

GE media properties played a large roll in lying our country into war, which its defense properties made a pile of money on.

Then GE became an accessory after the face to the CIA leak case when it bankrolled Andrea Mitchell/Tim Russert's legalized obstruction of the investigation. Think about that, a defense contractor involved in a major national security disaster.

Now GE has its TV hairdos out explaining why our government should not spend money to make our lives better and why our money should be reserved for the Jeff Immelts of this world. Why do we put up with it?