Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: lorne who wrote (84509)	5/24/2010 12:27:32 PM
From: Hope Praytochange	Respond to of 224705

By Scott Malone BOSTON, May 24 (Reuters) - The U.S. economy faces major problems while Europe's economy is "teetering," the head of General Electric Co (GE:$16.20,00$-0.22,00-1.34%) told a class of graduating college students on Monday. "We are at an unprecedented moment in the history of our country. There is economic and social anxiety," said Jeff Immelt, chairman and chief executive of the largest U.S. conglomerate. "Europe appears to be teetering." Still, Europe's troubles do not appear to be enough to derail the world's overall economic recovery, he said. "It's going to be slow growth in the economic region, but look, I'm 28 years with GE and I can't remember when Europe was fast growth," Immelt told reporters after his speech. "I think the U.S. economy is very good right now and improving. We have to see what happens in Europe, but I don't think it's enough to slow the recovery, I really don't." The U.S economy will have to confront problems ranging from the rising cost of healthcare to the loss of many of the manufacturing jobs that once sustained the nation's middle class, Immelt told the graduating class of Boston College, where GE does extensive recruiting. The company currently employs some 270 alumni of the school. "Look, it's a mess out there. There are some real problems that need to be fixed. I could really bum you out if I wanted to," Immelt said. "The country will be better coming out of the financial crisis if we learn a few lessons: that real, honest, ethical leadership matters, that the U.S. cannot prosper today as just a service economy." Improving the U.S. healthcare system is a pet cause of Fairfield, Connecticut-based GE, which is a major maker of medical imaging devices. GE aims to invest some $6 billion over the next four years in ventures it hopes will help lower the cost of healthcare. "The problems with the American healthcare system are real and will require great determination," Immelt said, according to a copy of his prepared remarks. The GE chief, who was awarded an honorary doctorate in business administration, also said the world needs to come to terms with the growing gap between rich and poor, both in the United States and abroad. "The global economy will not tolerate a few people getting rich while a lot of people get poor," said Immelt, who earned his Masters of Business Administration at nearby Harvard Business School. (Reporting by Scott Malone, editing by Dave Zimmerman and John Wallace)