Financial Briefs

Breaking financial news from Wall Street to Main Street

Jack Welch says U.S. faces “deep downturn”

Posted by financialbriefs on September 25, 2008

I now believe we are in for one hell of a deep downturn,” Welch told the World Business Forum in New York on Wednesday, adding that the first quarter of 2009 will likely be “brutal.”

Until recently, Welch said, he had believed the U.S. economy could avoid recession, but he has changed his mind.

 

“I am now caving,” he said. “Get ready for real tough times. They’re coming. There is no credit available.”

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