More Comments From Summit

[Parsad]

Some more comments from the Montana Economic Development Summit.  The best quotes were by Jeffrey Immelt, CEO of GE:

 

Immelt said angry political rhetoric is not helpful and headlines are too focused on finding negative indicators. He said business at GE, one of the world's largest companies, is improving.

 

Immelt said the country is going to need to adjust, though. The economy since the 1970s has been driven by consumer credit and a misguided notion in building a "lazy" service economy, he said, and manufacturing, with an aim to reduce the trade deficit, is the key.

 

"It was just wrong. It was stupid. It was insane," Immelt said of the push for a service-based economy. "The future of our economy has to be as an exporter."

 

He said GE is now finding it profitable to build manufacturing and service centers in the United States rather than overseas, because it is finding it more competitive to do so.

 

More investment is needed in technology innovation, exports need to be rejuvenated, and clean energy and affordable health care need to be given top billing for policymakers, Immelt said.

 

But the corporate leader said he recognizes a polarizing environment in Washington makes it unlikely a national energy policy and other helpful guidance will ever take hold. Instead, he urged local business leaders and government officials in the audience to come up with their own local solutions.

 

"Anger is not a strategy. Anger does not create growth. Only optimism creates growth," he said. "Be the contrarian. Everyone is mad today. Be happy."

 

http://www.cfnews13.com/article/news/ap/september/150464/Buffett-Ballmer-predict-bright-economic-future

 

Cheers!

[bargainman]

Sounds like he's on board with Andy Grove's thoughts:

 

http://www.bloomberg.com/news/2010-07-01/how-to-make-an-american-job-before-it-s-too-late-andy-grove.html

 

[Guest longinvestor]

What a refreshing worldview of Immelt. What a change in what the company stands for. During the much ballyhooed 90's, under Welch, General Electric took on the GE moniker, apparently to rid itself of the "old manufacturing" image that came with the name General Electric. Capital, leasing, NBC etc were in, motors, appliances etc out. GE appeared to be pandering to the street.

 

Much of Wall street has been calling for Immelt's head because the stock has not done well since he took over. Obviously he's had much of the muck from a decade to clean up as it became evident during the financial bust of 08. 

 

Immelt's/Grove's views should be music to all those ears of simple minded folks amongst us! Have not heard that in over two decades.