Saturday, June 20, 2009

GE Vice Chairman: No Green Shoots

by Calculated Risk on 6/20/2009 01:00:00 AM

From Bloomberg: GE Vice Chair Rice Sees No ‘Green Shoots’ in Orders (ht Comrade de Chaos)

... “I am not particularly of the green shoots group yet,” [General Electric Co. Vice Chairman John] Rice said ... “I have not seen it in our order patterns yet. At the macro level, there may be statistics suggesting the economy is starting to turn. I am not seeing it yet.”
...
“We see a world where good companies and good consumers can’t get all the credit we would like,” Rice said. “Companies with lots of cash on their balance sheet are worried about whether they will get what they need for working capital” and are cutting spending.

“Until that changes I don’t think you will see a significant rebound,” Rice said. “We are preparing for 12 or 18 months of tough sledding.”
Maybe the cliff diving is over, but no green shoots ....