"Poised to turn a first-quarter profit.... earned $8.5 billion last year.... military engine orders are expected to be strong, which will mean stable employment"
And STRONG PROFITS for WAR LOOTERS!!!
"GE chief holds upbeat outlook for quarter; On tour, Immelt says military orders should keep Lynn plant stable" by Kathy McCabe, Globe Staff | March 25, 2009
LYNN - Despite credit downgrades, General Electric Co.'s financial services unit is poised to turn a first-quarter profit, and likely will not have any toxic assets to sell off, chief executive Jeffrey R. Immelt said yesterday in an interview at the company's aircraft engine plant.
"We earned $8.5 billion last year, we'll be profitable in this cycle," Immelt said of the financial services unit. "Investors are concerned by all financial services' exposures, including GE Capital. That's had a big impact on our stock price."
GE Capital, the company's finance unit, issues credit cards and sells commercial mortgages and other financial products. But with consumers limiting their borrowing or defaulting on loans, the unit is largely to blame for two credit downgrades.... Still, Immelt said the unit is fundamentally sound....
Our economy's fundamentals are strong, remember that?
Immelt also said GE Capital likely will not take advantage of the toxic asset program detailed Monday by Treasury Secretary Timothy Geithner. Under the plan, $100 million in federal bailout money will be used to buy bad real estate loans, in an effort to revive credit markets....
Are YOU tired of the lies yet, readers?
Immelt predicted the federal bailout plan will succeed in stabilizing the nation's financial system. "The government has moved, with unbelievable power. They'll be investing something like $2 trillion," Immelt said. "And it's just inconceivable to me, that the government, once we invest this money, that we can't stabilize this economy, toward the end of this year, maybe the end of next year."
But recovery will be slow, despite government investment, he added....
During a tour, Immelt met rank-and-file workers on the assembly line of the F414, an engine that powers military fighter jets. He chatted easily with workers, peppering them with questions about production methods.
"I'm happy he came," said Tom DeLuca, a 34-year GE veteran and shop steward. "I wanted to show him that our workforce makes the best jet engines in the world."
GE Aviation, which includes the Lynn plant, is one of the company's oldest industrial units. Although weak demand is expected for commercial engines, military engine orders are expected to be strong, which will mean stable employment in Lynn, Immelt said.
If that's what this economy is based on -- the weapons of war and their worship -- maybe it's best that AmeriKa's economy implodes. Fuck this!
"This facility from the military standpoint is in, I would say, very good shape," he said after the tour. "I just think commercial aviation is going through a tough cycle."
But GE Aviation, along with the company's other core businesses, such as its medical equipment operation, are poised to have a strong year, boosting the company's overall performance, Immelt said.
How's your year looking, Amurkn? You gonna make $8 BILLION dollars?
"My expectation is that our infrastructure businesses will have positive earnings in 2009, even in a deep recession," he said. "Because of our service businesses, because of our global growth, and because of big backlog [orders], I think the performance is going to look pretty good to the outside world."
By "outside world" he means Wall Street and the stock, folks!
As for those STANDING UNDER the BOMBING PLANES, not so good.
