Jack Welch: We are in for a Brutal Time

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When Bush-McCain super booster Jack Welch issues warnings six weeks before an election, we are all in real trouble — no matter who wins the election.
From a Reuters/Nick Zieminski interview with Welch:

Former General Electric Co. Chairman and Chief Executive Officer Jack Welch said the U.S. economy faces a deep downturn in coming quarters, and he supports a proposed $700 billion government rescue package for the financial sector.
“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.”
Welch said mortgage lenders, legislators, investment bankers and others are all to blame for the crisis, which stemmed from easy credit and investors’ appetite for yield.
“The problem was money didn’t cost anything,” Welch said. “People took swings.”

— Steve Clemons
Editor’s Note: Thanks to Tahoe Editor for sending this clip my way.

Comments

64 comments on “Jack Welch: We are in for a Brutal Time

  1. Tahoe Editor says:

    Jack Welch Downer Update:
    Joe Scarborough: Jack! Talk about the state of the economy. Are you hopeful? Do you believe that America has gotten over the roughest stretch of it, and things are going to start looking up soon?
    Jack Welch: Absolutely not. I think we’ll have a third quarter that’s going to be tough to have any growth at all, and I see a fourth quarter of real negative growth.

    Reply

  2. Kathleen says:

    POA….. on gaffe’s you’d lose to Biden…did you see Ron Paul is endorsing the Constitution Party candidate, Chuck Baldwin? Kucinich, on the other hand, is urging his supporters to be practical and vote for Obama….some will but BO’s lead is not so vast he can afford to diss Kucinich the way he did when he said MCain didn’t know if he wanted to Barry Goldwater or Dennis Kucinich… in case party bosses didn’t notice, Kucinich’s speech was the only one that got delegates jumping to their feet, not just standing and clapping….

    Reply

  3. PissedOffAmerican says:

    “POA…don’t you mean “telepathic suggestions”?”
    Oops.
    Gettin’ old sucks. A few more gaffs like that, and maybe I can run for president.

    Reply

  4. arthurdecco says:

    LOL!

    Reply

  5. Kathleen says:

    POA…don’t you mean “telepathic suggestions”?

    Reply

  6. PissedOffAmerican says:

    Hey Tahoe, how’s that “decider” thang workin’ out for Monkey Boy these last few days?
    And Palin is definitely living down to our low expectations of her, isn’t she? Gotta love a mooseburger, though.
    Ah, and then there’s McCain, valiantly sitting silent in the meetings, saving our economy through telegraphic suggestion. What a fuckin’ maverick he is!

    Reply

  7. Kathleen says:

    Good to see so many new names posting……livens things up…Mr. Murder love your suggestion to eat the rich…

    Reply

  8. varanassi says:

    what kind of person goes on and on and on when nobody cares what they’re saying?
    i assume that you’re having fun tahoe, but really?
    why don’t you settle down for the next 40 days and just let everything play itself out?
    and i LOVE the predictions!
    you wouldn’t be winding people up, now would you, tahoe?

    Reply

  9. JohnH says:

    First Tahoe denies Dobson, then he can’t see Dobson’s relevance.
    Tahoe is either totally ignorant or possesses an amazing ability to switch into oblivious mode whenever it suits him. Just in case Tahoe really doesn’t know who James Dobson is and why McCain was so desperate to suck up to him, here’s some reading material: “The Jesus Machine: How James Dobson, Focus on the Family, and Evangelical America Are Winning the Culture War”
    http://www.amazon.com/Jesus-Machine-Evangelical-America-Winning/dp/0312357907
    McCain had no chance at winning without Dobson’s blessing. “James Dobson had repeatedly said that he would not under any circumstances vote for John McCain. Today, he said the selection of Palin had helped him change his mind.”
    Dobson is a titan of supposed moral rectitude and unwavering Old Testament principles, except when it comes to getting his candidate elected. Then his morality suddenly becomes jello. Moral absolutes, like having mothers stay at home to care for infants, become passing fancies.
    Like I said, Tahoe, whatever works, plant your values under your seat before you log in.

    Reply

  10. Ref says:

    Tahoe wins !!!
    WoooHoooo !!!!

    Reply

  11. Tahoe Editor says:

    You won’t get much traction with the guilt by association thing. Dobson’s not the one calling for the damnation of America.
    But really, I don’t see what Dobson has to do with this — this is your own issue. Do you need to talk to someone about it?

    Reply

  12. JohnH says:

    So Tahoe is denying Dobson now. Gotta love it! Dobson who?
    Of course, McCain’s desperate need for Dobson’s support is why Palin is on the ticket in the first place. Dobson, the man of moral rectitude and unwavering Old Testament principles–except when it comes to getting his candidate elected. Then his morality suddenly become situational, like those liberals he detests. And what are all those evangelist mothers supposed to do–become independent thinkers and determine moral behavior themselves or be whipsawed by the whims of their infallible leaders?
    So which is it, is the Republican religious base supposed to oppose mothers with infants working or aren’t they? Whatever the answer, expect it to change by 2012 according to the electoral needs of the moment. Oh right, I almost forgot, fetuses are sacrosanct, but having the government help with the support of children anti-market.
    Tracking Republican “values” is getting to be like watching the ball in a tennis match. If you’re not careful, it can lead to a real pain in the neck.

    Reply

  13. Tahoe Editor says:

    “The only people who I hear who are furious with the possibility of this debate being postponed are the media. I really don’t hear many real voters saying we would rather have a debate tomorrow in Oxford, Mississippi, rather than have a financial plan that doesn’t reward greed on Wall Street and doesn’t prevent people from getting kicked out of their homes.”
    “At this point, McCain looks like the shaper of events, and Obama looks like the victim of events. John McCain says he wants to do the people’s work, do the people’s business, and I think he realizes that most members of Congress are listening to their constituents, and their constituents are saying, “We want a deal we can live with,” not, “We must have a deal at 9 o’clock tomorrow night in Oxford, Mississippi.”
    — Roger Simon
    When Obama says he doesn’t want to “inject presidential politics” into this crisis, there’s a tacit, unconscious acknowledgement that all Obama has to offer is presidential politics — he can’t offer leadership.

    Reply

  14. John says:

    Lay off the kid and leave him alone.
    Sorry, kid.

    Reply

  15. Tahoe Editor says:

    Yes, and in 40 days you’ll be calling the electorate “stupid” as well. And you’ll still be out of power.
    James Dobson? Is he on the ticket?
    And what is your ultimate point about working mothers? Oh right, you don’t have one.

    Reply

  16. Evelyn says:

    It is weird how someone would regularly make an ass of themselves by ardently defending an ideology with the most stupifyingly stupid arguments available. This this really a sad eye opening display of a True Believer. Poor, poor Tahoe, how sad.

    Reply

  17. JohnH says:

    “Focus on the Family founder [James Dobson] has criticized liberals numerous times for supporting working mothers. Dobson has performed the mother of all flip-flops. Maybe he should change the name of his organization to “Focus on Politics” rather than “Focus on the Family.”
    “Today Conservatives have done an about face and now believe that even a woman with a special needs child can handle world travel and all of the other requirements for a 24/7 job as Vice President. Dobson and conservatives are supporting the feminist idea that women can do it all.”
    http://www.bestsyndication.com/?q=20080901_dobson_says_mothers_should_work_not_stay_at_home.htm
    Back in the day (2000, 2004) Republicans attacked moral relativists. Today they have become cynical moral relativists.
    Whatever works, Tahoe. Leave your values under your seat cushion before you log on.

    Reply

  18. Tahoe Editor says:

    Great, so you’re a drunk. Good for you. Sounds a lot like, “I thought the right wing hated women” (meaning the right wing actually doesn’t hate women, and it’s the Democrats who are willing to tear down a woman who doesn’t fit their mold.)
    I still maintain Harold Ford will be the only Dem left standing in November. Harry Reid & Nancy Pelosi are done.
    If Obama can’t adjust by a day or two because his foreign policy talking points will be in one ear and out the other within 48 hours — not to mention an abject inability and unwillingness to show leadership — “call me if you need me … and please, don’t call me”, it’s no good.

    Reply

  19. Kylia says:

    Tahoe, you are unraveling, becoming crazed. Wish I could see your face as you scramble to make this shit up. You’ll be in the loony bin before all this is over. The big crack-up is coming if you keep going on like this. Drink, maybe you ought to start drinking. It will lighten you up, and this sorry scene will fade away. It works, believe me, forget.

    Reply

  20. Tahoe Editor says:

    I’m sorry, did you actually say something? Uh, no.

    Extraordinary Popular Delusions and the Madness of Pundits
    John Podhoretz
    Reading the hyperventilation about John McCain’s proposal to put off the first presidential debate until the bill to address the financial crisis is solved, both pro and con, leads me to a stark conclusion: This presidential campaign has driven the political class in the United States to the brink of psychosis.
    http://www.commentarymagazine.com/blogs/index.php/jpodhoretz/32501

    Reply

  21. Dominic G. says:

    Tahoe, Tahoe, Tahoe, who pays you to troll here. I feel sorry for you having to sound so stupid, and its not your fault. Anybody would sound stupid trying to defend what you have been paid to defend. Hope you are well compensated for what you are putting your mind through. When do your principles kick in and you quit this charade?

    Reply

  22. Tahoe Editor says:

    Look at your man Obama, saying, no, we must not deal with this global financial meltdown while I have my foreign policy talking points down. Then he’s shuttled into the White House and made to sit at the end of the table while he’s made to look like a fool. This whole ploy is to highlight his abject lack of leadership — and it’s working wonders.

    Reply

  23. Fats says:

    yo, Tahoe, you gotsta change the subject now, man, you lost bad, so don’t waste anymore time on the indefensible and move on. Tell us how McCain saved the nation today from financial meltdown, or something. Dollars to donuts you can tell that story with the best of ’em. Come on, entertain us.

    Reply

  24. Tahoe Editor says:

    Just keep adding nothing to the tread, fool.
    Obama is the one who fears to debate — we’ve all seen that for months and months and months. He has been cramming these last few days and doesn’t want to lose the talking points that he has on the tip of his tongue. He’s the one who can’t walk & chew gum at the same time. If he can only perform tomorrow, and can’t perform Tuesday, it’s not lookin’ good …

    Reply

  25. Dora says:

    Just show at the debate, punk.

    Reply

  26. Tahoe Editor says:

    Obama’s sudden concern with the urgency of debate before all else is laughable; he’s stuck with this position because he has to show contrast — and also because he’s been ducking debate at every turn, so he’d be laughed off the stage if he suggested government action is a priority. If you prioritize campaign/media events over the functioning of the economy, you look like your typical, run-o-the-mill Democrat idiot. Listen to Bill Clinton — he’s the only Dem who knows what he’s talking about. The Clintons and maybe Harold Ford will be all that’s left of the Democratic Party come November.

    Reply

  27. Dora says:

    Tahoe, you are funny as hell; just show up punk.
    Enuf!
    War, out!

    Reply

  28. Crepe says:

    When McCain gets his head handed to him his excuse will be “I was so distraught, my friends, about the financial crisis, my friends, that I was unable to think straight, my friends (creepy smile) my friends, my friends, my friends, my friends.”
    What an embarrassment to the country this man has turned out to be.

    Reply

  29. Tahoe Editor says:

    pure delusion — following on the “pulling the plug” “canceling” language. The world won’t stop turning if Mississippi has to wait a few days. Arguing so is pathetic. Obama has been thrown off his game because it was his territory to run around like a headless chicken screaming “the sky is falling.” But when the government itself takes the crisis seriously and acts to address it … well then we need to make Oxford, Mississippi the center of the world. Inane. This is all about Obama’s lack-o-leadership.

    Reply

  30. Dora says:

    Just show up at the debate, punk; and what a cowardly excuse not to show i.e. “global financial markets crumble and credit freezes across the nation”. Oh, I’m so afraid that I won’t be able to hear the debate. And that’s your problem, you are fearful and cowardly. The debate is scheduled and that’s what we’re doing, make some more fool excuses up why your old man won’t show. Obama’s going to mop the floor with him. (Ah, there’s an excuse!)

    Reply

  31. Tahoe Editor says:

    The war hero stuff is neither here nor there for me. But whether the Ole Miss debate goes down Friday or Tuesday is also neither here nor there. Crying that the candidates must debate national security while the global financial markets crumble and credit freezes across the nation is INANE.
    Obama is being led around the country, asking others what he should do and showing no leadership whatsoever.
    And of course mocking McCain’s war wounds is the sort of nonsense that Joe Biden himself called “terrible.”
    Please, elaborate.

    Reply

  32. Crepe says:

    Oh boy, here comes the tirade about “Oh! How dare you disparage the service of our War Hero!”

    Reply

  33. Dora says:

    Do you think McCain will show up at the debate tomorrow, or crawl up in a corner with his blanket like a fearful spent old man.
    Which one will it be, the heroic vainglorious McCain spluttering spittle “my friends” that all roads lead to him being a big bad POW, or will he cower like the beaten man he his, flashbacking to when Dr. Wang repeatedly defiled him in Hanoi, and not show up in Mississippi all the while mumbling “the Horror, oh, the Horror.”
    Which McCain will it be, Tahoe?

    Reply

  34. Tahoe Editor says:

    If you think McCain is afraid to debate Obama, then you’ve been living inside your own head this entire election, ostrich-style.
    “The Congress” is non Reid & Pelosi. The entire GOP delegation in the House has questions about Hanky Panky’s $700 billion “trust me, and don’t question me” plan.
    Hysteric meltdowns about a debate delay of a day or two are exactly what we’d expect from the Democrats — and exactly what the Republicans want to highlight. So, please, keep making their case for them — you’re doing as great a job as those who say, “I thought the right wingers hated women and wanted them barefoot in the kitchen” — which is a tacit acknowledgment that the opposite is true, they are promoting women, while Obama spurns Hillary.

    Reply

  35. Dora says:

    The market was way up today. The congress has a bailout bill ready to go. The global financial crisis is postponed. And all because John McCain showed up in Washington today; superhero.
    With all that under his belt he should not be so afraid of debating Obama unless he is afraid of making an ass of himself because he doesn’t know shit and he’s old, wrinkly old and nasty, vs. cool.
    He should fake a heart attack next to get out of it.

    Reply

  36. Tahoe Editor says:

    You are deluded. Obama has been ducking debates since the snows if Iowa. McCain wants to debate — he just wants to save the global financial markets first. What’s more important? A global financial meltdown or a domestic campaign/media event in Mississippi? Delaying the first debate a couple days is perfectly reasonable. Screaming up and down that nothing can change and we must debate national security issues in the next 24 hours while the world’s financial markets crumble is brainless.
    Of course Obama could never have suggested delaying the debate by a day or two because HE’s the one who’s been ducking debates all along, and that would look really bad for him … he’s stuck between his own rock and his own hard place …
    Bill Clinton: Don’t ‘Overly Parse’ McCain Request to Delay Debate
    http://blogs.abcnews.com/politicalradar/2008/09/bill-clinton-do.html

    Reply

  37. Dora says:

    Tahoe, yeah, but big bad POW McCain is afraid to debate Obama. Why is Mr. Heroic afraid ?

    Reply

  38. Tahoe Editor says:

    PRINCETON, NJ — John McCain has gained ground and is now tied with Barack Obama among registered voters in the latest Gallup Poll Daily tracking update for Sept. 22-24, with each candidate getting 46% support.
    This update covers interviewing conducted Monday through Wednesday, and as such includes one night after McCain’s announcement that he was suspending election campaigning and flying to Washington to help seek a bipartisan solution to the financial crisis.
    http://www.gallup.com/poll/110668/Gallup-Daily-Race-Back-Tie-46-Each.aspx

    Reply

  39. Tahoe Editor says:

    “Why isn’t the holier-than-thou right wing religious community questioning why Sarah Palin isn’t at home taking care of her baby? I thought their religion stipulated that a woman’s place is in the home.”
    This is hilarious, not to mention very late to the game. Liberals in the know started to figure out a few weeks ago that saying things like, “I thought the right hated women” is the ultimate foot-shooting. Catch up.

    Reply

  40. Dougie says:

    i am a downs syndrome and i like your fights when i read and i like hulk hogan

    Reply

  41. Surly Duck says:

    Especially since the baby is Down Syndrome.

    Reply

  42. Bethie says:

    Tahoe,
    Really, “I know you are but what am I” is not an argument worthy of this board.
    I like you trolling here, even as a lurker I get a kick out of your posts, but really is that the best you can do?
    If you can’t admit that Sarah Palin embarassed herself and McCain in the Couric interview yesterday then I guess I underestimated you. (Well, not really.)
    Has it gotten so very bad that you have taken to repeating the Mccain campaign talking points?
    I think that you may want to go to one of the news sites where you can rant your faux femanism rants without challange. (Funny, I hadn’t hear any outrage from you on McCain’s vote agaist the Ledbedder fair pay act).

    Reply

  43. JohnH says:

    Why isn’t the holier-than-thou right wing religious community questioning why Sarah Palin isn’t at home taking care of her baby? I thought their religion stipulated that a woman’s place is in the home. And a lot of would agree that a baby needs her mother’s nurturing. Having her galivanting around the country is definitely not in the baby’s best interests.
    Or do the media savy deacons of right wing religious doctrine change their views depending on which candidate they happen to have in their pocket? Looks to me like there’s a lot of moral relativism going on here.
    Anyway, people trust Newsweek to report the facts on McCain’s ties to lobbyists a lot more than Tahoe’s lip synching of McCain talking points.

    Reply

  44. Tahoe Editor says:

    If you like Newsweek, you’re likely to question whether Gov. Palin should be working with a Down syndrome baby at home.
    Obama is down in Florida scaring senior citizens with his lies. Talk about the fear button.

    Reply

  45. JohnH says:

    Given a choice between believing Tahoe Troll and Newsweek, I’ll take Newsweek:
    http://www.newsweek.com/id/160713
    Regarding Rick Davis’ parasitic lobbying firm, “the consulting fees continued until last month even though, according to two sources familiar with the arrangement, neither Davis nor anybody else at his firm did any substantial work for the payments.”
    At this rate, McCain is on track to exceed Bush’s record number of lies. And that’s before the next President gets sworn in.

    Reply

  46. Tahoe Editor says:

    Beating the Rick Davis drum is pathetic. The last check was cashed in 2006.
    Let’s talk Axelrod & Tom Daschle.

    Reply

  47. varanassi says:

    seriously, tahoe, where is your boy rick davis and what he is up to these days? are the checks still cashing?
    and what do you make of mcshame’s and palin’s slide in the polls? i seem to recall you singing a VERY different tune 2 weeks ago.
    and, yeah, the suspension of his campaign really supports mcshame’s claim that the “fundamentals of the economy are strong.”
    wow. now that’s some scary brilliant economic and political acumen.
    the shark just ate the fence that he jumped over last week.
    what’s next? is mccain’s campaign going to vote rick davis off the island at a hastily convened tribal council???

    Reply

  48. rich says:

    Jack Welch has always been part of the problem.
    I’m glad he’s seen the light.
    But when folks told him problems were brewing, he was utterly unresponsive.
    Welch snagged mind-bogglingly exorbitant executive ‘compensation’ packages, defended the status quo and the current SOP that got us into this mess, and didn’t exactly perform.
    Who didn’t know the deregulation, far-fetched trading schemes, and Enron accounting was gonna cause the economy to tank? Who didn’t know this 5, 10, 15 years ago? Jack Welch didn’t know. Or, he wasn’t gonna say anything until it was too late, because he wasn’t through getting his. He grew fat at the ‘party’, now he’s busy confirming that “we are in for one hell of a deep downturn.” Helluva stand up guy, Jack Welch.

    Reply

  49. ChuckD says:

    2 responses in one from a lurker, then I return to my shell:
    To kotzabasis:
    We pay attention to whoever’s been more correct, and that wouldn’t be the likes of Welch.
    To WigWag:
    Your perception of McCain’s everlasting popularity seems limited to the small window in time following the RepCon when they brought out their shiny new pony. It’s called a bounce, and bouncing has to follow the laws of gravity.
    Step way back from the forest please and recall Obama’s popularity throughout the country, and the world, for over a year prior to that side show. Think that doesn’t define a great candidate?
    Fortuitous, my ass!

    Reply

  50. Bartolo says:

    “Less Awful” was something heard from the media in 2000. How did that work out?

    Reply

  51. kotzabasis says:

    Why should any one pay any attention to Steve Clemons or for that matter to any one else from the liberal intelligentsia if no one is paying any attention to Jack Welch?

    Reply

  52. Tahoe Editor says:

    “I just don’t believe that, you know, getting up here and hyperventilating about Governor Palin or Senator McCain, for that matter, is a product use of a former president’s time, and is not a vote-getter.”
    http://transcripts.cnn.com/TRANSCRIPTS/0809/24/lkl.01.html

    Reply

  53. Tahoe Editor says:

    Bill Clinton with Larry King tonight is required viewing/reading. I’ll post some salient passages once the transcript is released.

    Reply

  54. varanassi says:

    well, wig wag, let’s just say that you and i disagree about a whole lot.
    and i’m not in any mood to celebrate anything right now, let alone the most refuckingdiculous presidential campaign of my lifetime.
    and not that i agree with your characterization at all, but let’s just say that “less awful” is “more good.”
    i wonder when rick davis is going to come out of hiding?

    Reply

  55. arthurdecco says:

    POA said: “BTW, Hefner wants her to pose nude. I’m all for it, but in at least one shot, I think she should be riding a moose.”
    This is the definitive Ms. Palin blog entry of all those I’ve read. Ever.

    Reply

  56. JohnH says:

    Suck it up, Wigwag. I’ve been waiting for decades for a major party candidate I could vote FOR. Obama is as good as it gets.
    Like Jim Hightower said, if the gods had meant us to vote, they would have given us candidates.
    Of course, if you’re determined to vote and not satisfied with the lesser of two evils, you vote third party, like I do half the time.

    Reply

  57. WigWag says:

    Varanassi, I wouldn’t get to cocky if I were you. The current crisis catapulted Obama into the lead. But all of this is just fortuitous for Obama. If the crisis reared its ugly head in December instead of September, Obama would have lost (he still might). None of this changes the fact that Obama is a weak candidate who is unqualified to be President. The fact that McCain/Palin is awful doesn’t make Obama/Biden good; it just makes them less awful. Tactically speaking, the Democrats lucked out this time, but in ordinary circumstances a terrible candidate like Obama would lose the general election. Don’t believe it? Just look at the polls before Lehman and AIG failed. Obama was losing the most winnable election in modern history.
    The Wall Street meltdown is to Obama like 9/11 was to Giuliani. Two unpopular and shallow politicians who had their careers revived by an event beyond their control.
    Celebrate if you like, but if you think this proves anything other than the fact that Obama is lucky, you’re naive.
    But still, I admit, its better be lucky than good!

    Reply

  58. PissedOffAmerican says:

    Is there an interpreter in the house???
    TAHOE!!! He speaks Palin, perhaps he’ll be so kind as to interpret this for us….
    “Not necessarily this as it’s been proposed has to pass or we’re gonna find ourselves in another Great Depression”
    (Uttered breathlessly by Sad Sack Sarah Pablum to Katie Couric.)
    BTW, Hefner wants her to pose nude. I’m all for it, but in at least one shot, I think she should be riding a moose.

    Reply

  59. varanassi says:

    tahoe…???
    we haven’t heard from you for a while. what do you think about your team now? are you still chilling your champagne?

    Reply

  60. Spunkmeyer says:

    arthurdecco, the other part of this is that the asset in question
    need to be priced (and paid by the taxpayer, if need be) to their
    actual value as opposed to their stated value. There is no reason,
    in my podunk little town, homes should be going for $500,000
    when the average income level is $40,000/yr. Current pricing of
    assets is way out of whack with reality, and easy credit is what did
    it in the first place.
    That’s what wrong with the bailout. It’s trying to prop up numbers
    that have no basis in reality. And those of us that refused to pay
    more than 3-4x our income for a house are getting screwed for
    being responsible.

    Reply

  61. Spunkmeyer says:

    Bloggers on economic sites like Calculated Risk have been all over
    this fact forever — it’s all a matter of cleaning up, not whether to
    avert a crisis.
    But, it’s nice to see the heavy hitters starting to acknowledge this publicly. Not that Jack Welch will be affected by this in the same
    way I will be…

    Reply

  62. arthurdecco says:

    The only way to restore the entire world’s confidence in the market is to imprison those guilty of causing this criminal malfeasance in the financial sector. Nothing else will work.

    Reply

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