Former GE CEO Welch Sees Deep Downturn In U.S.

According to reports from Reuters, former GE (NYSE: GE) CEO Jack Welch said the U.S. economy faces a 'deep downturn' in the coming quarters. Welch supports the proposed $700 billion Paulson bailout.

Welch told the World Business Forum in New York on Wednesday, "I now believe we are in for one hell of a deep downturn." Welch also said, "Get ready for real tough times. They're coming. There is no credit available."

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