GE vice chairman doesn’t see ‘green shoots’

General Electric Vice Chairman John Rice said today the economic recovery is not around the corner.

“We are in a tough, tough part of the economic cycle,” Rice told reporters in Atlanta. “I’m not particularly of the green shoot group yet,” he said, referring to those who think favorable signs are emerging. “We don’t see the rebound in our order patterns. … We’re preparing for 12 to 18 months of rough sledding.”

Rice, who lives in Atlanta, heads the $46 billion segment of GE called Technology Infrasture. It includes health care equipment, aircraft engines and locomotives.

He said the credit restraints still being imposed on “good consumers with good credit” are hampering a turnaround.

“Until that changes, I don’t think you’re going to see a consumer-led recovery,” said Rice, former chairman of the Metro Atlanta Chamber of Commerce.

He also spoke about health-care reform, which is dear to his heart because of all the equipment and information technology GE sells.

GE recently launched what it calls a “healthymagination” initiative it hopes will increase the affordability and accessibility of health care.

“We’re going to get costs out of the system,” Rice pledged.

To do that, he said, GE knows that some of its top-of-the-line diagnostic imaging equipment is too expensive for some community hospitals and clinics here and abroad. So, he said, the company is developing “the right bells and whistles, instead of all the bells of whistles,” for those providers.

That will be good enough to serve the overwhelming majority of patients in a cost-effective way, he said. Those who need the more sophisticated equipment would then go to the bigger, more comprehensive hospitals that can afford it.

7 comments Add your comment

Brad Steel

June 20th, 2009
11:43 am

This guys is right. The “green shoots” crowd watch too much CNBC and listen to too many politicians who get an uptick if you buy their upbeat rhetoric.

The bad news far out-weighs the good news right now. Seeing it any other way just doesn’t stand up to the facts.

Charles Boarden

June 21st, 2009
7:59 am

John Rice can stick his opinion where the sun don’t shine. The economy is improving a lot.

Charles Boarden
Home Depot – Atlanta, GA

Charles Boarden

June 21st, 2009
8:05 am

That place is up his ass.

The truth hurts

June 21st, 2009
8:19 am

Of course this guy from GE can’t see any improvement …He is one of the battalions of useless beauracracy at a company that has been run into the ground by its finance division. GE is so big that it will take a lot of recovery to move the needle and start looking healthy again.And you know what ? This guy will be one of the last one to know. With so many direct reports and butt kissing corporate climbers wanting to move into his office, it would be amazing if anyone ever told him the truth ,the real truth , about anything. He has an opinion. Surprisingly , that opinion is shared by all his underlings that tell him what he wants to hear.But if he would actually meet and listen to real customers (and front line employees) he would know that something is stirring out here away from the office that he has imprisoned himself in.

No ,2006 won’t return anytime soon. But that was all an illusion anyway. GE had better rid themselves of this “easy money through finance” mindset and concentrate on their real business that make real products and real profits.John Rice (and others like him) want to make money without the hard work and effort that it requires through what amounts to respectable usury.The economy is coming back ,no matter what this guy says , because people are re-learning the lessons of thrift and saving.It will be slow ,but it is happening with mthematical certainty.

I had no idea that GE hired people this dumb.

Get a grip people

June 21st, 2009
12:17 pm

The economy is not improving and is only going to get worse people! Have any of you looked at housing numbers? Forclosures are taking a rest at the moment because the Obama “Socialist” party is telling Fannie and Freddie not to release hundreds of thousands of homes already taken back from banks to the market place. We have well over a million homes my friends that are sooner or later going to be released and put on the market which will further depress home prices across the board.

The housing atomic bomb got us into this nightmare and housing will bring us out folks. We are at least 2 years away from any semblence of stability. Another round of foreclosures both in Commerical and Residental is fast approaching.

All you fools who feel the economy is improving either don’t have a brain or are to busy watching reality TV and reading people magazine.

America once the “Land of the Free” know the home of the “whats the Gov’t giving me today”

John Rice's ass

June 21st, 2009
10:14 pm

Even from John Rice’s ass, the economy still sucks. And Charles Boarden is a clueless shelf-stocking peon.

THD Associate

August 23rd, 2009
1:37 pm

Charles Boarden is a total asshole IT Manager at The Home Depot. – This guy is a total jerk to work with.

THD Associate