Re: Do-Nothing Democrats Force GE to Cut Outlook, Plan to Shrink Credit Unit

On Tue, 30 Sep 2008 08:50:06 -0400, Patriot Games
<Patriot@xxxxxxxxxxx> wrote:

http://online.wsj.com/article/SB122234001578274905.html?mod=rss_whats_news_us

SEPTEMBER 26, 2008
GE Cuts Outlook, Plans to Shrink Credit Unit

General Electric Co. clipped the wings of its finance unit as it
reduced its earnings forecast, highlighting both the impact of the
credit crisis on corporate America and how companies might respond.

The Fairfield, Conn., conglomerate also cut its borrowing plans, froze
its dividend and suspended its $15 billion stock-buyback program.

"We've never seen really a time of volatility like we have seen in the
last month or so," said Chief Executive Jeffrey Immelt. The company
said tough conditions in the financial-services markets "are not
likely to improve in the near future."

Hmm. I guess the guy named Bush that is pResident and was saying the
economy was in good shape until a couple of days ago (not an entire
quarter or year or two or three) had nothing to do with it. He has no
power now, even though he spends hundreds of billions fighting a war
for no reason. Nice rationale, though. Repeat until believed.
.