He said businesses and consumers alike were struggling to contend with tumultuous markets and a financial-services industry under siege.
“Unlike the other downturns that I've been a part of, this one is faced with limited liquidity,” Mr Immelt, GE's CEO since 2001 told a conference. “Once you break through '74-'75, you don't stop 'til you get to 1929.”
When asked whether he would call the current slowdown a recession or a depression, Mr Immelt joked that he would need to refer to his college economics text book for a precise answer but said “it is one of those” two.
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