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Jack Welch on Detroit: Let Them Go Bankrupt

Companies:General Electric | DaimlerChrysler AG | General Motors Corp | Wal-Mart Stores Inc

By: Natalie Erlich,, Writer/Producer | 21 Nov 2008 | 10:14 AM ET

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As the Dow opened to the upside on Friday, Jack Welch, former General Electric chairman & CEO, shared his insights on Detroit, the economy and Wal-Mart's new CEO.

Welch: Let Them Go Bankrupt

“Bankruptcy starts a new game. And you’ll keep employment. You’ll have Chrysler [DCX Loading... () ] and GM [GM Loading... () ] merge. You’ll get rid of things on both ends. You’ll get rid of dealers. They got—Chrysler—they’ve got two and a half times the dealers they need. They have all those contracts, job banks. You’ll get rid of all the bad practices and you’ll give the good people in Detroit that are working in these jobs a chance to launch a new business.”

Jack Welch, former General Electric [GE Loading... () ] chairman & CEO

Welch: It’s Going To Get Worse

“This is all about confidence. It’s going to get worse. Fear is going to take over. We have a new president and the fastest we can get the policies out there that tell us where we are going to go and what this administration is going to do, the better off we’re going to be.”

Assessing Wal-Mart’s [WMT Loading... () ] CEO Pick

“He’s [Mike Duke] done a terrific job and he’s got a great family. And this is just time to wrap it up.”

Jack Welch, former General Electric chairman & CEO

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