WHEN: Today, Tuesday, November 15th
WHERE: CNBC's "Squawk Alley"
Following is the unofficial transcript of a CNBC EXCLUSIVE interview with GE Chairman and CEO Jeff Immelt and CNBC's Carl Quintanilla on "Squawk Alley" (11AM-12PM ET) live from GE's annual Minds + Machines event today, Tuesday, November 15th. Following is a link to the story on CNBC.com: http://www.cnbc.com/2016/11/15/ge-ceo-immelt-believe-in-trade-deals-but-dont-need-them.html. Following are links to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000568263
All references must be sourced to CNBC.
QUINTANILLA: JEFF IMMELT HAS BEEN A HUGE PROPONENT OF TPP AND FREE TRADE. WITH DONALD TRUMP HEADED TO THE WHITE HOUSE, WHAT IS GE'S STRATEGY GOING FORWARD? JOINING US HERE AT THE MINDS AND MACHINES CONFERENCE HERE IN SAN FRANCISCO IS THE CHAIRMAN AND CEO OF GENERAL ELECTRIC, JEFF IMMELT.
IMMELT: HEY, CARL.
QUINTANILLA: ALWAYS GOOD TO HAVE YOU.
IMMELT: GOOD TO SEE YOU.
QUINTANILLA: THANKS FOR HAVING US. WE WANT TO TALK ABOUT DIGITAL AND THE AMAZING THINGS GOING ON BEHIND US TODAY. WHAT A WEEK. YOU GOT THIS ELECTION. YOU GOT THIS MARKET RESPONSE. PEOPLE WANT TO WRITE THIS SCRIPT, THAT IT IS INVESTORS WARMING TO A PRO GROWTH PLAYBOOK WHERE WE'VE GONE FROM DEFLATION SCARE TO INFLATION STORY. YOU BUY THAT?
IMMELT: AFTER BREXIT AND A NUMBER OF THINGS AROUND THE WORLD, NOTHING SHOULD SURPRISE PEOPLE ANYMORE. I THINK THE ELECTION BROKE DIFFERENTLY THAN THE WAY MOST PEOPLE THOUGHT. WE SHOULDN'T BE SURPRISED. YOU HAVE A PRESIDENT IN PLACE THAT'S TALKING GROWTH THAT LOOKS LIKE HE'S WILLING TO INVEST BACK IN THE ECONOMY IN A NUMBER OF DIFFERENT WAYS. YOU SEE BOND PRICES GOING UP AND INVESTOR ENTHUSIASM, MAYBE A LITTLE BIT OF RELIEF FOR THE BANKS, WHICH I THINK IS A GOOD THING. SO, LOOK, WE'VE BEEN IN SUCH A SLOW GROWTH WORLD, I REALLY THINK THAT IF YOU CAN FIND THE RIGHT MECHANISMS TO DRIVE SOME GROWTH BACK IN THE UNITED STATES, THAT'S A GOOD THING. NOW, YOU KNOW, THE REAL MISSING GAP HAS BEEN PRODUCTIVITY. SO WE'VE GOT TO GET SOME INVESTMENT BACK INTO THE U.S. ECONOMY, SOME CAPITAL INVESTMENT, WHICH REALLY HAS BEEN LACKING SINCE THE FINANCIAL CRISIS. AND THAT, I THINK, IS THE PRESIDENT'S BIGGEST TASK.
QUINTANILLA: SO OF THE PILLARS THAT ARE INTENDED TO DO THAT, INFRASTRUCTURE, TAX REFORM, PROFIT REPATRIOTION ALL OF THOSE THINGS. WHICH PILLAR DO YOU THINK IS MORE EFFECTIVE AND MOST LIKELY?
IMMELT: HERE'S HOW I LOOK AT INFRASTRUCTIURE IT BOTH CREATES JOBS IN AND OF ITSELF BUT IT ALSO MAKES US MORE PRODUCTIVE WHICH IS A GOOD THING. I LOOK AT TAX REFORM, CARL, AND SAY BASICALLY WHAT'S BEEN SITTING OUT THE PAST DECADE IS CAPITAL INVESTMENT BACK IN THE U.S. IT'S A GOOD CHANCE THAT TAX REFORM IS KIND OF THE MISSING INGREDIENT THAT CAN HELP DRIVE SOME OF THAT CAPITAL INVESTMENT BACK. THAT'S THE DIFFERENCE BETWEEN A 3% GDP GROWTH U.S. AND 2% GDP GROWTH. WE HAVE HAD 0% INTEREST RATES FOR A DECADE NOW. IF YOU'RE A CONSUMER AND HAVE A JOB, YOU FEEL RICH. BUT THAT'S NOT ENOUGH TO CREATE THE KIND OF ECONOMIC GROWTH THAT I THINK THE PRESIDENT WANTS TO CREATE AND MOST PEOPLE WANT TO SEE. I THINK TAX REFORM IS ACTUALLY QUITE IMPORTANT WITH TERRITORIAL SYSTEM, REPATRIATION IS PART OF THAT.
QUINTANILLA: YOU SOUND OPTIMISTIC.
IMMELT: I'VE BEEN THROUGH EVERY CYCLE KNOWN TO MANKIND OVER THE LAST 15 YEARS. I THINK THE SENSE IS THAT THE U.S. HAD BEEN IN A SLOW GROWTH MODE. THERE'S ENOUGH GROWTH AROUND THE WORLD TO BE ABLE TO KEEP US GOING FORWARD. AND I THINK IF YOU COULD JUST SOLVE A FEW THINGS IN THE U.S. -- IT DOESN'T MATTER WHO DOES THEM, BUT IF YOU COULD JUST GET A FEW THINGS GOING, THERE'S LOTS OF PENT-UP DEMAND AND OPPORTUNITIES FOR GROWTH.
QUINTANILLA: TRADE HAS BEEN A BIG PART OF THIS STORY. AND THIS CARRIER PLANT IS TURNING INTO SOME SORT OF CAUSE CELEB RIGHT? A TEST OF WHETHER OR NOT A TRUMP PRESIDENCY CAN ACTUALLY KEEP PRODUCTION FROM GOING OVERSEAS OR BEING REVERSED, COMING BACK IN. HOW LIKELY IS THAT? VOTERS WHO VOTED ON THAT, IS THAT A FOOL'S BET OR NOT?
IMMELT: SO, I THINK PROTECTIONISM HAS BEEN GOING ON FOR A DECADE OR MORE. PRESIDENT TRUMP ISN'T THE FIRST ONE TO TALK ABOUT IT. IT'S BEEN GOING ON IN EUROPE, CHINA. THE WORLD I GREW UP IN WITH THESE FREE TRADE DEALS AND THINGS LIKE THAT, I THINK ANYBODY THAT WAS PLANNING ON THAT GOING INTO THE FUTURE IS -- THAT'S NOT THE WAY WE'VE THOUGHT ABOUT GE. I THINK IT REMAINS TO BE SEEN EXACTLY WHAT THE NEW TRADE RULES ARE GOING TO BE. AND I THINK WE HAVE TO WAIT AND SEE. FOR SOMEONE LIKE US THAT'S AN EXPORTER, REALLY, WE MAKE AND SELL THINGS AROUND THE WORLD. WE CAN NAVIGATE THE WORLD ON OUR OWN. BUT IF YOU WALK THROUGH WALMART, HOME DEPOT, DO ALL THOSE PRODUCTS HAVE TO COME BACK TO THE UNITED STATES? DO ALL THE HAIR DRYERS AND SNEAKERS AND REFRIGERATORS HAVE TO COME BACK -- IS THAT WHAT'S GOING TO, YOU KNOW, MAKE THE ECONOMY GROW AGAIN? I THINK PEOPLE HAVE TO SIT AND THINK THROUGH EXACTLY WHAT THE PUTS AND TAKES ARE. FOR US WE'RE A GLOBAL COMPANY. WE SELL IN 190 COUNTRIES AROUND THE WORLD. WE DO IT FROM A LOCAL STANDPOINT. WE'RE GOING TO KEEP GLOBALIZING. WE'RE AN EXPORTER. I THINK THE WORLD WE LIVE IN TODAY IS SO DIFFERENT THAN IT WAS 10, 15, 20 YEARS AGO. YOU KNOW, I BELIEVE IN TRADE DEALS. BUT WE DON'T NEED TRADE DEALS IN GE. I THINK WHAT THE PRESIDENT WILL LEARN, WHAT PRESIDENT TRUMP WILL LEARN IS THAT AS HE TRAVELS THE WORLD, TRADE DEALS GIVES HIM POWER. THE ABILITY TO USE TRADE AS AN ECONOMIC, LET'S SAY, NEGOTIATING TECHNIQUE, MAKES HIM MORE POWERFUL.
QUINTANILLA: BECAUSE HE'S SPEAKING THE LANGUAGE OF OTHER COUNTRIES. WHO ARE TRYING TO DO THE SAME THING?
IMMELT: EXACTLY. I'VE TRAVELED THE WORLD, CARL, FOR 35 YEARS. PEOPLE CARE ABOUT SAFETY. THEY CARE ABOUT GROWTH. IF THE PRESIDENT OF THE UNITED STATES TRAVELS AROUND THE WORLD AND HAS NOTHING TO OFFER FROM A STANDPOINT OF ECONOMIC CONNECTION, YOU LOSE HALF OF YOUR NEGOTIATING POWER. THIS GUY IS A NEGOTIATOR, A DEAL MAKER. SO I THINK LET'S JUST WAIT AND SEE WHAT HE DOES.
QUINTANILLA: CAN YOU THINK OF A POLICY -- CAN YOU GAME OUT A POLICY CHANGE THAT WOULD RESULT IN A NET INCREASE IN GE DOMESTIC PRODUCTION? IS THAT EASY TO DO?
IMMELT: LOOK, I THINK -- SO OUR DOMESTIC PRODUCTION IS BASICALLY GOING TO GO TO DIFFERENT MARKETS AROUND THE WORLD SO WE HAVE HIGH MARKETSHARE IN THE US. WHAT WOULD HELP US DO BETTER. THINGS THAT MAKE US MORE PRODUCTIVE IN THE U.S. TAX REFORM, THE ABILITY TO INVEST BETTER. BETTER ROADS. BETTER PORTS. THINGS LIKE EXPORT/IMPORT BANK. THINGS LIKE THAT. FOR US TO MAKE MORE JET ENGINES, WE HAVE TO WIN EVEN HIGHER MARKET SHARES IN AFRICA, LATIN AMERICA, CHINA, PLACES LIKE THAT. THAT'S THE FOOTPRINT WE HAVE. OUR GROWTH HERE HAS TO COME THROUGH EXPORTS.
QUINTANILLA: YOU GAVE A NOW FAMOUS SPEECH AT NYU IN MAY WHERE YOU BASICALLY SAID LOOK, BACKLASH AGAINST GLOBALIZATION ISN'T GOING ANYWHERE. IT'S GOING TO BE AROUND FOR A WHILE. WE'RE GOING TO LOCALIZE. THE OLD PLAYBOOK IS NOT GOING TO CUT IT. I ASSUME THE ELECTION OF TRUMP REINFORCES THAT VIEW?
IMMELT: AT THAT POINT, CARL, WE HAD TWO PEOPLE RUNNING FOR PRESIDENT, NEITHER ONE WHO WANTED TRADE DEALS. IF YOU'RE SITTING HERE AS A CEO OF A MUTI-NATIONAL COMPANY AND YO ARE HOPING FOR A TRADE DEAL YOU SHOULD HAVE YOUR HEAD EXAMINED. YOU KNOW BEYOND THAT EUROPE IS TOUGH AND CHINA IS TOUGH EVERY PLACE IS GOING THAT WAY. I THINK WHAT I WOULD SAY TO YOUR VIEWERS IS I'VE DONE THIS JOB SINCE 2001. IF YOU ASKED ME TO WRITE DOWN ALL THE WAYS THAT THE WORLD IS DIFFERENT TODAY THAN IT WAS IN 2001, WE WOULD STILL BE HERE AT MIDNIGHT. AND I WORRY ABOUT PEOPLE USING AN OLD PLAYBOOK TO LOOK FORWARD TO A WORLD THAT IS MASSIVELY DIFFERENT. THE ROLE OF CHINA IS DIFFERENT. THE WAY EUROPEAN UNION WORKS IS DIFFERENT, THE WAY THE MIDDLE EAST WORKS, AFTER HAVING THESE CONFLICTS IN THE MIDDLE EAST FOR SO LONG, IS DIFFERENT. I HOPE PRESIDENT TRUMP TAKES A FORWARD-LOOKING VIEW AND NOT BACKWARD-LOOKING VIEW IN TERMS OF THE WAY HE LOOKS AT THE WORLD. I HOPE HE PUTS PEOPLE AROUND HIM THAT HAVE A CONTEMPORARY PERSPECTIVE NOT FROM 2005, 1995 OR 1985.
QUINTANILLA: YOU HAVE BEEN ASKED ABOUT WORKING WITH HIM BEFORE OF COURSE HE WAS ON THE APPRENTICE WHEN GE OWNED NBC. YOU SAID HE WAS ENDEARING, FUN TO WORK WITH, COMPETITIVE. IS THERE AN EXPERIENCE YOU'VE HAD WITH HIM THAT YOU FIND INSTRUCTIVE?
IMMELT: LOOK, I THINK HE LIKES TO WIN. IF YOU JUST THINK ABOUT "THE APPRENTICE" SAGA ITSELF, THIS -- THIS IS A COMCAST PROBLEM NOW, NOT MINE, RIGHT? BUT WE HANDED HIM A SHOW THAT WAS THE THINNEST CONCEPT I HAD EVER SEEN AND HE MADE IT LIKE A 14-YEAR HIT SUCCESS. SO, THIS IS A GUY THAT'S A COMPETITOR. HE WANTS TO WIN. I ALWAYS FOUND HIM IN ONE ON ONE SESSIONS TO BE A LISTENER AND A GUY THAT WANTED TO DO GOOD WORK. RIGHT?
QUINTANILLA: ONE LAST THING HERE. I DON'T WANT TO INFLATE THIS QUESTION. BUT I JUST WONDER YOU HAVE STEVE BANNON ON THE FRONT PAGE OF THE "NEW YORK TIMES." HOW DOES AN APPOINTMENT LIKE THAT GET TALKED ABOUT IN BUSINESS?
IMMELT: I NEVER MET STEVE BANNON. I DON'T KNOW HIM. WHAT I WOULD SAY IS LOOK GE WE'RE AN AMERITOCOCY WE BELIEVE IN DIVERSITY. WE HAVE MANY MUSLIMS, MEXICANS AND MANY GREAT AMERICANS THAT WORK FOR THE COMPANY. A MILLION PEOPLE IN THE U.S. DEPEND ON GE TO GET IT RIGHT FOR THEIR LIVELIHOOD. OUR WORKERS, OUR SUPPLIERS. WE BELIEVE THAT EVERY PERSON AROUND THE WORLD DESERVES TO BE TREATED WITH RESPECT. I DON'T CARE WHO HE BRINGS IN. I'LL NEVER CHANGE MY OPINION ON HOW MUCH I BELIEVE MERIT, DIVERSITY, TREATING PEOPLE WITH RESPECT -- THAT'S A CORE AMERICAN VALUE. THAT'S A CORE AMERICAN VALUE. THAT'S WHAT MAKES AMERICAN CAPITALISM THE ENVY OF THE WORLD, THE FACT THAT WE KNOW HOW TO WIN IN MARKETS BUT WE ALSO KNOW HOW TO DEVELOP PEOPLE. WE KNOW HOW TO TREAT PEOPLE. WE KNOW HOW TO FOLLOW THE RULES AND SET HIGH STANDARDS. THAT'S WHY WE'RE WELCOME.
QUINTANILLA: YOU'RE NOT WORRIED ABOUT IT CHANGING?
IMMELT: IT CAN'T CHANGE. IN OTHER WORDS, IT'S SO CORE TO WHO WE ARE. THAT'S NOT THE DONALD TRUMP I KNEW, THOUGH. I'LL LET PEOPLE DRAW THEIR OWN EQUATIONS, BUT WE CAN NEVER FORGET WHO WE ARE.
QUINTANILLA: I WANT TO TALK ABOUT WHAT'S GOING ON IN THIS ROOM BECAUSE I JUST WALKED PAST AN AREA WHERE YOU CAN PUT ON A MICROSOFT HOLOLENS AND, USING THAT, HELP DETERMINE THE EFFICIENCY OF YOUR MANUFACTURING PROCESS AND MACHINERY.
IMMELT: YEAH.
QUINTANILLA: YOU'VE BEEN DOING THIS FOR FIVE YEARS NOW, RIGHT?
IMMELT: YEAH.
QUINTANILLA: AND THE TOOLS YOU'RE USING ARE SORT OF SEEN AS PLAY THINGS BY A LOT OF PEOPLE BECAUSE THEY CAN –
IMMELT: ESPECIALLY SOME OF THE GUYS ON YOUR SET.
QUINTANILLA: YES. WE'VE DONE THAT BEFORE. HOW IS THIS EVOLVING?
IMMELT: LOOK, IT'S ALL ABOUT PRODUCTIVITY. SO IF YOU LOOK AT THE WORLD OF PRODUCTIVITY, PARTICULARLY IF YOU'RE AN INDUSTRIAL COMPANY, THIS NOTION OF BEING ABLE TO GET ANALYTICS OFF INDUSTRIAL PRODUCTS OR MANUFACTURING IN NEW WAYS, IT'S REAL. THIS IS HAPPENING. YOU KNOW, FOR US, IT'S A $7 BILLION PLUS BUSINESS THAT'S GROWING 20 OR 25% A YEAR. BUT WHEN YOU WALK THROUGH THIS HALL, FOUR YEARS AGO, CARL, WE DID IT, THERE WERE 300 PEOPLE. NOW THERE'S 2,500 PEOPLE. THERE'S A PARTNER PROGRAM, THERE'S CUSTOMERS. SO THIS IS KIND OF THE FUTURE OF PRODUCTIVITY. IT'S GOING TO HAPPEN WITH OR WITHOUT GE. WE JUST WANT TO BE PART OF IT AND WE WANT TO LEAD IT.
QUINTANILLA: YOU'VE TALKED ABOUT THE LIKELIHOOD OF OTHER COMPETITORS COMING IN.
IMMELT: SURE.
QUINTANILLA: AMAZON COULD DO SOMETHING LIKE THIS.
IMMELT: SO THERE'S GOING TO BE HORIZONTAL PLAYERS, PEOPLE LIKE AMAZON OR GOOGLE. THERE'S GOING TO BE VERTICAL PLAYERS, PEOPLE LIKE SEAMAN'S OR OTHERS. LOOK, IT'S GOING TO BE A $200 BILLION MARKET. THERE'S ENOUGH ROOM TO GO AROUND. BUT IT IS GOING TO HAPPEN QUICKLY. IT'S GOING TO BE DIFFERENT THAN – YOU KNOW, WE TALK ABOUT FACEBOOK AND SOCIAL MEDIA. THE CONSUMER INTERNET. THE INDUSTRIAL INTERNET IS GOING TO BE VERY DIFFERENT THAN THE CONSUMER INTERNET OR THE ENTERPRISE INTERNET. AND WE THINK COMPANIES LIKE GE HAVE A REAL ADVANTAGE AND OPPORTUNITY TO PLAY THIS GAME VERY HARD AND VERY WELL.
QUINTANILLA: YOU'VE TALKED ABOUT THE PEOPLE YOU BRING IN, THE NEW GRADUATES YOU BRING IN EVERY YEAR. 4,000 OR 5,000 GRADUATES. EVERY ONE OF THEM WILL LEARN TO CODE?
IMMELT: EVERYONE IS GOING TO LEARN TO CODE. THIS IS THE NEW – YOU KNOW, COMPUTER SCIENCE IS KIND OF THE NEW LIBERAL ARTS. IT'S THE NEW LANGUAGE. PEOPLE HAVE TO BE PROFICIENT IF THEY WANT TO BE SUCCESSFUL IN THE MODERN WORLD. IT DOESN'T MATTER WHAT FUNCTION, WHAT JOB YOU'RE IN. BUT I THINK FOR YOUR VIEWERS, IT'S WORTH KIND OF UNDERSTANDING OR FOR INVESTORS OUT THERE, IT'S WORTH UNDERSTANDING EXACTLY HOW PROFOUND THIS CHANGE IS GOING TO BE. IT'S GOING TO IMPACT EVERY INDUSTRY.
QUINTANILLA: DOES THE ELECTION CHANGE ANY STRATEGY REGARDING M&A? BECAUSE YOU'VE DONE A LOT OF BOTH BUYING AND SELLING.
IMMELT: YOU KNOW, MY VIEW IS OUR STRATEGIES REALLY HAVEN'T CHANGED VIS A VIS WHAT HAPPENS IN THE ELECTION. LOOK, I DON'T REGRET NOT BEING IN FINANCIAL SERVICES EVEN THOUGH BANK STOCKS HAVE HAD A GREAT WEEK. I CHEER MY FRIENDS LIKE JAMIE AND SAY, OK, YOU GUYS HAVE EARNED IT. BUT IT DOESN'T MAKE ME GO BACK AND SAY HOLY – WHY DID WE GET OUT OF GE CAPITAL? YOU KNOW?
QUINTANILLA: IT'S FUNNY.
IMMELT: SO AGAIN, I THINK WE KNOW WHAT WE'RE DOING. WE HAVE A GOOD VISION FOR THE COMPANY. WE LIKE THE WAY THE NEXT FEW YEARS SHAPE UP FOR GE AND OUR JOB IS TO EXECUTE.
QUINTANILLA: YEAH. BEST S&P GAINER SINCE ELECTION DAY. WELLS FARGO, IF YOU CAN BELIEVE THAT.
IMMELT: I KNOW. YEAH.
QUINTANILLA: AND THE BIGGEST LAGGARD IS ALPHABET.
IMMELT: YEAH.
QUINTANILLA: AND I WONDER, WE HAD A DISCUSSION THIS MORNING ABOUT WHETHER OR NOT A BIG INFRASTRUCTURE PROGRAM DRAWS CAPITAL OUT OF INNOVATIVE START-UPS AND JUST INTO JUST MAKING STUFF THAT INVOLVES CONCRETE –
IMMELT: SO THERE'S DEFINITELY PEOPLE THAT ARE DOING A TRADE RIGHT NOW FROM A FINANCIAL STANDPOINT. AGAIN, I WOULD GO BACK, CARL. WHAT'S BEEN MISSING IN U.S. ECONOMIC GROWTH FOR THE LAST DECADE? CAPITAL INVESTMENT. THE CONSUMER IS DOING FINE. SO, CONSUMER COMPANIES LIKE GOOGLE, LIKE FACEBOOK, THEY'VE DONE FINE. WE HAVE NOT REINVESTED BACK IN THE CORE OF THIS COUNTRY FOR A LONG TIME. AND IT REALLY PREDATES EVEN PRESIDENT OBAMA. SO IF, IN FACT, WE REINVEST IN INFRASTRUCTURE, WE MAKE THE U.S. MORE PRODUCTIVE – PRODUCTIVITY HAS STUNK IN THE U.S. FOR A DECADE NOW. THAT IS THE DIFFERENCE BETWEEN A 2% GDP GROWTH COUNTRY AND A 3% GDP GROWTH. AND THAT MEANS EVERYTHING TO US. GETTING THE COUNTRY BACK UP TO 3% AND 3.5%. SO YOU KNOW, TAX REFORM, INFRASTRUCTURE. THESE ARE REALLY IMPORTANT ITEMS, REALLY.
QUINTANILLA: AND IN THE BACK OF YOUR MIND, ARE YOU THINKING ABOUT HOW WE WILL HANDLE A TRULY INFLATIONARY ENVIRONMENT OR IS THAT A FIRST WORLD PROBLEM?
IMMELT: IT WOULD BE A NICE PROBLEM TO HAVE, REALLY. I THINK IT'S SO BIZARRE TO HAVE HAD 0% INTEREST RATES FOR SO LONG. AND THINK ABOUT THINGS LIKE STATE PENSIONS AND STUFF LIKE THAT. 15 BILLION EUROS OF EUROPEAN BONDS TRADING WITH NEGATIVE INTEREST RATES. THAT'S WARPED. SO I THINK THE NOTION OF GETTING A YIELD CURVE BACK, GETTING A LITTLE BIT GROWTH BACK, GETTING SOME PRODUCTIVITY BACK IN THE SYSTEM SO THAT YOU CAN OFF-SET INFLATION AND THINGS LIKE THAT. AND THEN I COME BACK TO WE'RE 5% OF THE WORLD'S POPULATION, 25% OF THE WORLD'S GDP. EVERY AMERICAN SHOULD KNOW THAT. THIS COUNTRY HAS TO WIN GLOBALLY. WE HAVE TO ENGAGE GLOBALLY. IT'S THE ONLY WAY WE CAN SUSTAIN OUR STANDARD OF LIVING. YOU KNOW CARL, IN MANY WAYS THE ELECTION, BOTH BERNIE SANDERS, DONALD TRUMP, HILLARY CLINTON, EVERYBODY THAT RAN, TALKED ABOUT CREATING A MIDDLE CLASS JOB. A $30 AN HOUR MANUFACTURING JOB. WELL IN ORDER TO DO THAT, YOU NEED INFRASTRUCTURE. YOU ALSO NEED GLOBAL MARKETS. SO, YOU NEED LESS REGULATION, RIGHT? WE ALL NEED TO UNDERSTAND WHAT IT TAKES TO CREATE THAT AND GO GET THAT WORK DONE.
QUINTANILLA: LAST QUESTION FOR ME. YOU BOUGHT SOME SHARES IN A COUPLE OF ROUNDS THIS SUMMER.
IMMELT: YEP.
QUINTANILLA: AND THERE DOESN'T APPEAR TO BE ANY KIND OF GRANT OR OPTIONS EXERCISE. IS THAT A STATEMENT YOU'RE MAKING?
IMMELT: YEAH LOOK, I LOVE WHERE THE COMPANY'S POSITIONED. I CAN NEVER OWN ENOUGH GE STOCK. I LOVE THE POSITIONING FOR THE FUTURE. AND, YOU KNOW, I'M SO LONG. I HAVE A VERY SIMPLE PORTFOLIO. GE. AND I KEEP BUYING.
QUINTANILLA: JEFF, IT IS GOOD TO HAVE YOU.
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