WHEN: Today, Wednesday, March 28th
WHERE: CNBC’s “Squawk Box”
Following are excerpts from the unofficial transcript of a CNBC interview with Jack Welch, Former GE Chairman & CEO and Founder of Jack Welch Management Institute, on CNBC’s “Squawk Box” (M-F, 6-9am ET) today. All references must be sourced to CNBC.
WELCH ON NOT TAKING OFF:
“SHORT CYCLE BUSINESS ARE BEING IMPACTED BY CREDIT, AND ARE BEING IMPACTED BY GASOLINE PRICES, FOOD, DISTRIBUTION BUSINESSES, CHEMICAL BUSINESS. ON THE OTHER HAND, THE LONGER CYCLE BUSINESSES WHERE COMPANIES HAVE A LOT OF MONEY, NONRESIDENT CONSTRUCTION, MULTIFAMILY HOUSING, THEY’RE PRETTY GOOD. BUT IT'S NOT TAKING OFF. WE'RE SORT OF RELATIVELY STRONG BUT NOT BOOMING.”
WELCH SHAKEN ABOUT NOT KNOWING:
“I'M NORMALLY A LITTLE BIT TO ONE EXTREME OR THE OTHER. I'M A LITTLE SHAKEN ABOUT NOT KNOWING WHERE THIS IS GOING. I MEAN, I'M NOWHERE NEAR AS POSITIVE AS I WAS IN JANUARY THAT WE'RE AT THE TAKEOFF POINT.”
WELCH ON THE UNINSURED:
“YOU'D WANT TO SEE A PLAN THAT WOULD TAKE CARE OF THESE PEOPLE, UNINSURED CLEARLY, BUT YOU WANT TO DO IT IN SOME WAY LIKE YOU DO WITH A POOL FOR BAD DRIVERS WHERE YOU HAVE A LITTLE TAX ON EVERYONE TO SORT OF PUT IT OVER THERE. YOU’D OPEN UP LINES ACROSS STATES. YOU’D STOP THIS STATE BY STATE INSURANCE. THIS IS NOT HELPFUL TO ANYBODY.”
WELCH ON BUSINESS:
“THE THING THAT SURPRISED ME WAS THAT THE FOURTH QUARTER TAKEOFF DIDN'T GO INTO THE FIRST QUARTER ON THE SHORT CYCLE PART OF THE BUSINESSES. GASOLINE PRICES, YOU CAN'T HAVE THIS JUMP AND NOT THINK IT AFFECTS THE POCKETBOOK.”
WELCH ON APPLE:
“APPLE IS THE PERFECT STORY RIGHT NOW WHETHER YOU GO INTO THEIR RETAIL BEHAVIOR, THEIR INNOVATION BEHAVIOR, THEIR COST BEHAVIOR AND THEIR EXECUTION. THEY DON'T GET ANYWHERE NEAR ENOUGH CREDIT FOR BEING EXECUTORS.”
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