GE chief warns on US depression threat

By Francesco Guerrera and Justin Baer in New York

Published: February 5 2009 19:12 | Last updated: February 6 2009 01:48

The US economy is suffering its steepest downturn since at least the 1970s and could descend into a depression, Jeff Immelt, General Electric’s chief executive, warned on Thursday.

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,â€