Midterm elections: “Obama Avoided Depression” says Honeywell`s CEO David Cote.
Obama and Bernanke have been working closely on U.S. economics
Honeywell International Inc. Chief Executive Officer David Cote said President Barack Obama avoided a depression and has gotten little credit for doing so.
“I have never seen such panic consuming the markets,” Cote said today in a Bloomberg Television interview with Betty Liu. “It is like everyone forgets that stuff afterwards.”
Cote said he favored the $814 billion stimulus bill and other remedies to spur growth amid the worst economic slump since the Great Depression of the 1930s. The stimulus has been a topic of debate in the congressional elections, with Republicans calling it a failure because the economy remains weak.
“It’s bad now, but it would have been significantly worse if we hadn’t done anything,” said Cote, 58. “The president gets very little credit for avoiding a depression.”
Cote’s comments in support of the stimulus plan set him apart from CEOs faulting Obama’s economic agenda, including his peer at Procter & Gamble Co., the world’s largest consumer- products maker. Complaints include Obama’s efforts to overhaul rules for Wall Street, raise taxes on overseas income, tighten environmental reviews and rework pending free-trade agreements. READ MORE HERE