Former GE CEO: Economic bottom is near

Remember when CEOs were rock stars? When America’s huge corporations raked in profits?

Jack Welch, the longtime head of General Electric, was a big part of that scene. He and his wife, Suzy Welch, were at Buckhead’s InterContinental Hotel Monday for a luncheon sponsored by PINK magazine. (Suzy Welch is on the cover of the February-March issue).

The event featured a conversation with Suzy Welch and Edie Fraser, both authors, and benefited the Susan G. Komen breast cancer foundation. We nabbed a few minutes with legendary business icon Jack Welch.

Q: Are we seeing the end of the recession? The beginning of the end? The end of the beginning at least?

A: We are finding some sort of a bottom in the economy. We’ve been flat for about 10 weeks.

Q: How do our current economic woes compare to financial strife you tackled during your career?

A: We had [the recession of] 1981-82. The unemployment rate was higher, the [gross domestic product] was down. We didn’t have the banking problem, but we had higher inflation. Companies got leaner … more competitive.

Q: Where are the bargains and opportunities right now?

A: The deck is being reshuffled. Whenever there’s a disruption like this, it gives others a chance to get in the game.

Real estate is, without question, a chance for prosperity. … I was in Las Vegas and met a make-up woman. She’d just bought a house for $375,000 that had been $900,000.

Q: What’s your advice for Robert Nardelli? (The former GE executive was ousted from the top job at Home Depot before taking over Chrysler, which has just filed for bankruptcy.)

A: Take an easier job next time. I happen to think he did a pretty good job at Home Depot. At Chrysler, he had somewhat of an impossible task.

Q: What do you do for fun when you aren’t writing books or touring to promote them?

A: Chase my wife around, play golf, hang out with my grandkids.