Obama visits upstate to give economic pep talk at GE plan, names CEO to advisory committee

BY Glenn Blain

Saturday, January 22nd 2011, 4:00 AM

Dickstein/Times Union

President Obama addresses a gathering of workers and dignitaries at the GE plant in Schenectady, N.Y. with GE chief exec Jeffrey Immelt in the background.

Related News

• Nearly 1 million GE coffemakers recalled due to fire risk
• GE earnings light up Wall St., company calls end to two-year slump
• NBC losses $223M on Olympics in 1st quarter
• It's electric! GE profit tops Wall Street expectations
• Blowing us away! GE inks largest wind turbine deal ever
• NBC is worth a lot less than it used to be: GE, Vivendi agree to value NBCU at $5.8B
• 
  

President Obama visited the birthplace of General Electric Friday and said it's time to put the nation's economy into "overdrive."

Seeking to focus political attention on his administration's job creation efforts, Obama said the nation is recovering from the Great Recession - but not fast enough.

"Our job is to do everything we can to ensure that businesses can take root and folks can find good jobs and America is leading the global competition that will determine our success in the 21st century," Obama said at a GE turbine factory in the struggling upstate city of Schenectady.

Obama put an emphasis on expanding high tech and green-energy industries.

"We want an economy that's fueled by what we invent and what we build," Obama said. "We're going back to Thomas Edison's principles. We're going to build stuff and invent stuff."

As part of his jobs message, Obama named GE chief exec Jeffrey Immelt to replace former Fed boss Paul Volcker as the head of his outside panel of economic advisers.

"We think GE has something to teach businesses all across America," Obama said.

GE's stock soared 7% Friday, or $1.31, to $19.74 on a day the corporate giant also announced strong profits. Execs said net income increased 52% as the company made more money in both its lending and industrial businesses.

GE also is benefiting from the Obama administration's recent diplomatic and trade efforts with India and China.

Sen. Charles Schumer (D-N.Y.), who flew with Obama to Schenectady aboard Air Force One, praised Obama's speech and said it was likely a preview of next week's State of the Union address.