Detroit Summit leaders optimistic on economic recovery

16 June 2009

Top US business leaders were trying to sound optimistic about the economy, saying that they see some sort of resurgence in all sectors in the past few months.

The United States needs a clear strategy to remain a competitive leader in industry and other sectors of an economy in crisis, they said.

At a 3-day National Summit sponsored by the Detroit Economic Club, Bill Ford, chairman of Ford Motor Co, said he expected the US government's ownership of General Motors Corp would continue for "some time" -- suggesting the quick but controversial trip through bankruptcy that Chrysler LLC enjoyed would not be repeated.

Ford also said he was seeing "some early signs" that the US auto industry sales were stabilising, though at very low levels.

The meeting is being attended by Citigroup Inc. CEO Vikram Pandit, Microsoft Corp. CEO Steve Ballmer, Ford Motor Co. executive chairman William Clay Ford Jr., Richard Anderson of Delta Air Lines, Fritz Henderson of General Motors and US secretary of commerce Gary Locke.

Borrowers should accept a new world of tighter, more expensive credit as financial institutions recover from months of bad loans, failed banks and foreclosed homes, Pandit said.