Doug Oberhelman, who recently took over the reins of Caterpillar (NYSE:CAT), is attempting to generate positive feelings about the company, saying he sees little chance there will be a double-dip recession, and confirms guidance for 2012 which had been given in 2009.
Oberhelman said, “We don’t think the world has ended. We think there is going to be fantastic growth in our industries in the future.”
He also said Caterpillar executives are positive about the global economy, and see it growing going forward, with little chance of another recession.
For 2012, Oberhelman said guidance continues to be earnings of $8 to $10 a share on revenue between $55 billion to $60 billion.
These comments were made in his first meeting with analysts since taking over as CEO in June.
This sounds way too optimistic to me, and doesn't take into account recent data showing the economy is either slowing extremely, or never moved out of the recession in the first place.
We have to remember that the government throwing hundreds of billions into the economy doesn't have anything to do with the underlying reasons for the recession, and as results show, once it worked its way through, the economic weakness remains.
The only reason I see for the optimism shown by Oberhelman is the comments made by the Federal Reserve that they're ready to do it all again if the economy begins to falter, and that has already started to happen.
With voters already outraged over the irresponsible government spending, it's hard to believe they'll do it all over again, but this administration and Ben Bernanke don't have any checks or balances, or restraint, when it comes to monetary policy, and that doesn't bode well for America, even if it gives a false impression we've moved out of the recession.
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