Caterpillar CEO concerned about protectionism

Caterpillar CEO James Owens is worried that protectionist pressures are increasing, but he says that must be discouraged to avoid a repeat of actions he says exacerbated the Great Depression.

Speaking Wednesday in Chicago at a panel on the global financial crisis, Owens noted that most of the G-20 nations have adopted protective measures since their meeting in London.

Owens also says it's likely the federal government may propose another stimulus package targeted toward infrastructure improvements. He says such a measure would decrease unemployment and be an investment in the country's future.

The head of the Peoria-based heavy equipment maker also says he expects the nation's economy to show improvement in the fourth quarter.