Wells Fargo’s Stumpf is Stumped over Economic Slump
“The economic recovery has been more sluggish and uneven than anyone anticipated,” Chief Executive Officer John Stumpf said a statement. [sic.] “We can’t change the economic environment, yet we have worked hard to control the variables we can.” (Banks Slump as Wells Fargo, Citigroup Say Revenue Falls on Economy, Europe — Bloomberg)
It strikes me as lame that Stumpf would have been stumped over something as obvious as the sluggish economic recovery. Why does he get paid such big money to have such ignorant opinions about something that affects his industry as much as wind affects a sailboat? Is it a chosen ignorance that has him mystified?
It is odd to me that he would have expected any recovery this past year, other than the temporary bubble created by quantitative easing. Throughout the months that I’ve been writing articles on the economy and now in this blog, I’ve order ambien online legal stated that the so-called “Great Recession” is really an economic depression. I’ve stated that it would be longterm (as in lasting, at least, a decade). I’ve stated that the solutions being applied would not work and why they would not work and about how long it would take for it to become obvious that they were not working, and I’ve been correct each time.
So, why does Stumpf say that the recovery has been more sluggish than anyone anticipated? Who is this anyone? I guess he hasn’t been reading my articles, or he’d know there are people who have expected the recession to play out exactly as it has. He’s just reading the wrong sources. I suggest he tune into The Great Recession Blog in order to get a better handle on how this economy is going to go. If he were willing to read things he doesn’t want to hear, he wouldn’t be surprised by things he doesn’t want to know.
Just another case, I think, of economic denial.
Suggested reading on economic denial for John Stumpf:
[amazon_link id=”B0035X1BT8″ target=”_blank” ]Denial: Why Business Leaders Fail to Look Facts in the Face–and What to Do About It[/amazon_link]