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How Wells Fargo's CEO Could Have Avoided His Senate Belly Flop


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What Counts as Good News?

The Census Bureau reported that median household income jumped 5.2% in 2015, and 3.5 million people rose out of poverty. The Washington Post called it “a spike that broke a years-long streak of disappointment for American workers.”

Bloomberg columnist Barry Ritholtz said that the numbers showed that the recovery from the Great Recession is finally taking hold. “Unlike in recent years, when much of the gains went to an increasingly narrow group at the top of the economic strata, last year’s improvements were broad and deep.”

The New York Times noted the “eye-popping improvement in economic fortunes” but put it in context: “real incomes of most American households still are smaller than in the late 1990s. And large swaths of the country—rural America, industrial centers in the Rust Belt and Appalachia—are lagging behind.” A few days later, though, the Times said that a reported finding that incomes had actually fallen in rural areas was wrong, a result of a definitional change; incomes rose 3.4% in rural areas in 2015.

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Contributors


Professor Gary Gorton
Gary B. Gorton
Frederick Frank Class of 1954 Professor of Management & Professor of Finance

Professor Roger Ibbotson
Roger G. Ibbotson
Professor in the Practice Emeritus of Finance

Edward A. Snyder
Indra K. Nooyi Dean & William S. Beinecke Professor of Economics and Management


Professor Victor Vroom
Victor H. Vroom
BearingPoint Professor Emeritus of Management & Professor of Psychology

Seth Miller
Partner, DBL Investors

Cary Krosinsky
Lead Consultant, Principles for Responsible Investment (PRI), Climate Change Asset Owner Strategy; Lecturer, Yale College and Yale Climate & Energy Institute

Daniel Gross
Managing Director, Oaktree Capital Management

Professor Sharon Oster
Sharon M. Oster
Frederic D. Wolfe Professor of Management and Entrepreneurship