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



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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 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


Tony Blair
Former Prime Minister of the United Kingdom; Founder of the Tony Blair Faith Foundation; Howland Distinguished Fellow, Yale University

Stephen Roach
Senior Lecturer & Senior Fellow, Yale Jackson Institute for Global Affairs

William J. Bernstein
William J. Bernstein, author of A Splendid Exchange: How Trade Shaped the World


Paula Volent
Senior Vice President for Investments, Bowdoin College

Moises Naim
Editor, Foreign Policy

Robert Greenly

Karen C. Seto
Professor of Geography and Urbanization, Yale School of Forestry & Environmental Studies

Wilbur L. Ross, Jr
Chairman & CEO, WL Ross & Company, LLC; Member, Yale SOM Board of Advisors; Graduate, Yale College

David Wertime
Senior Editor, Foreign Policy Magazine