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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 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


Michael Sanders
Principal Advisor and Head of Research, The Behavioural Insights Team

Scott Griffith
CEO, Zipcar

Rosemary Ripley
Managing Director, NGEN

Robert A. M. Stern
Dean & J. M. Hoppin Professor of Architecture, Yale School of Architecture; Founder and Senior Partner, Robert A. M. Stern Architects

Raymond Chang
Lecturer in the Practice of Entrepreneurship

Bertrand Quelin
Professor of Strategy and Business Policy, HEC Paris


Richard L. Sandor
Founder, Chairman, and CEO, Chicago Climate Exchange Before starting a carbon-trading market, was a principal architect of the interest-rate futures market

Robert Costanza
Gund Professor of Ecological Economics, and Director of the Gund Institute for Ecological Economics, University of Vermont

Paula Volent
Senior Vice President for Investments, Bowdoin College