Stumpf it

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Those promoting the bad GDP data should listen to Wells Fargo CEO John Stumpf who, like this cranky little spot in the financial media here at biiwii, thinks the US economy is “stronger than people think”.

Wells Fargo CEO: The US economy will surprise you

All you have to do is open your eyes and look at corporate profits and manufacturing, to name but two major pillars. Jobs is another, even considering the constant debates about the quality of said jobs.

None of this has anything to do of course with the origins of the strong economy, which we saw coming with the Semiconductor (equipment) Canaries making a racket in the coal mine 1.5 years ago.

I have posted charts until I am blue in the face in an effort to make sure people reading this site know two things…

  1. The economy is strong and the S&P 500’s price has (had) been in line with corporate profits and conventional analysis metrics and…
  2. It is unsustainable, because there has been a massive bubble in monetary policy and that bubble is not going to simply be rolled back in an orderly fashion.

So the bears can just Stumpf it.

The bull apologists and Fed sycophants can just stuff it too.