How the new middle class survived. And lisa thank you for being here. Thank for having me. great to be here. Who did you write the book for . I wrote the book in a nutshell because i could not understand originally why if alternative Services Like check cashers and pay day lenders were so bad for people, why so many people were using them and in the course of my research, which took a few years, i learned that banks were not really serving the low the low and increasingly the middle class and i also realized that there were some good alternatives coming on board and i wanted to tell that story. The first book i wrote thats not an academic book, its for wider audiences. I wrote it for policy makers, for people who are working in the Financial Services industry and also for people like you and me, who may or may not be happy with the consumer Financial Services that theyre currently using. Great. Lets talk a little about what you mean by alternative Financial Services providers. So, lets
That accounts by wells fargo employees. This is just over three and half hours. The committee will come to order. We have a quorum here. I will begin with five minutes of opening statements. Mr. Quarter it, i know you are here at our committees invitation for statutory appearance, but i am otherwise surprised to see you here. Or have been many press reports saying that you would otherwise have returned to ohio to pursue a gubernatorial bid. Perhaps the rumors of your political aspirations are greatly exaggerated. On the other hand, im also surprised you are here, because as you are well aware the president can dismiss you at will. , you can berank removed for a cause. Either way, i believe the president is clearly justified in dismissing you. I call upon the president to do just that into doing immediately. There is no greater form of Consumer Protection than fostering competitive, innovative markets. And then also vigorously policing them for fraud and deception. A policing our market
19,000 for the first time today as well. Yeah. I think context is important here, scott. The russell had actually had the toughest time. A lot of that had to do with the huge earnings revisions downward because of energy and industrial and things of that nature. That is now reversed multiples expanding and weve seen the repair being done to forward looking earnings estimates. I just want to make a broader point, and this is really important. On the s p 500 it is not abnormal to make new highs. Its perfectly normal. Going back to inception, the 1950s, the s p 500 has posted 1,100 new closing highs on 5 of all days were making a new high. People looking at that in and of itself as being a sell signal or knee jerk contrarianism in general could be very expensive here. Its important to understand that this is not whacky. Its perfectly normal. Sell signal hitting these new highs. All four major averages, if you include the russell for the First Time Since 1999 or just a si signal this could
Change. I think the time is right to reexamine this. I think it can enhance competition in the market. Make the market open to more players. I think you can reduce financial risk for a lot of financial institutions. Now we have cfp be rules in place and the market is maturing i think its time to reengage in this discussion. Let me say one other thing that is not actually about compensation but i think is connected. Another thing that needs to be picked up is to pick up a continued to work on standardizing Mortgage Servicing data. Some of you may recall back in 2010 we started uniform Mortgage Data Program to standardize data. Whether it was appraisals, loan arbitration, so forth. On that agenda was Mortgage Servicing data. We think about these disclosures and we think about the credit investor, where this is all going, its important to pick up that difficult challenge of standardizing Mortgage Servicing data so this would help the market in Mortgage Servicing be more transparent and ea
Brexit. That came up to a 15, 16 month high. Coming to brexit, i just dont know if she has a plan. I think that is the confusion today. Emphasis appears to be on immigration. Represented in the market. Coming up we have several guest. Charles peabody managing director of compass. Is here to talk about systemic increase. Deutsche banks chief economist joins us to help make sense of store for a Europian Union minus one. Time, the market. Lets get the global score card up. Relatively flat in the united states. Percentage point. Today in losed frankfurt. 128. 78 down. Two opposing forces. Throughout the uk is positive. He politics thats whats weighing on sterling. The pound sliding after the pledged rime minister to start pulling the uk out of the Europian Union by march. Theres no such thing as a ifference between soft brexit and hard brexit. Hard brexit is a conscious reject trade is a false dichotomy. Whether people like it or not, the country voted to leave the and that means we are go