And a thousand times a day without thinking about it. At least thats how it feels right now. The inevitability of this outbreak is starting to sink in. What does the fed do it gives us a rate cut a 50 basis point rate cut. Reaction hey, condition rate cut. And it was a resounding texas hud. Ultimately the dow fell 786 points and 2. 189 so why did we get that illnesses, cancellations and this epidemic and im beginning to feel just in what has just been cancelled the emails that i get and the notes from Different Companies that is a shutdown it doesnt change that its not a cure. Its not a hazmat suit or respirator it does absolutely nothing to impact the spread of the virus it somehow boosts Business Confidence i did care about the rate cut. I cared about how wrong it was its totally a sign of the panic from the fed. And a rate cut i say this as someone thats been addiment that easy money is a good thing im probably the biggest single proponent of lower Interest Rates on the entire spect
Come to order. Without objection, the chair is authorized to declare recess of the committee at any time. This hearing is entitled Holding Wells Fargo Accountable and ceo perspectives for the bank that broke americas trust. I now recognize myself for five minutes with an Opening Statement. Today, wells far go ceo, charles scharf, will testify before the committee about how he plans to end wells fargo egregious battle of abuse. Hes the third wells fargo ceo to testify before this committee and less than three and a half years. I will note that each time wells fargo ceo testified before this committee, he has resigned soon thereafter. Mr. Charles scharf, you have taken on a massive challenge and while i certainly wish you luck, it is clear to this committee that the bank you inherited is essentially a flawless organization that has caused widespread harm to millions of consumers around the nation. Wells fargo has opened 3. 5 million fraudulent accounts with their customers names which ca
The dow gaining 188 points, nasdaq surging 2. 3 . This is an important snap back because it gives us a glimpse into the future. Lets start with the set up. If you listen to the wise men of the hedge fund energy, theyre telling you believers will be crushed. They loved the market a month ago. Many of their fears are legitimate they have trillions of dollars in debt. The Oil Companies alone owe hundreds of billions of dollars. They cant pay it back in crude. Airline is toast supply chain could cost 60 billion. The hedge funds i listen to, well, theyre warning of 25 unemployment thanks to the government mandated lockdown. Thats not a great recession, thats Great Depression with a c. You cant have a Restaurant Industry if youre an allowed to go to restaurants. Hotels sold to you malls, malls are bowling alleys. Actual bowling alleys, baby boomer storage lockers arcane dollar trades, ooh, really scary, devastating. And as Small Business finished time to break out the apple stands and the sa
Mr. Mchenry you have access of liquidity to get through any crisis you would foresee . Yes, absolutely. Mr. Mchenry in terms of safety and soundness, you are from the harm previous regime, thats positive. In terms of safety and soundness youre management, cleaning up the ship. So our expectations is we should have no problems from you in soundness, ety and is that fair . Mr. Scharf i think its fair work once we finish the we laid out, you should feel that. Mr. Mchenry ok. At employees do you have wells fargo . R. Schaefer i have mr. Scharf 260,000. Mr. Mchenry how many are customer facing . R. Scharf i dont know the answer. It has to be easily 100,000. Mr. Mchenry sure. Do you have plans in order to respond to the current threats covid19, especially in your footprint in california . Absolutely. We are, as i said mr. Mchenry as well as and other state primaries that are seeing an outbreak . Approach on ur covid 19 is we should do the ing we can to ensure safety of our employees as well
Sorts of agreements but something about this one feels different and thats why the market erupted today with the s p climbing nasdaq falling. 91 . These were closing level highs the question is why does this stage one trade deal feel so different to me . Ive been a skeptic. For once we have something that the fepeoples republic needs. Pork i think people dont understand how bad this african swine flu epidemic has hit china the country is ill prepared for the scourge. They lost more than half of their hogs to this disease in 2019 unchecked it could be even worse next year because most of chinas livestock lives in something called backyard farms. Contrast that to the United States, we have factory farming with e trextreme bio security. You can visit a farm, a hog farm in america were considered to be big bio risks so were not allowed to go its airborne. China has enough frozen pork to tie the people over for a while. The United States is the only country can enough pork production to mee