Wells Fargo so confident recession will end in ’09, it’s still flying execs around in corporate jet

Wells Fargo economists are predicting the recession will be over by the second half of 2009.

The bank’s senior economists said in a teleconference last week that the government stimulus, pent-up consumer demand and returning consumer confidence will lead to a turnaround in the third quarter.

The second half of ’09 is going to be “better than expected,” said Jim Paulsen, chief investment strategist for Wells Fargo Capital Management:

“It’s like you’re at a cookout and you’re trying and trying to get your charcoal going and you keep squirting lighter fluid and all of a sudden it goes ‘poof!’ “

Maybe this is a sign of the bank’s optimism: The Associated Press reports that executives from Wells Fargo and five other financial firms receiving government bailouts are still flying around in their corporate jets.

A Wells Fargo spokeswoman told the AP that the bank owns a single jet that “is strictly for business purposes” and that “no (government) funds will be used for corporate jet travel.”

Comments (1)

  1. Submitted by Joe Atkinson on 12/22/2008 - 12:19 pm.

    You failed to mention that Wells Fargo did not want or need the government to purchase its stock (if that’s what you’re calling a “bailout”). Recall Wells Fargo purchasing Wachovia? That actually saved the feds and taxpayer money by making it unnecessary for depositors to make an FDIC claim. Please don’t lump Wells Fargo in with the Big 3 and AIG.

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