3:43 PM » Wells Fargo CEO 'optimistic' on U.S. economy, 'bullish' about the future
NEW YORK (MarketWatch) -- Wells Fargo & Co. CEO John Stumpf, speaking Wednesday at the New York Press Club in Washington, D.C., said he is "optimistic" on the economy and "bullish" about the future. The CEO said the economy feels a bit stronger than some of the recent numbers have shown and pointed to the booming energy industry and auto industry. Car sales in August were almost the best since 2000, he said. The average age of the cars in America is about 11 years old, said Stumpf, indicating increasing future sales for the industry. Housing, and more specifically, residential real estate usually have led previous recoveries, but not this time, he said. Stumpf said there are several reasons for the struggling housing market. People are getting married later, there is more student debt burdening most borrowers which postpones home buying, home inventory is tight in major urban areas and credit is not available to every borrower that can afford it, he said.