Steve Forbes: Wells Fargo Profit — What it Means
Steve Forbes thinks the Wells Fargo profit statement is a strong sign of better things to come.
The president and CEO of Forbes, Inc. offered CNBC his insights into banks, the economy, the Federal Reserve and U.S. consumer health.
"Wells Fargo shows that the financial system has the wherewithal to get the economy back on track," Forbes said. "And if the regulators do the right thing on [ending] mark-to-market...that would be a very positive thing."
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Another good omen: American consumer activity. Despite "plenty of bad news," Forbes maintains that "the amazing thing is how well the consumer has been doing in spite of everything he's bearing," including job losses, mounting personal debt, decling home value and depleted 401(k)s.
Forbes recommended that the Federal Reserve take more "aggressive" action. "Then, the only one who'll shed any tears will be [Treasury Secretary] Tim Geithner — no one will need his toxic asset program."
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