Some people, God bless 'em, you just got to love.
Bill McNabb, the CEO of Vanguard Group, is one of them. In a WSJ Opinion piece today after listing a litany of uncertainties vexing economic recovery--"regulatory policy, uncertainty about monetary policy, uncertainty about foreign policy, uncertainty about U.S. fiscal policy and the national debt," concludes his piece with this paragraph:
The good news is that if reform is enacted, and the costly pall of uncertainty is lifted, the U.S. economy has the potential to bounce back, creating the growth and jobs that are so badly needed. I am confident that our leaders in Washington can make it happen.
That's a lot of uncertainty to begin with. And you gotta love the qualifiers. Such uncertainty he goes on to say Vanguard estimates " has created a $261 billion drag on the U.S. economy."
He could've been a bit more sanguine and rounded up the number at $260 billion.
Every time Congress fails to resolve one of these issues, McNabb claims his firm receives a variety of questions like how it affects their retirements to should they just put their money in a mattress.
Anyone care to hazard how McNabb answers this last one?
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