Epstein Secrets

0 1995 Note: Housing includes purchase, rent and home improvement. Government savings occur when government runs a surplus. Ta Source: BEA, CMS via Haver Analytics. < kpcb.com USA Inc. | Summary CB www.kpcb.com USA Inc. xvii HOUSE_OVERSIGHT_020840 With these trends, USA Inc. will not be immune to the sudden c

966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 KP Note: Fiscal year ends in September. Source: White House Office of Management & Budget, Bureau of Labor Statistics. a USA Inc. | Income Statement Drilldown 124 HOUSE_OVERSIGHT_020903 Unemployment Benefits: Good News—Unemployment Change In the Past Has Strong (7

a TE - S Note: Housing includes purchase, rent and home improvement. Government savings occur when government runs a surplus. KP Source: BEA, CMS via Haver Analytics. (@E) www.kpcb.com USA Inc. | What Might a Turnaround Expert Consider? 408 HOUSE_OVERSIGHT_021045 USA Income Taxes Higher, Consumption Taxes Lower

1994 1998 2002 2006 Note: Real spending adjusted for inflation. Fiscal year ends in September. Source: White House Office of Management & K P Budget, Bureau of Labor Statistics. www.kpcb.com USA Inc. | What Might a Turnaround Expert Consider? 385 Increase Employment — High-Level Policy Options to Consider Short-run option

cation technology, due to the methodology used by the Bureau of Labor Statistics (BLS) and the BEA. If the price indices do not ad

the future. Correlation 0.25 0.20 5 015 4 014 0.10 - 0.05 - 0.00 Since 1957 Since 1970 Data through 03 2016. Source: Investment Strategy Group, Haver Analytics, Olivier Blanchard, “Three Remarks About the US Treasury Yield Curve,” Peterson Institute for International Economics, June 22, 2016. We have examin

h Partners. Source: CBO, BEA, OMB, J.P. Morgan Private Bank. ' Our chief economist Michael Vaknin has analyzed the various seasonal adjustments that the Bureau of Labor Statistics uses when it reports payrolls. After adjusting for better weather, the Lehman shock and other factors, payroll growth does not look quite as good as

ion production production Source: Nationa Bureau of Statistics, PROC, China Automotive Information, China Economic Information Network, CLSA-Markit, Haver Analytics. J.P. Morgan Securities LLC, ISI Group, J.P. Morgan Private Bank. * PMI data areindexlevel. Housingprice toincome, cement production and steel produc